Các giải pháp tăng cung hàng hóa cho thị trường chứng khoán việt nam

BQ GIAO Dl)C VA DAO Tl).O
TRUONG Dl).I HOC KINH TE TP HO CHi MINH

--------------------* * * * *--------------------

NGO DUY TRQNG

CAC GIAI PHAP TANG CUNG HANG HOA CHO
THJ TRUONG CHUNG KHOAN VIETNAM

Chuyen nganh: Kinh te'- Tai chinh - Ngan hang
Ma s6
: 60.31.12

A

LU~N

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VAN TH~C SI KINH TE

NGu'CH Hu'ONG DAN KHOA HQC
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TS NGUYEN NGQC ANH

BQ GIAO CVC VA DAOffl~

TE TP.Hcn ph6H6 Chi Minh- Thang 10-2005
THu·vr¢N

IRU'ONG DH KINH

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Ml)C Ll)C

----------* * *---------Tr

Trang phl,l bla
Danh ml,lc cac chu vie't Hlt
Danh ffil,lC cac sd d6 va bang

01
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;t

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,

CHUONG 1: TONG QUAN VE THf TRUONG CHUNG KHOAN.

1.1 Thi tntong chung khoan.
1.1.1 Thi tntong chung khoan.

05
05.

1.1.1.1 Khai ni~m - d~c di~m cua thi tntong chung khoan.

05

1.1.1.2 Vai tro - chuc nang cua thi tntong chung khoan.

06

1.1.1.3 Cd ca"u cua thi tntong chung khoan.

09

1.1.2 Cac thanh ph~n tham gia tren thi tnl'ong chung khoan.

11

1.1.3 Cac nguyen Hie ho~t d()ng cua thi tntong chung khoan.

12

1.2 Hang h6a cho thi tru'ong chung khoan.

13

1.2.1 Chung khoan nq.

15

1.2.2 Chung khoan vo'n.

17

1.2.3 Cac cong Cl,l d§:n xua"t.

20

1.3 Kinh nghi~m phat tri~n cua m()t so' thi tru'ong chung khoan tren the' gioi.
1.3.1 Thi tru'ong chung khoan Trung Quo'c.

21

1.3.2 Thi tru'ong chung khoan Thai Lan.

22

1.3.3 Thi tru'ong chung khoan Han Quo'c.

23

1.4 Ke't lu~n chu'dng I.

24


CHUONG II: TIIljC TR~NG CUA THl TRUONG CHUNG KHOA.N
VItT NAM
2.1 Slf hlnh thanh va phat tri~n cua thi tnl'ong chung khoan Vi<%t Nam.
25

2.1.1 Slf hlnh thanh thi tntong chung khoan Vi<%t N am.
2.1.1.1 Vi<%c thanh l~p Uy ban chung khoan nha nu'oc.
2.1.1.2 Khung phap ly cho vi<%c

v~n

hanh thi tru'ong chung khoan

Vi<%t Nam

26

2.1.1.3 Trung tam giao djch chung khoan Thanh Ph6H6 Chi Minh.

28

2.1.2 Cac bu'oc phat tri€n cua thi tru'ong chung khoan Vi<%t N am.
. 2.1.2.1 Hoe;tt d(>ng cua Trung tam giao djch chung khoan Thanh PhO'
H6 Chi Minh tu khi thanh l~p cho de'n nay.

28

2.1.2.2 Ho~t d(>ng cua Trung tam giao djch chung khoan Ha N(>i. 38
2.2 Nhfi'ng bfft c~p trong 5 nam ho~t d(>ng cua thi tru'ong chung khoan Vi<%t Nam.
2.2.1 Sl! khong tu'ong xung gifi'a qua trlnh c6 phffn h6a DNNN va hang

41

h6a cho thi tru'ong chung khoan.
2.2.1.1 Cac cong ty c6 phffn va cac cong ty niem ye't.
2.2.1.2

Ho~t

41

d(>ng cua thi tru'ong chung khoan tl! do va cac cong ty

c6 phffn.

43

2.2.2 Cac cong ty moi gioi chung khoan va ho~t d(>ng cua n6 tren thi
tru'ong chung khoan Vi<%t Nam.

45

2.2.3 Nha dffu tu' trong nu'oc va ngoai nu'oc trong ho~t d(>ng cua thi
tru'ong chungkhoan Vi<%t Nam.

46

2.2.4 Slf thie'u dffy du, d6ng b(> cua h<% thO'ng van ban phap ly lien quan de'n chung
khoan va thi tru'ong chung khoan.

50


2.3 Ke't lu~n chu'ong II.
CmfONG III: CAC GIAI PHAP TANG CUNG HANG HOA CHO THJ
TRUONG CHUNG KHOAN VIETNAM.
3.1· Quan di~m va m1;1c tieu phat tri~n TTCK Vi~t Nam trong thoi gian toi.
3.2 Cac giai phap tang cung hang h6a cho TTCK Vi~t Nam.

54

55

3.2.1 Thu hut cac cong ty c6 phgn du di€u ki~n ye't gia tren Trung tam giao dich
chung khoan Thanh ph6 H6 chi Minh.

55

3.2.2 Thu hut cac cong ty c6 phgn chu'a du di€u ki~n ye't gia tham gia tren thi
tru'ong OTC.

61

3.2.3 Thu hut m~nh hon nua cac nha dgu tu' tham gia vao TTCK Vi~t Nam/623.2.4 cgn som ban hanh Lu~t chung khoan.

68

3.2.5 Md r9ng ho~t d9ng cua cac t6 chuc tai chinh trung gian tren thi tru'ong chung
khoan Vi~t Nam

3.3 Ke't lu~n chu'ong III.

71

73

75

Tai

li~u

tham khao


BANG CAC CHUVIET TAT TRONG LU~N VAN

---------------* * *---------------

•

TTCK

: Thi tntong chung khmin.

•

CPH

: C6 ph~n h6a.

•

DNNN

: Doanh nghi~p nha nlioc.

•

ND

: Nghi dinh.

•

SGDCK

: S(J giao dich chung khoan.

•

TTGDCK : Trung Him giao dich chung khoan.

•

UBCKNN : Uy ban chung khoan nha nlioc.

•

DTNN

: E>~u tli nlioc ngoai.

•

Cty CP

: Cong ty c6 ph~n.

•

Cty CK

: Cong ty chung khoan.

•

KLGD

: Kho"i lli
•

GTGD

: Gia tri giao dich

?


DANH Ml)C

SO DO~ VA CAC BANG
'

"

?

---------------* * *---------------

1. Danh ml}c sd d6.
Sd d6 01 : So d6 co ca'u t6 chuc TTGDCK TP H6 Chi Minh

2. Danh IDl}C cac bang.
Bang 01: MQt s6 chi tieu tai chinh Q I/2005 cua cac cong ty niem ye"t.
Bang 02: Quy mo niem ye"t tren TTGDCK TP H6 Chi Minh qua cac giai
do~n.

Bang 03: T6c d9 tang quy mo niem ye"t qua tung giai do~n
Bang 04: Quy mo giao dich cua cac lo~i chung khoan qua tung giai

do~n.

Bang 05: Bang so sanh GTGD tren TTCK cua Vi~t Nam va cac nu'oc.
Bang 06: S6lu'<;1ng cac DNNN CPH qua tung giai do~n.
Bang 07: S6lu'<;1ng cac cong ty niem ye"t tren TTGDCK TP H6 Chi Minh

qua tung giai do~n.
Bang 08: Quy mo giao dich cua nha BTNN d6i voi ta't ca cac lo~i chung
khoan tu 28/07/200 de"n 28/07/2005.
Bang 09: Quy mo giao dich cua nha BTNN d6i voi c6 phie"u tu 28/07/2000
de"n 28/07/2005.


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PHANM<1DAU

-------------* * *-------------1. Ly do chqn d@ titi.

Nen kinh te' Vi~t Nam trong nhfi'ng nam gffn day luon d~t t6c d()ng tang tntdng tu
7%- 8%, ngoai cac ye'u t6 nhu' ngu6n nhan ll;l'c, tai nguyen, ky thu~t... cffn thie't cho
sl;l' phat tri~n d6, m()t ye'u t6khac khong th~ bo qua d6la v6n. Khi nen kinh te' phat
tri~n. nhu cffu ve v6n se tang khong ngung. Vlle d6, vi~c huy d()ng da d~ng cac

ngu6n v6n la vi~c lam cffn thie't nh~m dap ung cho nhu cffu phat tri~n.

Thi tru'ong chung khoan la m()t bQ ph~n d(u thanh cua thi tru'ong tai chinh, thi
tru'ong chung khoan ra doi danh da'u m()t bu'oc phat tri~n cao cua thi tru'ong tai
chinh. La noi h9i t1,1 cac ngu6n v6n nhan r6i, thi tru'ong chung khoan du'kenh thich hdap ung cho nhu cffu xa h()i. Thl;l'c te' cho tha'y, trong xa h()i se t6n t~i nhfi'ng ngu'oi
sd hfi'u ngu6n v6n IOn nhu'ng khong thich ho~c khong c6 kha nang kinh doanh,
trong khi d6 l~i c6 nhfi'ng ngu'oi c6 kha nang kinh doanh nhu'ng l~i nil:m trong tay
m()t sO' v6n it oi. Nhu' v~y, gifi'a hai chu th~ nay se phat sinh m()t sl;l' trao d6i, ngu'oi
c6 v6n se c6 nhu cffu cho vay nh~m kie'm loi, con ngu'oi khong c6 v6n se mu6n
vay v6n d~ lam an. B~ dap ung cho nhu cffu nay, ra't cffn m()t cffu n6i. Thi tru'ong

chung khoan dap ling du'
Thi tru'ong chung khoan Vi~t Nam k~ tu khi ra doi cho de'n nay da du'nam, so voi thi tru'ong chung khoan cua cac nu'oc trong khu vl;l'c hay tren the' gioi
thl con ra't khiem t6n, ne'u khong n6i la ra't nho be ca ve quy mo l~n kinh nghi~m.
Tuy v~y, vi~c ra doi cua thi tru'ong chung khoan Vi~t Nam da dap ung du'nao nhu cffu ve v6n cua nen kinh te' va th~ hi~n m()t sl;l' hQi nh~p

qu6c te' m~nh

me. Thi tru'ong chung khoan Vi~t Nam ra doi cfing khong n~m ngoai m1,1c dich la


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cffu no'i trung gian, la ndi di~u hoa cac dong vo'n tu ndi thua de'n ndi thie'u. Tuy
nhien, da qua 5 nam
gia la kha eo UQt,

ho~t

ho~t

d<)ng nhu'ng thj tru'ong chung khoan

Vi~t

Nam bj danh

d<)ng khong soi d<)ng, chu'a dap ung du'QC mong d

nhi~u nha dffu tu'. M<)t di~u d~ tha"y la hang h6a cho thj tru'ong chll'ng khoan con

r!t it, so'lu'cong ty tham gia niem ye't, nhu'ng cac cong ty nay xet v~ quy mo thl van nho. Vl
the', trong thoi gian toi , vi~c lam sao da d~ng h6a hang h6a nhAm cung c!p cho thj
tru'ong chung khoan la vi~c lam he't sue cffn thie't. Day chinh la ly do de toi chQn
d~ tai : "Gbii phap tang cung hang h6a cho thi tru'ong chll'ng khoan Vi~t Nam" lam
lu~n van ke't thuc kh6a hQc cao hQc.

2. Ml;tC dich nghi@n CUu cua d~ tai.
Tim hieu ho~t d<)ng cua thj tru'ong chung khoan Vi~t Nam, phan tich danh gia ho~t
d<)ng cua n6 trong thoi gian qua, di tim nguyen nhan cho slf thie'u viing hang h6a
cho thj tru'ong. Tu nhfi'ng tim hieu d6, du'a ra nhfi'ng ghli phap nhAm tang cung
h~mg

h6a cho thj tru'ong chung khoan Vi~t N am.

3. Do'i tu'c;1ng va ph~m vi nghi@n cli'u.
Do'i tu'
c5 phie'u, trai phie'u va ccic c6rig cv d~n xu!t, cac chu the tham gia tren thj tru'ong
chung khoan rna t~p trung chu ye'u Ia cac cong ty niem ye't, cong ty kinh doanh
chung khoan.

Ph~m

vi nghien cli'u la thj tru'ong chung khoan

Vi~t

Nam trong d6

t~p trung vao ho~t d<)ng cua Trung tam giao djch chung khoan Thanh pho' H6 Chi

Minh.
4. Phu'dng phap nghi@n cli'u.
Lu~n van sa dvng cac phu'dng phap nghien cU'u nhu' phu'dng phap h~ tho'ng,

ph1tdng phap tAng h<;ip, ph1tctng phap phan tich, so sanh, thfi'ng

ke

nh§m phan


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tich danh gia nhii'ng m~t mc;t.nh va nhii'ng m~t ye"u cua thi tntong chung khoan,

tu

d6 du'a ra nhii'ng nh~n xet, nhii'ng giai phap nhAm du'a thi tru'ong chU'ng khoan Vi~t
Nam phat tri~n hcJn nii'a, dap ung du'
Ja dap ung du'QC mong muo"n CUa cong chung.
5. Cac dong gop mdi cua lui)n van.

- Khai quat h6a nhii'ng cd sd ly lu~n v~ chung khoan va TTCK, nh~n xet,
danh gia va di de"n ke"t lu~n kh~ng dinh slf t6n tc;t.i cua TTCK la mot ta't ye"u cua

n~n kinh te' thi tru'ong hi~n dc;t.i.

- T6m lu'trung gioi thi~u slf ra doi cua 2 Trung tam giao djch chung khoan TP. H6 Chi Minh
va TTGDCK HaNoi. Pharr tich, h~ tho"ng h6a qua trlnh hoc;t.t dong cua TTGDCK
TP. H6 Chi Minh

tu d6 neu ra nhii'ng m~t t6n tc;t.i, ye"u kern, nhii'ng nguyen nhan

hc;t.n che" slf ph~t tri~n cua thi tru'ong chung khoan Vi~t Nam thoi gian qua.
- Tren cd sd pharr tich, danh gia thlfc trc;t.ng hoc;t.t dong, nhung nguyen nhan,
nhii'ng ba't c~p cua TTCK Vi~t Nam thoi gian qua, d~ tai da du'a ra du'ghli phap nhAm tang cung hang h6a cho TTCK Vi~t Nam.
6. Ke't ca'u cua lui)n van.
Lu~n van du'lu~n. Trong d6 ph~n than bai la ph~n chinh du'
Chlldng I

: T6'ng quan v@ thj truflng chli'ng khoan.

Chlldng II : Thtfc tr~ng cua thj truO'ng chli'ng khoan Vi~t Nam.
Chudng III : Cac giai phap tang cung hang hoa cho thi tru'flng chli'ng khoan Vi~t

Nam.

Voi nhii'ng kie"n thuc da g~t hai du'QC trong qua trlnh hQC t~p, nhii'ng thlfc te" trong
cong vi~c, nhii'ng kie"n thuc thu th~p du'

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sach, bao, te;tp chi... CQng VOi Slf n6 hfc CUa ban than, Slf huong d~n t~n tlnh CUa
Th~y huong d~n. Slf d()ng vi<~n. h6 tn:j cua be;tn be ... , tac gia da

c6 ga:ng hotm thtmh

lu~n van nay. Trong qua trlnh thlfc hi~n lu~n van, voi quy thoi gian he;tn h~p. t~m

nh~n thuc va"n d€ con nhi€u he;tn che', lu~n van se kh6 tranh khoi nhung sai s6t nha"t

dinh, tac gia mong mu6n nh~n duQuy Th~y Co, be;tn be nh~m giup cho tac gia c6 dubuoc di xa hdn sau nay.


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CHUONG 1: TONG QUAN VE THl TRUONG CHUNG KHOAN

---------------* * *--------------1.1 Thj tru'1.1.1 Thi tru'
C6 nhi€u each hi~u khac nhau v€ thi tntong chung khoan, ba:t ngu6n

tu tu Stock

Market, thi tntong chung khoan du'<;lc hi~u "chi ho~t d()ng giao dich c6 t6 chuc do'i
voi chung khoan thong qua So Giao Dich chung khoan va thi tru'ong phi

t~p

trung ". M()t so' tac gia khac cho rang thi tru'ong chung khoan la ndi rna ngu'oi ta
trao d6i, chuy~n nhu'<;lng, mua ban cac lo~i chung khoan nham mvc dich kie'm IOi.
V~y thi tru'ong chung khoan hi~n d~i ngay nay du'<;lc hi~u nhu' the' nao, sau day xin

d€ c~p m()t khai ni~m du'<;lc danh gia Ia kha dgy du v€ thi tru'ong chung khoan.
1.1.1.1 Khai ni~m va di}.c diim cua thj tru'
* Khai ni~m v~ thj tru'Trai qua tung thoi ky phat tri~n. each hi~u v€ thi tru'ong chung khoan cilng phai
thay d6i theo. Khai ni~m v€ m()t thi tru'ong chung khoan hi~n d~i phai la : "thi
trliiJng chang khoan la mqt bq phqn cua thi trliimg tai chfnh, trong d6 chuyen mon h6a
mqt s{/ for;d hang h6a d(ic bi~t nhli cd phifu, trai phifu dai hr;m, ki ca cac cong Cf:l tai
chfnh phai sinh til cd phie'u, trai phie'u, theo nhflng phli{fflg thztc c6 td chztc nhli giao
djch qua S(J giao djch chang khoan, cong ty chang khoan, giao djch trf!c tie'p va qua
mr;mg. " Thi tru'ong chung khoan hi~n d~i phai bao g6m dgy du nhii'ng ytu to' tren.

Tuy nhien khi m()t thi tru'ong xua't hi~n cac giao dich c6 phie'u hay trai phie'u thl thi
tru'ong d6 cilng c6 th~ du'<;lc gQi la thi tru'ong chung khoan, nhu'ng thi tru'ong nay
con nam trong dc;mg sd khai.

* Di}.c diim cua thj tru'Khong gio'ng nhu' cac thi tru'ong khac, thi tru'ong chung khoan chua dlfng cac ytu
tO' d:l\c bi~t th~ hi~n o nhii'ng di~m sau:


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Thri nhift thi tntong chling khmin la ndi trao ddi nhii'ng hang h6a dl}c bi~t, d6 Ia cac

lo~i c6 phie'u, trai phie'u, cac cong c1,1 tai chinh khac nhu' chung chi quy dffu tu', cac

cong c1,1 phai sinh: hqp d6ng tu'dng lai, hqp d6ng quy€n chQn, hqp d6ng giao sau ...
gia tq sii' dl,lng cua nhii'ng lo~i hang h6a nay khong n~rn trong ban than vO'n c6 cua
n6 rna phl,l thu9c vao ke't qua ho~t d9ng va kha nang tra nq cua t6 chile phat hanh.
M9t tinh cha't dl}c bi~t khac cua hang h6a chung khoan la gia ca cua n6, gia ca cua
chung khoan du'qc xac dinh b~ng each vO'n h6a thu nh~p rna n6 rnang l~i.
Thri hai, thi tru'ong chung khoan rnang dl}c tinh c~nh tranh kha hoan hao. Landi

rna ye'u tO' thong tin du'QC cong khai hoa: cong khai v€ gia ca chung khoan, v€
d9ng thai giao dich va du'qc ki€rn soat he't sue chl}t che nh~rn tranh di nhii'ng
tru'ong hqp c6 du'QC lqi the' thong tin cua rn9t ca nhan hay nh6rn ngu'oi. Cac nghi~p
Vl,l tren thi tru'ong du'QC chuffn h6a va du'QC di€u hanh rn9t each rninh b~ch. Gia ca
tren thi tru'ong du'qc hinh thanh thong qua c~nh tranh tn,tc tie'p va cong khai. Tfft ca
di€u nay cho tha'y thi tru'ong chung khoan du'qc t6 chile C1 trinh d9 cao hdn h~n cac
lo~i

thi tru'ong khac.

Thri ba, thi tru'ong chung khoan la ndi c6 nhii'ng giao dich dl}c thu. Cac giao dich

phai thong qua cac cong ty rnoi gioi chung khoan. BCii vi cac giao dich chung
khoan thu'ong lien quan de'n nhii'ng gia tq tai san IOn, khi xay ra gian l~n se gay
thi~t h~i ra't IOn cho cac nha dffu tu', vi the' cac giao dich du'QC thl,l'c hi~n phai tuan

thu cac nguyen ta:c kha:t khe cua thi tru'ong chung khoan, trong d6 nguyen ta:c
trung thl,l'c, cong khai va cong b~ng luon dl}t len hang dffu.
1.1.1.2 Vai tro - chuc nang ciia thi tru'itng cht.i'ng khmin.

* Vai tro ciia thi tru'itng chtlng khmin:

Nhii'ng dong gop cua thi tru'ong chung khoan dO'i voi n€n kinh te' la ra't to IOn, hffu
he't cac quO'c gia theo cd che' thi tru'ong d€u phat tri€n thi tru'ong chung khoan vi
nhii'ng lqi ich rna n6 rnang l~i. Vai tro cua thi tru'ong chung khoan dO'i voi n€n kinh
te' duqc th€ hi~n duoi day:


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- La cong Cl;l danh gia, do htong gia tq cua doanh nghi~p, la d()ng cd thuc dffy
doanh nghi~p ho~t d()ng hi~u qua. Thong tin cua cac doanh nghi~p du'cong khai dO'i voi cac nha d~u tu', thong qua cac bang danh gia, phan tfch tlnh hlnh
ho~t d()ng cua doanh nghi~p, xu hu'ong phat tri€n, nhfi'ng kh6 khan, thu~n l
doanh nghi~p rna nha d~u tu' se chQn cho mlnh m()t lo~i chung khoan phil hqp d€
d~u tu'. Cac doanh nghi~p muO'n huy d()ng du'
doanh nghi~p mlnh ho~t d()ng hi~u qua, c6 the" moi ha'p d§:n cac nha d~u tu' bo ti€n
ra d€ mua c6 phie"u cua hQ. Thi tru'ong chung khoan bu()c cac doanh nghi~p khong
nhfi'ng phai ho~t d()ng san xua't kinh doanh dung phap lu~t, rna con thuc dffy hQ
Jam an hi~u qua.
- C6 vai tro quan trQng trong

vi~c

giam ap hfc

l~m

phat. Thong qua thi tru'ong

chung khoan, Ngan hang trung u'dng se tung ra nhi€u trai phie"u kho b~c ban tren
thi tru'ong voi Hii sua't cao nhlim thu hut bot sO' ti€n mc}t dang lu'u hanh tren thi
tru'ong, nho d6lu'- H6 trcong ty c6 ph~n la hai chu th€ CO quan h~ m~t thie"t VOi nhau, Slf ra doi CUa cong ty
c6 ph~n se cung ca'p hang h6a d6i dao cho thi tru'ong chung khoan, ngu'qc l~i thi
tru'ong chung khoan la ndi tO't nha't d€ cong ty c6 ph~n thu hut cac ngu6n vO'n
nhltm ffil;IC dfch md fQng san XUfft kinh doanh cua mlnh.
- G6p ph~n nang cao tinh hi~u qua trong khu vl;(c tai chinh - ngan hang. Thi
tru'ong chung khoan ra doi da t~o thanh m()t llfc c~nh tranh trl;(c tie"p voi cac ngan
hang trong vi~c thu hut cac ngu6n vO'n nhan r6i trong dan chung. Gio day cac nha
d~U tu', cac cong ty khong phl;l thUQC vao ngan hang nhu' la kenh duy nhfft trong
vi~c huy d()ng vO'n nfi'a. Bi€u nay ep bu()c cac ngan hang phai thay d6i chinh sach

cua mlnh nhlim nang cao hi~u qua ho~t d()ng. d t~m vi mo, sl;( c6 mc}t cua thi
tntong chung khoan giup cho N gan hang trung u'dng
hfi'u hi~u nha't trong vi~c di€u hanh chinh sach ti€n t~.

v~n

dl;lng du'

Trang: 8/74

* Chti'c nang cua thi trtiong chti'ng khoan:
Chuc nang thTi nhdt d6 Ht kenh huy d9ng vO'n cho n~n kinh te', day la chuc nang
n6i b~t cua thi tntong chung khmin, thong qua thi tntong nay, cac nha d~u tu',
ngu'oi dan mua chll'ng khoan cua cac cong ty phat hanh, ddng ti~n nhan r6i cua hQ
se du'QC t~p trung thanh ngudn vO'n kh6ng ld CO kha nang tai tr<;j cho cac dlf an d~u

tu' dai h~n phat trign kinh te' cfing nhu' ali tr9 cho cac nhu c~u tang vO'n nh~m md
rQng ho~t dQng san xua't kinh doanh. Hdn nfi'a, Chinh phil cfing se huy dQng du'<;Jc
ngu6n vO'n nhan r6i tu trong dan cho ffi\lC dich su dl;lng va d~u tu' cd sd h~ t~ng
kinh te'ky thu~t, phl;lc V\l cho nhu c~u chung cua xa h9i. Ngoai ra, thi tru'ong chung
khoan cfing la ndi huy d9ng vO'n ngoai nu'oc he't sue hfi'u hi~u.
Tha hai, thi tru'ong chung khoan la ndi cung ca'p moi tru'ong d~u tu' cho cong

chung.

voi

nhfi'ng d~c digm cua mlnh, thi tru'ong chung khoan t~o ra m9t moi

tru'ong d~u tu' lanh m~nh va m9t slf llfa ch9n phong phu cho cac nha d~u tu' b~ng
vi~c cung ca'p m9t lu'<;jng ddi dao cac lo~i chung khoan voi nhfi'ng dQ rui ro khac

nhau, lai sua't khac nhau, thoi h~n khac nhau... Nha d~u tu' se can cu vao nhu c~u
cua minh rna llfa ch9n nhfi'ng hang h6a phu h<;Jp. Vi the', thi tru'ong chung khoan
g6p ph~n dang kg lam tang muc tie't ki~m quO'c gia.
Tha ba, thi tru'ong chung khoan t~o tinh thanh khoan cho cac chung khoan, tinh

thanh khoan la kha nang chuygn d6i thanh ti~n m~t. Bay la m9t d~c tinh ha'p d~n
cua thi tru'ong chung khoan, giup cho cac nha d~u tu' c6 thg chuygn d6i cac lo~i
chung khoan thanh ti~n m~t ne'u h9 muO'n, thi tru'ong cang nang d9ng thi cang c6
kha nang nang cao tinh thanh khoan cua cac lo~i chung khoan.
Tha

tu, thi tru'ong chung khoan danh gia

ho~t

d9ng cua cac doanh

nghi~p.

Bdi vi

cac doanh nghi~p muO'n du'<;Jc niem ye't tren thi tru'ong thi phai dam bao m9t sO' chi
tieu nhu' l<;Ji nhu~n, vO'n. Thong qua thi tru'ong chung khoan, thong tin v~ cac doanh
nghi~p

du'QC phan anh trung thl{c, chinh xac va nhanh chong. Tu d6 nha d~u tu' d~

dang danh gia, so sanh

ho~t

d9ng gifi'a cac doanh

nghi~p. Vi~c

danh gia cua nha


Trang: 9174

d~u tu dO'i voi cac doanh nghi~p se giup cho doanh nghi~p c~nh tranh nhau hon

nh~m nang cao hi~u qua ho~t d()ng, hi~u qua sii' d\lng vO'n, ldch thich doanh

nghi~p cai tie"n quy trlnh san xua't, ap d\lng cac cong ngh~ moi, cai tie"n san phffm.

Tha nam, thi truong chung khoan giup Chinh phil di~u tie"t cac chinh sach kinh te"

vi mo. Cac chi sO' ho~t d()ng tren thi truong chung khoan la thong tin canh bao v~
thlfc tr~ng cila n~n kinh te". Khi gia chung khoan tang di~u d6 cho tha'y d~u tlt dang
md r()ng, n~n kinh te" dang tang trudng. N gu<;1c l~i khi gia chung khoan giam, canh
bao n~n kinh te" dang c6 da'u hi~u di xuO'ng. Thong qua nhii'ng bi€u hi~n nhu the',
Chinh phil se c6 nhii'ng chinh sach kinh te" vi mo phil h<;1p. Ch~ng h~n Chinh phil c6
th€ mua ho~c ban trai phie"u nh~m bu da:p tham hl:lt va quan ly l~m phat hay thlfc
hi~n m()t sO' chinh sach v~ thue" nh~m di~u tie"t Iu6ng vO'n d~u tu, dam bao cho slf

phat tri€n can dO'i cila n~n kinh te".
1.1.1.3 Co ca'u ctia thi truong chti'ng khmin.

Can eli vao slf luan chuy€n cac ngu6n vO'n, thi truong chung khoan dlt
thanh thi truong so ca'p va thi truong thu ca'p.

* Thi tru'ong so ca'p.
Thi truong so ca'p la noi di6n ra qua trlnh giao dich chung khoan moi phat hanh. d
thi truong nay, vO'n til' nha d~u tu se chuy€n sang nha phat hanh thong qua vi~c
mua chung khoan. Thi truong so ca'p con du<;1c gQi Ia thi truong ca'p m()t hay thi
truong phat hanh.

+ Chlic nang cua tht tntC!ng so ctfp:
Thi truong so ca'p thlfc hi~n chuc nang quan trQng d6 Ia huy d()ng cac ngu6n vO'n
nhan r6i trong dan chung d€ chuy€n cac ngu6n vO'n nay thanh ngu6n vO'n d~u tu
trung, dai h~n ph\IC V\1 cho cong CUQC phat tri€n kinh te". Thi trltong nay khong
nhii'ng huy d()ng du

IOn til' nuoc ngoai. Chinh phil ding c6 th€ thong qua thi truong nay d€ huy d()ng


Trang: 10174

vo'n b~ng each phat hanh trai phie"u, c6 them ngu6n vo'n d€ xay dlfng co sCi h~ t~ng
kinh te".

+ D(ic diim cua tht tntOng S(J ctfp:
Thu nha'"t, thi tntong so ca'"p la noi rna nha phat hanh huy d()ng du'qc v6n thong qua
vi~c

ban cac chung khoan.

Thu hai, ngu'oi ban tren

thi tru'ong so ca'"p duqc xac dinh d6 la Kho b~c Nha nu'oc,

cong ty phat hanh, cong ty bao Hinh...
Thu ba, gia chung khoan tren thi tru'ong so cffp thu'ong du'QC a'"n dinh va du'qc in
ngay tren chung khoan.

* Thj tru'O'ng thu ca'p.
Thi tntong thu ca'"p la noi giao dich cac chung khoan da du'tntong so ca'"p. Khac vdi thi tntong so ca'"p, ti8n ban chung khoan tren thi tntong thu
ca'p thu()c v8 nha d~u tu' va nha kinh doanh chu khong thu()c v8 cac cong ty phat
hanh. Thi tntong thu ca'"p dam bao tinh thanh khoan cho cac chung khoan da phat
hanh.

+ D(ic diim cua tht tntOng tha ctfp.

Khac voi thi tru'ong so ca'"p khi gia cua chung khoan thu'ong du'qc in tntc tie"p tren
chung khoan, (J thi tntong thu ca'"p gia cua chung khoan do cung c~u quye"t dinh.
Thi tntong thu ca'"p la thi tntong ho~t d()ng lien tt;tc, cac nha d~u tu', kinh doanh c6
th€ mua ban nhi8u l~n tren thi tru'ong nay.
Can ca vao phu'ong thuc t5 chuc va giao dich, thi tru'ong chung khoan g6m 2 lo~i:

Sd giao dich chung khoan, Thi tntong phi t~p trung (OTC).

* Sd giao T~i day, cac giao dich chung khoan du'qc thlfc hi~n t~i m()t dia di€m t~p trung gQi

Ia san giao dich (trading floor). Cac l~nh du'QC chuy€n toi san giao dich va tham
gia vao qua trlnh ghep

l~nh

hlnh thanh nen phien giao dich. Cac chung khoan

du'<;Jc niem ye"t (J thi tru'ong nay phai d~t du'<;Jc nhung tieu chu~n nha'"t dinh.


Trang: 11174

* Thi trtiO'ng phi t~p trung (OTC).
La thi tntong trong d6 vi~c giao dich mua ban chung khoan khong di~n ra t~i m<)t
dia di~m t~p trung rna thong qua h~ thO'ng may tinh nO'i m~ng giii'a cac thanh vien
ciia thi truong. Cac chung khoan dti
t~p

trung

thuong la chung khoan ciia nhii'ng cong ty vua va nho, gia ca chung khoan duxac dinh tren co sCi thoa thu~n giii'a cac thanh vien ciia thi tntong.
1.1.2 Cac thanh phan tham gia tren thi truO'ng chti'ng khoan.

Cac t6 chuc va ca nhan tham gia vao thi tntong chung khoan c6 th~ chia thanh cac
nh6m sau:

* Nha phat hanh.
La cac t6 chuc thlfc hi~n vi~c huy d<)ng vO'n thong qua thi tntong chung khoan
duoi hlnh thuc phat hanh chung khoan. Vi d\1 nhu Chinh phii la nha phat hanh trai
phie'u Chinh phu, cac cong ty la nha phat hanh c6 phie'u va trai phie'u cong ty, cac
t6 chuc tai chinh phat hanh cac cong C\1 tai chinh nhu trai phie'u, chung chi th\1
hudng ...

* Nha dau tu.
La nhii'ng nguoi thlfc slf mua ban chung khoan. Nha d~u tu c6 th~ duhai nh6m:

+ Nha ddu tu ca nhan: la nhii'ng nguoi c6 ngu6n vO'n nhan r6i t~m thoi, tham
gia mua ban chung khoan nh~m ID\lC dich kie'm l
+ Nha ddu tu c6 td chuc: Ia nhii'ng dinh che' tai chinh, chuyen mua ban
chung khoan voi sO' luch~t che, c6 trlnh d<) chuyen mon cao, c6 kinh nghi~m cfing nhu slf am hi~u sau v~

thi truong chung khoan. Cac dinh che' nay c6 th~ t6n t~i duoi cac hlnh thuc nhu:
cong ty d~u tu, cong ty bao hi~m, cong ty tai chinh, cong ty quan ly quy, quy Iuong
hu'u ...

* Cac cong ty chti'ng khoan.


Trang: 12174

La nhung cong ty hoe;tt d9ng trong linh vlfc chung khmin, c6 th€ dung ra dam nh~n
m9t trong nhi8u cac nghi~p

Vl,l

nhu' moi gioi, quan ly quy d~u tu', bao Hinh phat

hanh, tu' va'n d~u tu' chung khoan va tlf doanh. C:ic cong ty nay c6 seS v6n nha't djnh
va du'1.1.3 Cac nguyen tllc hol,lt d()ng cua thj trtiilng chti'ng khoan.
Nh~m dam bao cho thi tn.tong chll'ng khmin hoe;tt d9ng m9t each lanh me;tnh, hi~u

qua, ch6ng le;ti cac hanh vi tieu clfc anh hu'dng de"n nha d~u tu', de"n toan b9

thi

tru'ong, thi tru'ong chung khoan ap d1,1ng nhung nguyen Hie kha:t khe d6i voi cac
chii th€ tham gia tren thi tru'ong.
-Nguyen tdc ct;mh tranh: theo nguyen ta:c nay, gia ca tren thi tru'ong chung
khoan pharr anh cung c~u v8 chung khoan va tu'ong quan giua cac cong ty. Tren
thi tru'ong so ca'p, cac nha phat hanh ce;tnh tranh nhau d€ ban chung khoan cua
mlnh cho cac nha d~u tu', cac nha d~u tu' ding du'khoan phu hdo ce;tnh tranh nhau d€ mua ban cac loe;ti chung khoan. Gia ca cua cac loe;ti chung

khoan du'- Nguyen tdc cong bdng: theo nguyen ta:c nay thl cac nha d~u tu' tren

thi

tntong chung khoan se du'ganh chiu nhung hlnh phe;tt ne"u vi phe;tm. MQi ngu'oi tham gia tren thi tntong chung
khoan deu phai tuan thu nhung quy djnh chung cua thi tru'ong.
- Nguyen tdc cong khai : Chung khoan la m9t loe;ti hang h6a trU'u tu'nha d~u tu' khi c~m n6 khong th€ danh gia cha't lu'du'<Jc. £>€ danh gia chung khoan, nha d~u tu' dlfa hoan toan vao nhung thong tin
cua nha phat hanh chung khoan. Vl the", thi tru'ong chung khoan phai c6 m9t h~
th6ng thong tin teSt, cung ca'p d~y du, trung thlfc va kip thoi nhung thong tin lien
quan de"n nha phat hanh, toi d<;1t phat hanh. Thong tin phai du'xuyen ho~c d9t xua't, thong qua cac phu'ong ti~n thong tin de;ti chung,

sa giao djch


Trang: 13174

chung khmin, cac cong ty chung khoan va cac t6 chuc lien quan khac. Vi<%c cong
khai h6a thong tin la di€u ki<%n cffn thi<5t de thi tntong chung khoan c6 the v~n
h~mh m()t each lanh m~nh, m<;>i hanh vi che gia"u thong tin v€ chu the phat hanh

d€u hi xii' ly.

-Nguyen tdc trung gian : theo nguyen t~c nay, cac giao dich chung khoan
du'qc thlfc hi<%n thong qua t6 chuc trung gian la cac cong ty chung khoan. Tren thi
tru'ong so ca"p, nha dffu tu' mua chung khoan thong qua nha bao Hinh phat hanh.

Tren thi tru'ong thu cffp, cac cong ty moi gioi mua ban chung khoan giup cac
khach hang, ho~c la trung gian ke't n6i cac khach hang l~i voi nhau thong qua vi<%c
giao dich mua ban tren tai khoan cua mlnh.

-Nguyen tdc tgp trung: Cac giao dich chung khoan chi di~n ra tren SCJ giao
dich va tren thi tru'ong OTC du'oi slf kiem tra giam sat cua co quan quan ly Nha
nu'oc va cac t6 chuc tlf quan.
1.2 Hang boa cho thj tru'ilng chU'ng khmin.

Khac voi cac thi tru'ong khac, hang h6a cho thi tru'ong chung khoan la hang h6a
d~c bi<%t, d6 la cac lo~i chung khoan. Chung khoan la cong C\1 ra"t hifu hi<%u trong

n€n kinh te' thi tru'ong de t~o nen m()t kh6i lu'qng v6n kh6ng 16 cung cffp cho cac
ffi\lC dich mCJ r(}ng san XUfft kinh doanh CUa doanh nghi<%p hay cac dlf an dffu tu' cua
Nha nu'oc.

* Khai

ni~m chU'ng khoan: chung khoan la chung chi ho~c but toan ghi s6, xac

nh~n cac quy€n va lqi ich hqp phap cua ngu'oi sCJ hilu n6 d6i voi tai san ho~c v6n

cua t6 chuc phat hanh.

* Phan Io~i chU'ng khoan:
- Can ca vao n()i dung ngu'oi ta chia ra : chung khoan n<;1 va chung khoan v6n.


Trang: 14174

+ Chang khodn nfl: la giffy chung

nh~n n
nghi~p phat hanh khi c~n huy d<)ng vo'n cho cac rnt;tc dkh tai trlo~i trai phie"u.

+ Chang khodn vdn: la chung

nh~n st;t' gop vo'n kinh doanh vao cac cong ty

c6 ph~n. do la cac lo~i c6 phie"u, c6 phie"u thu'ong va c6 phie"u u'u dai.
- Can eli vao h'inh thuc: chung khoan du'
chung khoan vo danh ho~c ky danh.

+ Chring khodn vo danh (bearer securities) : tren cac chung

nh~n

n
gop vo'n khong co ghi ten ngu'oi sd hii'u. Lo~i chung khoan nay co th€ d~ dang rnua
ban hay chuy€n ddi tren thi tru'ong chung khoan.

+ Chring khodn kY danh (registered securities): la

lo~i

chung khoan rna ten

ngu'oi sd hii'u ho~c lu'u giu trong h6 so cua chu th€ phat hanh cfing nhu' tren gia'y to
chung khoan. Vi~c chuy€n quy€n sd hii'u cua lo~i chung khoan nay co kho khan
hon lo~i chung khoan VO danh ngay ca khi du'QC St;t' d6ng

y CUa CUa CO quan phat

hanh ra no.
-Can eli vao l
va chung khoan co l<;ji tuc khong 6n dinh.

+ Chring khodn col(Ji tlic 6n dtnh: ngu'oi c~rn giu lo~i chung khoan nay du'QC
hu'CJng llo~i trai phie"u va c6 phie"u u'u dai.

+ Chring khodn c6 l(Ji tlic khong dn dtnh: do la cac lo~i chung khoan rna nha
d~u tu' yeu c~u l<;1i tuc cao hon nhi€u so voi rnuc lai sua't co' dinh, cac lo~i chung

khoan nay thu'ong giln Ii€n voi rui ro cao va khong 6n dinh, di€n h'inh la c6 phie"u
thu'ong cua cong ty c6 ph~n.
1.2.1 Chti'ng khoan nf/.

Nhu' da du'lo~i trai phie"u.

Ngu'oi c~rn giu trai phie"u la nhung chu n

Trang: 15174

huang Hii

c6 dinh nhu'ng khong du'<;lc dlf phgn vao quy~n lam chu cong ty. Nhung

t6 chuc phc:H hanh tnii phie'u g6m: kho bC;l.C Nha nu'oc, cac cong ty c6 phgn, cac dia
phu'dng ...

* Khai ni~m:
Trai phie'u la m()t loC;li chung khoan xac nh~n nghia V\1 tnl n<;l (g6m v6n g6c va Hii)
cua t6 chuc phat hanh trai phie'u voi ngu'oi sCJ hfi'u trai phie'u. Nhu' v~y, ngu'oi cho
vay phiti dam bao m()t st;( chi tnll<;1i tuc dinh ky va hoan lC;li v6n g6c cho ngu'oi cgm
trai phie'u (J thoi di€m dao hC;ln.
- M~nh gia trai phie'u: la

s6 ti~n ghi tren tO trai phie'u, se du'<;lc ben phat hanh hoan

tra khi trai phie'u de'n hC;ln.

- Ty

sua't Hii trai phie'u: la muc Uii du<;1c a'n dinh tnl hang nam cho nguoi chu trai

phie"u.

* Dijc diim trai phie'u:
- Bu<;1c huCJng Hii

c6 dinh, ty sua't lai trai phie'u khong ph\1 thu()c vao ke't qua

hOC;lt d(}ng san xua't kinh doanh.
- ft rui ro. Ne'u trai phie'u la cong trai thl hgu nhu' khong c6 ye'u t6 rui ro.
- TC;li thoi di€m dao hC;ln, nguoi sCJ hfi'u trai phie'u se nh~n du'<;lc v6n g6c b~ng
m~nh gia cua trai phie'u.

- Khi cong ty

bi giai th€, ngu'oi Cgm giu trai phie'u du'QC u'u tien tra nQ tru'OC

c6 dong.

* Phan Io~i trai phie'u:
- Can ell vao hlnh thuc phat hanh, trai phie'u c6 hai lOC;li: trai phie'u vo danh va trai

phie"u ky danh.

+ Trdi philu

vo danh: la loC;li khong ghi ten nguoi chu sCJ hfi'u tren trai phie'u

va do d6 khong lu'u tru ten trai chu trong s6 sach cua cong ty phat hanh.

+ Trdi philu kY danh: la loC;li trai phie'u c6 ghi ten trai chu tren to phie'u ci.lng
nhu' trong s6 sach cua cong ty phat hanh.
- Can ca vao chu th€ phat hanh, trai phie'u du'QC chia thanh:


Trang: 16174

+ Trai phiiu chfnh phu: Khi c~n ti~n d€ bu da:p cho cac khmln thie"u hl;lt do

b9i chi ngan sach, Chinh phu trung uong ho~c chinh quy~n dia phuong se phat
h~mh cac lo~i chU'ng khoan nhu cong trai, trai phie"u kho b~c, trai phie"u chinh phu.

Trai phie"u kho b~c duth{p nha"t, Hii sua"t cua n6 cilng thuong d muc tha"p.

+ Trai phiiu cong

ty: don vi phat hanh trai phie"u la cac cong ty thu<)c cac

thanh ph~n kinh te", ml;lC dich CUa no la tai trty. Trai phie"u cong ty c6 nhil'ng lo~i d~c trung sau:
../ Trai phie"u c6 the" ch{p (mortgage bonds): Ia lo~i trai phie"u dub~ng tai san cua cong ty, c6 th€ la tai san co' dinh ho~c chU'ng khoan cong ty. Cilng

c6 truong hkhac c6 uy tin va danh tie"ng .
../ Trai phie"u khong the" ch{p (debenture): thuong danh cho cac cong ty n6i
tie"ng va c6 uy tin lau doi phat hanh. Chung khoan cua h9 khong c~n the" cha"p vl
the" ll,l'c cua hQ tren thudng truong la m<)t dam bao cho trai phie"u phat hanh .
../ Trai phie"u chuy€n d6i (convertible bond): la lo~i trai phie"u c6 th€
chuy€n d6i thanh c6 phie"u thuong voi gia ca da duphie"u nay lai sufft thuong thffp hon trai phie"u thuong. Nhung khi cong ty lam an
phat d~t, nguoi c~m trai phie"u nay se kie"m duphie"u .
../ Trai phie"u thu nh~p (income bond): la lo~i trai phie"u chi ducong ty lam an c6 lai. Tuy theo l
nhu~n

cong ty thu du
l~i

cho trai chu,

tuy nhien ty 1~ lai sufft khong Ion hon lai sufft quy dinh tren trai phie"u. Ti~n tra lai
cho trai phie"u thu nh~p du- Can ell' vao l

Trang: 17174

+ Trai phitu c6 liii sudt tin dtnh (level coupon bond): Hii sua"t thl1ong dl1qc
tnl theo dinh ky la nU'a nam ho~c m()t nam. Vo'n go'c cua tnii phie'u bang voi m~nh
gia trai phie'u va dl1QC tnt m(}t l~n khi dao hc.m.

+ Trai phie'u chie't kha"u (zero coupon bond): La lo<;~.i trai phie'u khong tnl
lai hang nam nhl1ng dl1QC ban VOi gia tha"p hdn m~nh gia (g<;>i la chie't kha"u) va
khi dao h<;tn dl1QC nh~n l<;ti vo'n go'c bang m~nh gia CUa trai phie'u.

+ Trai phifu liii sudt thd ndi (floating rate bond): la lo<;~.i trai phie'u rna lai
sua"t cua n6 bie'n d()ng voi slf thay d6i lai sua"t chung tren

thi trl1ong. Thong thl1ong

ty sua"t lai trai phie'u dl1<;1c a"n dinh 6 thang m()t l~n. M()t so' cong ty la"y lai sua"t
ng~n h<;tn lam can cu di€u chinh lai sua"t.

- Can crt vao ph<;~.m vi htu thong trai phie'u:

. + Trai phifu nqi dta: la ta"t ca cac lo<;~.i trai phie'u dl1QC phat hanh va htu hanh
tren cac thi tru'ong chung khoan trong ph<;~.m vi m()t quo'c gia.

+ Trai phifu quffc tf: Chinh phu phat hanh cac chU'ng chi vay nq g<;>i la trai
phie'u quo'c te' ra thi trl1ong vo'n quo'c te'.

+ Trai phifu Chau Au: la ten g<;>i cua cac lo<;~.i trai phie'u quo'c te' du'qc Chinh
phu m()t quo'c gia cling m()t h1c phat hanh ra nhi€u quo'c gia khac nhau nhl1 Chau

Au, Nh~t Ban, My ...
1.2.2 Chli'ng khmin vO'n.

Khi cong ty huy d()ng vo'n bang each phat hanh c6 phie'u thl cac c6 ph~n trong c6
phie'u nay la ddn vi d<;ti di~n cho quyen so hii'u cua ngu'oi d~u tl1 do'i voi doanh
nghi~p. D<;~.ng nay g<;>i la chung khoan vo'n. Nha d~u tu' vao chung khoan vo'n, nha"t

Ia c6 phie'u thu'ong se nh~n du'qc ke't qua tuy thu()c vao tlnh hlnh ho<;~.t d()ng kinh
doanh cua cong ty hay n6i khac di Ia loi an 18 chiu. Thong thu'ong hi~n nay cac
cong ty c6 ph~n thu'ong phat hanh hai d<;~.ng c6 phie'u: c6 phie'u thu'ong va c6 phie'u

ttu dai.

r BQ c!~k-MJ~~AIIDf~'f:~
TRliONG DH KINH TE T

THUVI~N

ng.

Trang: 18174

* Khai ni~m
c6 phie'u la gia'y xac nh~n quy€n sd hil'u cua rn()t c6 dong do'i voi rn()t cong ty c6
ph~n va c6 dong la ngu'oi c6 c6 ph~n th€ hi~n bAng c6 phie'u.

* Dijc di@'m
- Rui ro: ga:n li€n voi nii ro trong ho~t d()ng san xua't kinh doanh cua cong
ty.
- Lvoi cac lo~i chung khoan c6 Hii sua't 6n djnh khac.
- Gia ca: bie'n d()ng ra't nhanh va ra't tha't thu'ong, d~c bi~t Ia tren thi tru'ong
thu ca'p, do ra't nhi€u cac ye'u to' tac d()ng: c6 tuc cua cong ty' gia tri thi tnl'ong, cac
ye"u to' kinh te", chinh tri ...

* Phan lo~i:
Tuy vao d~c di€rn ho~t d()ng cua cong ty rna c6 nhung lo~i c6 phie'u thu'ong sau:

+ Cd phitu thu?mg lot;zi "A": la lo~i c6 phie'u phat hanh ra cong chung va
du'
+ Cd philu thu?mg loc;zi "B ": thu'ong du'quy~n b~u ell', nhu'ng du'
m()t giai do~n tang tru'dng nha't djnh.

+ CtJ phitu "thur;ng hc;zng" (Blue chip stocks): la c6 phie'u h~ng cao cua cac
cong ty c6 ljch sti' phat tri€n lau doi, vii'ng rn~nh v€ kha nang sinh ltuc.

+ Cd phitu tang truiJng (Growth stocks): la lo~i c6 phie'u danh cho cac cong
ty dang tang tru'dng, d~c di€rn cua cac cong ty nay la se giii' l~i h~u he't ti€n loi d€
d~u tu' san xua't, do d6 chi tra c6 tuc chi la rn()t ph~n nho ho~c c6 th€ khong c6.

+ Cd phitu thu nhtjp (Income stocks): la c6 phie'u rna c6 tuc thu'ong du'cao hdn rnuc trung blnh tren thi tru'ong.


Trang: 19174

+ Cd phitu chu kY (Cyclical stocks): la c6 phie'u cac cong ty rna thu nh~p
cua n6 dao d(>ng theo chu

ky kinh te'. Khi n~n kinh te' phat tri€n 6n dinh, thu nh~p

kha thl gia c6 phie'u cilng tang theo va ngu<;1c l~i.

+ Cd phie'u thea mua (Seasonal stocks): lo~i c6 phie'u danh cho cac cong ty
lam an theo mua V\1 ( cac cong ty du lich, cac cong ty san xu(t ffiQt sef m~t hang
phvc V\1 L~ giang sinh, nam hQC moi, nghi he ... ).
1.2.2.2 eli phie'u ttu diii.

* Khai ni~m.
c6 phie'u u'u dai la m(>t gia'y chung nh~n c6 dong duthuong v~ m~t tai chinh nhung bi h~n che' v~ quy~n h~n d6i voi cong ty g6p veSn.

*a- m-:?em.
~c

- M~rih gia cua c6 phie'u u'u dai la can cu chia l<;1i tuc ceS dinh, cilng la can cu khi
nguoi chu sd hil'u mueSn chuy€n d6i thanh ti~n m~t hay c6 phie'u thuong.
- c6 tuc du<jc a'n dinh theo m(>t ty 1~ ceS dinh tren m~nh gia.
- Ph~n veSn g6p qua vi~c mua c6 phie'u se khong du<;1c hoan tra, nhung khi c~n ti~n
thl nguoi chu sd hil'u lo~i c6 phie'u nay c6 th€ dem ban tren thi truong chung khoan
d€ la'y l~i veSn g6p.

* Phan lo~i.
c6 phie'u u'u dai du
+ cd phitu LlU diii tfch luy: la lo~i c6 phie'u rna ne'u trong truong h<;1p cong ty
lam an khong c6 lai d€ tra c6 tuc thl ph~n thie'u nam nay se du<;1c tich lily sang
nam sau hay vai nam sau khi cong ty lam an c6 lai thl se tra. Ne'u n<;1 c6 tuc tich
lily lai de'n hie cong ty c6 lai se danh ra ph~n lai u'u tien tra cho c6 phie'u u'u dai
truoc khi tra cho c6 dong thuong.

+ cd phitu

Ltu

dfii khong tfch luy: lo~i c6 phie'u chi duqc chi tra c6 tuc khi

cong ty lam an c6 lai. Ph~n thie'u trong nam se bi bo qua.