MỘt số giải pháp nhằm hoàn thiện và phát triển thị trường chứng khoán việt nam

" Dl)C VA
'
'
BO" GIAO
DAO
T~O

TRUONG 1>~

HOC KINH TE TPo HO CHi MINH

~

A

A

TRAN THIEN CHAU

~
A!
MOT SO GIAI PHAP NHAM
HOAN THIEN VA PHA T TRIEN
"

""

?

"

'

"

0

'

"

•

THI TRu'0

•

CHUYEN NGANH: TAl CHINH
MA

so: 5o02o09

LU!N vAN TH~C

SI KINH TE

NGu'(H Hu'ONG DAN KHOA HOC:

PGS-TSofNQU¥:EN T~J
BQG~ODUCVA8T

TRUONG f)H KINH

J?IF.M_CHAU

TE TP.I-.ICM

TIH:J VI:¢N

ri ~

_,

...,

TPo HO CHI MINH- NAM 2003


M{JC L{JC

***
Trang phl;l bla
Ml,lC ll,lC

Md dffu
Chu'ong 1 -

co sa LY LU!N VE THJ TRUONG CHUNG KHOAN

1.1. Khai nit%m va lich si't pha t tri~n
1.2. Ph an

lo~;ti

thi tn.tong chung khoan ........................ Trang 1

thi tru'ong chung khoan ..................................................................... 3

1.2.1. Can cu vao

hang h6a giao dich tren thi tru'ong ....................................... 3
lo~;ti

1.2.1.1. Thi tru'ong c6 phie'u ..................................................................................... 3
1.2.1.2. Thi tru'ong trai phie'u ................................................................................... 3
1.2.2. Can cu vao qua trlnh lu'u thong cua chung khoan tren thi tru'ong .................. 3
1.2.2.1. Thi tru'ong so ca'p ......................................................................................... 4
1.2.2.2. Thi tru'ong thu ca'p ....................................................................................... 4
1.2.3. Can cu vao hlnh thuc t6 chuc thi tntong ........................................................ 5
1.2.3.1. Thi tru'ong chung khoan chinh thuc ............................................................. 5
1.2.3.2. Thi tru'ong chung khoan phi chinh thuc ....................................................... 5
1.3. Cac lo~;ti

hang h6a chu ye'u tren thi tntong chung khoan .................................. 5

1.3.1. Trai phie'u ....................................................................................................... 6
1.3.1.1. Khai nit%m .................................................................................................... 6
I:'\~
d'I em

,f!
K
CUa trai ph'leU
............................................................................ .. 6
1.3 . 1.2 . v(;lC
0

1.3.1.3. Phan lo~;ti

''

trai phie'u ..................................................................................... 6

1.3.2. c6 phie'u ......................................................................................................... 8
1.3 .2.1. Khai nit%m .................................................................................................... 9
I:'\~
d'I em
J!
K
CUa COJ! p h'leU
............................................................................. .. 9
1.3 .2 .2 . v(;lC
0

1.3.2.3. Phan lo~;ti

c6 phie'u ....................................................................................... 9

1.3.2.3.1. c6 phie'u thu'ong (c6 phie'u ph6 thong) .................................................... 9

."


1.3.2.3.2. c6 phie'u ttu dai .................................................................................. .-.... 11
1.4. Cac d6i tu'<;jng tham gia tren thi trttong chung khoan ...................................... 12
1.4.1. Nha phat hanh .............................................................................................. 12
1.4.2. Nha dffu ttt .................................................................................................... 12
1.4.2.1. Nha dff u tu' ca nhan ................................................................................... 12
1.4.2.2. Cac t6 chuc dffu tu' ..................................................................................... 12
1.4.2.2.1. Cong ty chung khoan .............................................................................. 12
1.4.2.2.2. Cac t6 chuc ngan hang ........................................................................... 12
1.4.2.2.3. Quy dffu tu' chung khoan ........................................................................ 12
1.4.2.2.4. Cong ty tin thac dffu ttt ........................................................................... 13
1.4.2.2.5. Cong ty bao hi€m ................................................................................... 13
1.4.3. Cac t6 chuc lien quan de'n chung khoan ...................................................... 13
1.4.3.1. T6 chuc diSu hanh chung khoan ............................................................... 13
1.4.3.2. T6 chuc trao d6i chung khoan ................................................................... 13
1.4.3.3.
Hi~p

h9i cac nha kinh doanh chung khoan ............................................... 13

1.4.3.4. Cong ty bao hi€m dffu ttt chung khoan ..................................................... 14
1.4.3.5. Cac cong ty danh gia h~
1.5. Nguyen ti[c ho~t

so' tin nhi~m

....................................................... 14

d9ng cua thi tru'ong chung khoan ........................................ 14

1.5.1. Nguyen ti[c trung gian .................................................................................. 14
1.5.2. Nguyen ti[c cong khai h6a thong tin ............................................................ 14
1.5.3. Nguyen ti[c da'u gia ...................................................................................... 15
1.6. Vai tro va

y nghia cua thi trttong chung khoan d6i voi nSn kinh te' ............... 15

1.6.1. Thi tru'ong chung khoan md ra nhiSu cd hQi dffu tu' d€ hfa chQn kha nang t~o
thu nh~p

cao nha't, giup cong chung da d~ng

1.6.2. Thi tru'ong chung khoan t~o

h6a dffu tu', phan tan rui ro ............. 15

tinh thanh khoan cao d6i voi cac lo~i

chung

khoan ...................................................................................................................... 15
nghi~p

1.6.3. Thi tru'ong chung khoan Ia cong

Cl;l

do htong cac tich san ella doanh

..................................................................................................................... 16


1.6.4. Thi tru'ong chung khoan giup Ngan hang Trung u'ong di~u
ti~n

trong lu'u thong, chO'ng l~m

phat ..................................................................... 16

1.6.5. Thi tru'ong chung khoan t~o
DNNN g~p

thu~n nhi~u

chinh khO'i lu'<;ing

di~u

ki~n

cho chu tru'ong c6 phffn h6a cac

l<;ii han ............................................................................. 16

1.6.6. Thi tru'ong chung khoan g6p phffn thuc dffy sli' d1:1ng vO'n dffu tu' c6 hi~u
qua .......................................................................................................................... 16
1.6. 7. Thi tru'ong chung khoan la cong C\l d~
trung va dai

h~n

huy dQng va phan phO'i cac ngu6n vO'n

..................................................................................................... 17

1.7. Cac hanh vi tieu qtc tren thi tru'ong chung khoan .......................................... 17
1. 7 .1. y e'u tO' dff u co .... .. ... ..... .. ... ... .. .... .... .. .......... .... .... .. .. ...... ... .... .... ..... .... ........ .. .. . 17
1.7.2. Mua ban n9i gian ......................................................................................... 17
1.7.3. Thong tin sai st;( th~
1.8. GiOi thi~u

..................................................................................... 18

m9t sO' thi tru'ong chung khmin tieu bi~u

tren the' gioi .................. 18

1.8.1. Thi tru'ong chung khoan New York .............................................................. 18
1.8.2. Thi tru'ong chung khoan Tokyo .................................................................... 19
1.8.3. Thi tru'ong chung khoan Trung QuO'c ........................................................... 20

Chuang 2- THljC TRL}NG THJ TRUONG CHUNG KHOAN VItT NAM

TRONG THOI GIAN QUA
2.1.

Ho~t

dQng cua thi tru'ang chung khoan

Vi~t

Nam trong thai gian qua ........... 21

K
K
2 . 1. 1. Th! tru'ong co~ ph'1eu
n1em yet
...................................................................... . 21
o

0

'

A

~ • h' ,..(
•
2 .1.2 . Th!• trt(>lvng tra1
p 1eu n1em
ye,..(t .................................................................... . 24
A

2.1.3. Tlnh hlnh ho~t

d9ng cua cac cong ty niem ye't ............................................ 26

2.1.4. Tlnh hlnh ho~t

dQng cua cac cong ty chung khoan ...................................... 27

2.2. Nhung

m~t

tich ct;(c rna TTCK Vi~t

Nam da

d~t

du'<;jc trong thai gian qua .... 30

2.2.1. T~o

ra m9t kenh dffu tu' mOi trong xa h9i .................................................... 30

2.2.2. T~o

tinh thanh khoan cho chung khoan va t~o

trlnh c6 phffn h6a doanh nghi~p

d9ng 1l;fc d~

dffy nhanh tie'n

nha nu'oc ............................................................. 31


2.2.3. Xac dinh du'qc gia tri doanh nghi~p

............................................................. 32

lam vi~c
c6 trach nhi~m
va khong ngung
2.2.4. Khuye'n khich cac doanh nghi~p
~.
~·
~
.
~
d 01 mol ve mQl m~t
............................................................................................... . 33
2.3. Nhung

m~t

d~t

chua

2.3.1. Chua th~

hi~n

duqc cua TTCK Vi~t

Nam ............................................. 34

la kenh huy d9ng v6n chu ye'u cua n€n kinh te' ................... 34

2.3.2. Gia ca tren thi tru'ong chung khoan khong phan anh dung hi~u
qua ho~t
d9ng
. " ye""t .................................................... .. 35
san xu a""t ki nh d oan h cua cac cong ty n1em
?

?

,

"

2.3.3. Cong b6 thong tin con nhi€u h~n
2.4. Nguyen nhan cua tlnh tr~ng

che' .......................................................... 36

nay ..................................................................... 36

2.4.1. Tam ly khong 6n dinh cua nha dffu tu' ......................................................... 36
2.4.2. Khung phap lu~t

con nhi€u h~n

2.4.3. Nguyen nhan tu h~

che' ............................................................ 37

th6ng cong b6 thong tin ................................................ 38

2.4.4. Nang hfc cua d9i ngfi nhan vien moi giOi con ye'u v€ nghi~p

Vl;l ................

41

2.4.5. Slf bie'n d()ng cua cac thi tru'ong khac (thi tru'ong dia 6c, thi tru'ong ti€n t~, thi
.~
. h""'
'
) .. .................................................................... . 42
tfuvng
ngo~l
01, th'! tr u'~ vng vang...
2.4.6. Thie'u cac trung gian tai chfnh, trung gian dffu tu' ........................................ 43

A

A'

?

,

~

'

MQT SO GIAI PHAP NHAM HOAN THI~N

Chttdng 3 -

A

'

VA

PHAT TRIEN THJ TRUONG CHUNG KHOAN VItT NAM
3.1. Binh huang phat tri~n
3 .1.1. Binh huang pha t tri~I
3.1.2. M1;1c tieu phat tri~n

thi tru'ong chung khoan Vi~t
thi tru'ong chung khoan Vi~t
thi tru'ong chung khoan Vi~t

3.2. M9t so' giai phap nhiim hoan thi~n
3.2.1. Hoan
3 .2.2. Hoan thi~n

thi~n

va phat tri~n

Nam .............................. 45
N am ........................... 45
Nam ................................ 45
TTCK Vi~t

Nam ................ 46

khung phap ly ............................................................................ 46
h~

th6ng cong b6 thong tin ........................................................ 48

3.2.2.1. Giai phap d6i voi Uy Ban Chung khoan Nha nu'oc va Trung tam Giao dich
Chung khoan ......................................................................................................... 49
.?. p h,
,
"
ty ch·~ ung kh oan
, ............................................ .. 51
ap d""'
01 v (j'.1 cac
cong
3 .2.2 .2 . G1a1


•?•
A'
/

. . . . G1a1
p h/ap dK'
01 Vvl
cac
cong ty n1em yeKt ................................................... . 52
3223
A

'A

/ p h at
/ tnen
•.:1 th'~ tntong
'
.:1
h'1eu
K
/ g1a1 p h ap
cop
.............................................. . 52
3.2 .3 . C ac
/ tang
~
;:, cop
.:1
h'1eu
K
/ g1a1 p h ap
cau
.............................................................. . 52

3 .2 .3 . 1. C ac
•? •

•? •

3.2.3.1.1. Dffy mt;tnh cong tcic tuyen truy€n, ph6 c~p

kie'n thuc v€ chung khmin va

thi tntong chung khoan ........................................................................................... 53

3.2.3.1.2. MCi r()ng va nang cao chfft lu'cac trung gian tai chinh va trung gian dffu tu'
d6ng thoi khuye'n khich vi<%c thanh l~p
' th'leU
_..:' t renth'~ t fuvng
.-i~
COn
........................................................................................ . 54
A

3.2.3.1.3. Tht;tc hi<%n chinh sach u'u dai d6i voi cac nha dffu tu' nttoc ngoai tham gia
vao thi tru'ong chung khoan Vi<%t Nam ................................................................... 55

3.2.3.1.4. Thuc dffy nhanh vi<%c thanh l~p
3.2.3.1.5. Khuye'n khich thanh l~p

quy blnh 6n TTCK ............................... 56

cac cong ty phan tich ch(tng khoan va thi tntong

chung khoan chuyen nghi<%p .................................................................................. 57

3.2.3.1.6. Tang cu'ong cong tac thanh tra, giam sat bao v<% nha dffu tu' ................. 58
/ tang
~
K
/ g1a1 p h ap
cung co.:1 p h'1eu
............................................................ . 59
3 .2.3 .2. C ac
•? •

3.2.3.2.1. Khuye'n khich cac cong ty c6 phffn du di€u ki<%n len niem ye't ............. 59
3.2.3.2.2. Hlnh thanh va du'a vao hot;tt d()ng Trung tam Giao dich Chung khoan Ha
N(li va thi tru'ong OTC ........................................................................................... 60

3.2.3.2.3. Dffy nhanh tie'n trlnh c6 phffn h6a doanh nghi<%p nha nu'oc ................... 61
/ p h at
/ tnen
•.:1 th'~ tru'ong
'
/ • p h'reu
K
/ g1a1 p h ap
tra1
............................................ .. 63
3 .2.4 . C ac
•? •

3.2.4.1. Xac dinh lai sufft trai phie'u h/ cac
/ 1O(;ll' tra1
/ • p h'1eu
K
'
(
6'5
ua d t;tng h oa
tren th'~ tru'ong
.........................................
·
3 .2.4 .2. I:'\
A

3.2.4.3. Sam hlnh thanh cac t6 chuc xe'p ht;tng tin nhi<%m tt;ti Vi<%t Nam ................ 68
KETLUAN
'

A

?

TAl LI];:!:U THAM KHAO

PHl,J Ll,JC


'

?

~

LOIMO DAU
1. Tinh ca'p thie't cda luan van:
Sau gffn 10 nam chuffn bi m()t each nghiem tuc, ngay 20/07/2000 thi tnl'ong
Nam da chinh thuc di vao ho~t
d()ng, c1:1 th€ b~ng
phien giao dich
chung khoan Vi~t
dffu tien t~i Trung Him Giao dich Chung khoan thanh ph6 H6 Chi Minh vao ngay
Nam ra doi danh dffu m()t thai ky mOi
28/07/2000. Thi tnl'ong chung khoan Vi~t
trong lich sll' nganh tai chinh (J ml'oc ta, t~o
ra m()t buoc ngo~c
moi, m()t d()ng hfc
phat tri€n va hoan thi~n
co che' thi tru'ong, huy d()ng va phan
moi cho giai do~n
ph6i cac ngu6n v6n trong xa h()i vao qua trlnh phat tri€n kinh te' dfft nu'oc.
E>e'n nay, sau gffn 3 nam chinh thuc di vao ho~t
d()ng, ben c~nh
nhung m~t
tich clfc rna chung ta c6 th€ cam nh~
du'Nam v~n
chile dlfng m()t vai di€u bfft c~p,
ch~ng
h~n:

gia chung khoan len xu6ng d6ng lo~t
khong phan anh dung tlnh hlnh ho~t
d()ng san xufft kinh doanh cua cac cong ty
niem ye't, tlnh tr~ng
vi ph~m
che' dQ thong tin xay ra con nhi€u, k€ ca vi~c
di€u
hanh va can thi~p
chua th~
Slf hGiam d6c Trung tam Giao dich Chung khoan, Uy Ban Chung khoan Nha nu'oc) ...
khie'n cho tam ly cua cac nha dffu tu' ngay cang chan min, s6lu'chan de'n cac d~i
ly nh~
l~nh
cua cac cong ty chung khoan ngay cang thu'a thot.
nhu' vi~c y,
tim kie'm cac giai phap nh~m
6n dinh va phat tri€n
Tru'oc tlnh tr~ng
thi truong chung khoan la m()t yeu cffu cffp bach va thie't thlfc nh~m
som khoi ph1:1c
long tin tu cac nha dffu tu', tranh d~n
de'n m()t slf Sl:IP d6 thi tru'ong nhu' m()t s6 nu'oc
trong khu vlfc da m~c
phai.
Voi nhung ly do tren, toi quye't dinh ch9n d€ tai cua lu~n
van t6t nghi~p
la:
"Mqt sfi ghii phap nhdm hofm thi~n

va phat triin thi tntong chti'ng khoan Vi~t
Nam"

2. Muc dich va yeu cdu nghien cuu:
hanh cua thi tru'ong chung khoan
Nghien cuu qua trlnh hlnh thanh va v~n
Vi~t
Nam trong su6t gffn 3 nam vua qua thong qua vi~c
danh gia thlfc tr~ng
va hi~u
qua ho~t
d()ng cua cac nha dffu tu', cac cong ty niem ye't, cac t6 chile c6 lien quan
khac tren thi tniong duoi tac d()ng cua cac van ban phap quy. Tren co sCi d6, xay
dlfng lu~n
CU khoa hQC cho Vi~c
hoan thi~n
cac bi~n
phap CO ban d€ nang cao hi~U
qua ho~t
d()ng cua cac d6i tu'toan b() thi tru'ong chung khoan n6i chung.


3. Phlidng phap nghien cuu:
B~ng

vi~c

tren cac lu~n
ell' khoa h9c dS tie'n hanh phan tich cac va'n d~ trQng tam tren cd sCJ tuan thu cac

nguyen ti{c thO'ng nhfft dam bao tinh khoa hQC thvc te' va khach quan cho nhung n()i
dung da trlnh bay. Til' d6, rut ra nhung ye'u t6 thu()c v~ ban cha't, lo1;ti bo nhung n()i
dung mang tinh hi~n
tu'<;jng, dS du'a ra nhung kie'n nghi, bi~n
phap dung di{n cho
nhung va'n d~ cffn giai quye't.

si't dl;lng cac phu'dng phap nghien cuu, d6ng thoi

d~ta

4. Ke't ca'u ctia luan van:

N()i dung cua lu~n

van g6m 3 chu'dng:

- Chu'dng 1: Cd sCJ ly lu~n

v~

thi tru'ong chung khoan.

- Chudng 2: Thvc tr(;lng thi tru'ong chung khoan
gffn 3 nam qua.
- Chu'dng 3: M()t sO' giai ph a p nh~m
Nam.
chung khoan Vi~t

hoan thi~n

Vi~t

Nam trong thoi gian
va ph at triSn thi truong


1

CHu'ONGI:

co sa LvLU!N v:E THJ TRu'1.1. Khai niem va lich sd' phat tri~n

thi truong chung khoan:

Hi~n

nay c6 nhi~u
dinh nghia v~ thi tntong chung khmin, ban dftu xufft phat
tu tie'ng La tinh Hi Bursa, nghia Ia tui dl;ing ti~n,
hay con g9i Ia S(J giao dich hay Ia
m9t thi tntong c6 t6 chuc va ho~t
d()ng c6 di~u
ki~n.
M9t dinh nghia dtt<;Jc xem nhtt Ia Cl;l th€ va r5 rang nhfft v~

thi trttong chung

cua thi tntong tai chinh rna t~i

d6
khoan: thi tru'ong chung khoan Ia m9t b9 ph~n
di~n
ra Vi~c
mua ban cac cong Cl;l tai chinh trung va dai h~n
theo nguyen t~c
thi
tru'ong (quan h~ cung-cftu). Cac hang h6a mua ban, giao dich tren thi trttong chung
khoan bao g6m cac chung khoan v6n va cac chung khoan n<;J trung va dai h~n.
Tuy nhien, do sv phat tri€n cua n~
kinh te' thi trttong, thu~
ngii' thi tru'ong
chung khoan da khong con dung nhu' ban dftu va c6 them m9t s6 n9i dung moi.
Mu6n hi€u tr9n vt;n thi trttong chung khoan ta phai nghien cuu qua trlnh hlnh thanh
va pha t tri€n cua n6.
Thi trttong chung khoan ban dftu phat tri€n m9t each tv phat va rfft so khai,
xufft phat tu m9t sv cftn thie't donIe cua bu6i ban dftu. Vao giii'a the' ky thu 15, (J t~i
nhii'ng thanh ph6 trung tam huon ban cua Chau Au, cac thu'ong gia thu'ong tl;l t~p
t~i
nhii'ng quan ca phe d€ trao d6i vi~c
mua ban, trao d6i cac v~t
phffm hang h6a. Luc
dftu chi m9t nh6m nho, dftn dftn phat tri€n va hlnh thanh m9t khu ch<;J rieng. De'n
ti~n
hon cho vi~c
lam an, h9 th6ng nhfft cac qui ttoc va
cu6i th€ ky 15, d€ thu~n
dftn dftn cac qui ttoc dtt<;Jc sll'a d6i hoan chinh thanh nhii'ng qui t~c
c6 gia tri b~t
bu9c chung cho m9i thanh vien tham gia thi trttong.

Phien ch<;J dftu tien dtt<;Jc di~n
ra vao nam 1453 t~i m9t lii' die'm ctla gia dlnh
d6 c6 mQt bang hi~u
hlnh 3 tui da va m9t chii' duy nhfft
Vanber (J Bruges (Bi), t~i
b~ng
tie'ng Phap Ia "Bourse" tuc Ia "m~u
dich thi tru'ong' hay con gQi Ia "S(J giao
dich".
Vao nam 1547, thanh ph6 Bruges (Bl) mfft di sv ph6n thinh do eo bi€n Even

bi cat lffp nen m~U

dich thi tru'ong d day bi Sl;lp d6 va du'<;JC chuy€n qua thi trffn


2
Auvers (Bi), (J day thi tntong phat tri€n ra't nhanh. De'n giua the' ky thu 16, mot
quan chuc d~i
thfin cua Anh qu6c da de'n quan sat va v~ thie't l~p
mot m~u
dich thi
tntong (J London, noi rna sau nay du'Cac m~u
Au.

dich thi tru'ong khac cling lfin lu'
t~i

Phap, Due va Btic

Sl;l' phat tri€n cua thj tru'ong ngay cang tang len eel v~
s6 luqng lfin cha't
lu'noi dung khac nhau. Vl v~y,
theo tinh cha't tl;l' nhien n6 l~i du'thi tru'ong khac nhau nhu:
Thj tru'ong giao djch hang h6a, thi tru'ong h6i doai, thi tru'ong giao dich cac hd6ng tu'ong lai va thi tru'ong chung khoan ... voi d~c
tinh rieng cua tung thi tru'ong
t~o
ki~n di~u
thu~n
lQua trlnh cac giao dich chung khoan di~n
ra va hlnh thanh nhtl' v~y
mot each
tl;l' phat cling tu'ong tl;l' (j Phap, Ha Lan, cac nu'oc B~c
Au, cac nu'oc Tay Au va B~c
My. Cho de'n nay, tren the' giOi c6 khoang 160 S(J giao dich chung khoan phan tan
kh~p
cac chau ll;lC bao g6m ca cac thi tru'ong t~i cac nu'oc dang phat tri€n (j Dong
Au, Chau A, Chau Phi va Dong NamA.
Lich sll' hlnh thanh va phat tri€n thi truong chung khoan tren the' gioi cho
tha'y thoi gian dfiu, thi tru'ong hlnh thanh mot each tv phat, d6i tu'qng tham gia chu
ye'u Ia cac nha dfiu co, dfin dfin v~ sau moi c6 sv tham gia ngay cang dong dao cua
cong chung. Khi thi tru'ong b~t
dfiu xua't hi~n
S\1' tfl;lC tr~c

va ba't 6n, Chinh phtl buoc
bAng each thanh l~p
cac co quan quan ly nham bao v~ quy~n
lphai can thi~p
cong chung dfi u tu' va dfin dfin h~ th6ng ph a p ly cling b~ t dfi u du'K€ tu ngay chinh thuc ra doi cho de'n nay, thi tru'ong chung khoan the' gioi da
trai qua mot S\1' phat tri€n thang trfim luc len, luc xu6ng. Vao nhung nam 18751913, thi tru'ong chung khoan the' giOi phat tri€n huy hoang cung voi sv phat tri€n
cua n~
kinh te' the' gioi vao luc d6. Nhu'ng r6i CUOC khung hoang ngay 2911011929
rna chung ta du'Au va Nh~t
Ban ma't long tin trong long cong chung. Cho
chung khoan Tay, B~c
mai toi chie'n tranh the' giOi thu hai ke't thuc, cac thi tntong chung khoan moi h6i
phl;lc va phat tri€n m~nh.
Sau d6 de'n nam 1987, the' giOi da dien dao voi "ngay thu hai den t6i" do h~
th6ng thanh toan kern coi khong th€ dam du'ong du'

3
ghi ca cua hffu he't chung khmin tren thj tntong svt giam ghe gam, ngu'oi dffu tu' mfft
long tin, rna h~u
qua cua n6 d~ l~i con nghiem tn;mg han ca cua khung hoang nam
1929. Mai cho de'n hai nam sau, thj tru'ong chung khoan the' giOi moi khoi phvc va
phat tri€n cho de'n ngay nay.
Ngoai ra, ljch sli thi tru'ong chung khoan the' giOi con chung kie'n m9t

s6 trvc

tr~c

khac nhu': thi tru'ong chung khoan Thai Lan, Indonesia ho~t
d9ng trl tr~
m9t
thoi gian dai do thie'u hang h6a; thi tru'ong chung khoan Philippin ho~t
d9ng kern
hi~u
qua do thie'u sl;t' chi d~o
va quan ly th6ng nhfft cua 2 SCi giao djch Makita va
trvc tr~c
do sl;t' chi d~o
gia ca
Manila; thi tru'ong chung khoan BaLan, Hungari g~p
qua cao ho~c
qua thffp ...
T6m l~i,
sl;t' hlnh thanh va phat tri~n
thj tru'ong chung khoan ga:n li~n
voi sl;t'
hlnh thanh va phat tri~n
cua n~
kinh te' the' giOi, dffn dffn n6 trCJ thanh m9t trong
nhung cffu n6i quan trQng giua ngu6n v6n cua m9t qu6c gia voi ngu6n v6n qu6c te'.
Han nua, nhln vao sl;t' phat tri~n
cua thi tru'ong chung khoan nguoi ta c6 th~
danh
kinh te' cua m9t qu6c gia. Do d6, vi~c
hoan thi~n
va phat tri€n

gia du'<;jc sue m~nh
thi tru'ong chung khoan Ia m9t trong nhung yeu cffu cffp thie't cua lanh d~o
gia, trong d6 c6 ca Vi~t
Nam.

cac qu6c

1.2. Phftn loai thi trtiong chti'ng khmin:

1.2.1. Can cu vao o~il
hang h6a giao djch tren thi tru'ong: thl ngu'oi ta c6 th~
phan chi a ra lam 2 d~ng
thi tru'ong co ban, d6 la:
1.2.1.1. Thi truang cd phie'u: la thi tru'ong giao djch v~ cac c6 phie'u do cac
cong ty c6 phffn phat hanh. Thj tru'ong nay thong thttong rfft soi d9ng do gia ca c6
cam vOi tlnh hlnh ho~t
d9ng cua cac cong ty va nhung bie'n d9ng
phie'u rfft nh~y
cua n~
kinh te'.
trai phie'u
1.2.1.2. Thj truang trdi phie'u: Ia thi tru'ong giao djch v~ cac lo~i
trung va dai h~n
du'<;jc phat hanh bCii Chinh phu ho~c
m9t vai lo~i
hlnh doanh
nghi~p
theo lu~t
djnh. Thi tru'ong nay thu'ong it soi d9ng so vOi thi tru'ong c6 phie'u
vl gia ca cua trai phie'u rfft it khi bie'n d9ng.

1.2.2. Can cu vao qua tdnh lu'u thong cua chung khoan tren thi tru'ong thl ngu'oi
ta c6 th€ chia thanh:


4
1.2.2.1. Tht tnt&ng S(/ cap (hay con g9i la tht tnc&ng phdt hanh, tht tnt&ng
dip 1): Ia thi tntong giao djch v6 cac chung khoan moi phat hanh lffn dffu hay
nhung lffn phat hanh ke' tie'p tu t6 chuc phat hanh ban ra cong chung nhAm thu hut
m9i ngu6n v6n tie't ki~m
du'a vao dffu tu' phat tri~n.
Thj tru'ong so cffp thu'ong mang
m9t s6 d~c
di~m
sau:
-La thi tru'ong tC;to v6n cho don vi phat hanh.
- TC;to hang h6a cho thi tru'ong giao djch.
- Lam tang v6n dffu tu' cho n6n kinh te' (ti6n tu trC;tng thai nhan r6i
chuy~n

sang trt;tng thai dffu tu', dfrn de'n lam tang v6n dffu tu').
- Thj tru'ong so cffp chi hot;tt d()ng trong m9t thoi gian c6 ht;tn djnh cho

m9t lot;ti chung khoan Cl;l th~
(thong thu'ong tu 60-90 ngay tuy theo lu~t
djnh ho~c
theo nhil'ng qui djnh cua cong ty phat hanh, qua thoi ht;tn nay chung khoan khong
ban du'cJc se bj huy bo ).

1.2.2.2. Tht tnt&ng thzi dip (hay con g9i la tht tnt&ng dip 2, thi tnt&ng giao

dtch): day Ia thi tru'ong "mua di, ban lt;ti" giua cac nha dffu tu' v6 cac lot;ti chung
khoan da du'cJc phat hanh vao lu'u thong. Thj tru'ong th(t cffp se mang m9t s6 d~c
di~m
sau:
-

Vi~c

mua ban chung khoan tren thj tru'ong nay hoan toan khong

lam tang hay giam ngu6n v6n chu th~

phat hanh ra n6.

- Gia ca chung khoan tren thi tru'ong nay phan anh cung-cffu chung
khoan, phan anh nhil'ng danh gia CUa cac nha dffu tu' v6 tu'ong lai, tri~n

VQng CUa

cac cong ty da pha t hanh chung khoan.
- La m9t thi tru'ong ct;tnh tranh t\1' do, du'cJc t6 chuc thttong xuyen, lien
we va khong ht;tn che' cac lot;ti chung khoan dtl'QC mua di ban lt;ti nhi6u Hin tren thj
tru'ong nay.
Vl nhil'ng d~c

di~m

n6i tren cua 2 lot;ti thi tru'ong nay, rna ngu'oi ta xem thi

truong so cffp Ia ti6n d6, Ia co sa; con thi truong thu cffp la d()ng lvc. Bdi ne'u khong

c6 thi truong so cffp thl ch!ng c6 chung khoan d~

lu'u thong tren thi tru'ong thu cffp,

va ngu'cJc lt;ti ne'u khong c6 thi tru'ong thu cffp thl thi tru'ong so cffp kh6 c6 th~
phat
tri~n
mt;tnh, cac lot;ti chung khoan rfft kh6 phat hanh do khong ai dam mua vl khi
cfin kh6 c6 th~
ban chung d~ chuy~n
thanh ti6n m~t
(tinh thanh khoan kern)


5
1.2.3. Can cu vao hlnh thuc t6 chuc thi tntong: thl nguoi ta phan thanh:
1.2.3.1. Tht truiJng chang khodn chfnh thac (hay nguiJi ta con g9i b!ing nhilng
cdi ten khdc nhu: SiJ giao djch chang khodn, Trung tam giao djch chang khodn, thi
trUiJng tqp trung, thj trUiJng c6 tJ chac, thj trUiJng cua cdc cong ty niem yet): la thi
rnua ban chung khoan duqc t~p
trung t~i rn()t ndi ch6n c6 dinh, c6
tntong rna vi~c
d()ng theo nhfi'ng quy djnh, lu~t
1~ Cl;l the Va
gio rnd cua, CO giO dong cua Va ho~t
ch~t
che. Hang h6a tren thi truong nay Ia nhii'ng chung khoan h9i du nhii'ng tieu
chuffn du<;1c tuyen ch9n niern ye't.
Net d~c
bi~t

cua thi truong nay Ia sv t~p
trung dffy du s6 cung, s6 du chung
khoan nen n6 cho phep hlnh thanh "gia t6t nhfft" va ttl'dng d6i 6n dinh hdn so voi
gia chung khoan tren thi truong phi chfnh thuc.
1.2.3.2. Tht truiJng chang khodn phi chfnh thac (hay nguiJi ta con g9i la tht
truiJng OTC (over the counter)- thi truiJng mua ban khong qua qudy giao djch, thi
truiJng phi tcJ_p trung, thi truiJng mua ban trao tay, thi truiJng chua niem yit): day la
ra rnQi ndi, rn9i hie khi c6 nguoi rnua, ke ban
thi truong rnua ban chung khoan di~n
ben ngoai sa giao djch chung khoan. Thi truong nay rnua ban du lo~i
chung khoan
cua cac cong ty c6 phffn da ho~c
chua dang ky niern ye't danh rnvc vao sa giao dich
giao dich cac lo~i
chung khoan, nhung thong thuong thi truong nay danh cho vi~c
chung khoan chua du ki~n du
niern ye't. Cac giao dich rnua ban du'<;ic tie'n hanh
thong qua cac d~i
ly tren khil:p dfft nuoc va dUQC n6i VOi nhau b~ng
rn~g
di~n
tu.
Thj tnl'ong
Gia ca tren thj truong nay du<;1c hinh thanh theo phudng thuc thoa thu~n.
t~o
ki~n du
cho cac doanh nghi~p
nho, rnoi thanh l~p
chua c6 uy tin
nay nh~r

vi~c
rnua ban chung khoan. Nhii'ng thu()c tfnh cd ban cua thi tntong nay
thvc hi~n
la t~i cung rn9t ddn vi thoi gian se c6 nhi~u
lo~i
gia cho rn9t lo~i
chung khoan, chi
phi giao dich thuong tha'p hdn thi truong chfnh thuc, ft c6 kha nang bao v~ cho nha
dffu tu.

1.3. Cac Ioai hang h6a chu ye'u tren thi tru'Cing chung khoan:
Gi6ng nhu ba't ky rnQt lo~i
hlnh thi tntong nao, thi truong chung khoan cling
phai c6 hang h6a de rna giao djch, rnua ban va hang h6a chu ye'u cua thi truong
nay chfnh Ia chung khoan.
Theo Nghi dinh sO' 48/1998/NB-CP do Chfnh phil ban hanh ngay 111711998
thl chung khoan du<;1c dinh nghia nhu sau: "Chung khoan Ia chung chi ho~c
but toan


6
cac quy~n
va lghi s6 xac nh~
voi tai san hoi;i.c v6n cua t6 chuc phat hanh". Tuy theo quy~n
nay la gl se n6i len
tinh cha't ClJ th€ cua chung khoan. N6i each khac, m6i lo~i
chung khoan khac nhau
khac nhau. Chung khoan bao g6m 3 lo~i
sau:

cho phep ngu'oi cfim giu n6 c6 quy~n
trai phie'"u, c6 phie'"u thu'ong, va c6 phie'"u u'u dai.

1.3.1. Trai phie'u:
1.3 .1.1. Khai niem: Trai phie'"u la mOt hdu'chu th€ phat hanh (Chinh phu hay doanh nghi~p)
va ngu'Oi cho vay, dam bao mOt
slf chi tnl ldao

h~n.

1.3.1.2. Bac di€m cua trai phie'"u: thong thuong trai phie'"u c6 mOt s6 di;i.c
di€m sau:
h~n

- La lo~i
chung khoan c6 ky h~n
va du'tu nha phat hanh hay tu cac co quan thu ba dam bao.

- Lai sua't thu'ong tha'p nhu'ng 6n dinh, khong ph1;1 thuOc vao ke'"t qua san
xua't kinh doanh cua doanh nghi~p.
- ft rui ro, ne'"u Ia trai phie'"u Chinh phu thl rui ro hfiu nhu' b~ng
- Khi cong ty bi giai th€, pha san thl ngu'oi n~m
tien tra n- Kha nang hoan t~
c6 t6 chuc.

0.

giu trai phie'"u se dtt
cao du'
1.3.1.3. Phan loai trai phie'"u:
1.3.1.3.1. Can eli vao hlnh thuc phat hanh, trai phie'"u c6 2lo~i:

vo danh:

Ia lo~i
khong ghi ten ngu'oi sCi huu tren tO trai
phie'"u. Tren m6i to trai phie'"u c6 cac o gQi Ia coupon (s6 o tu'ong ling voi s6 ky h~n
tra lai), d~i
di~n
cho s6 ti~n
lai du'tnli chtl chi vi~c
c~t
roi mOt o gCii de'"n co quan pha t hanh d€ nh~
Iai.
- Trdi phie'u

- Trdi phie'u kY danh: la lo~i

c6 ghi ten trai chu tren to trai phie'"u.

1.3.1.3.2. Can cu vao chu th€ phat hanh thl trai phie'"u du'

7
- Trdi phie'u Chinh phil: Ia lo~i
tnii phie'u do Chinh phu phat h~m
d~
bu
d~p
thie'u hl:lt ngan sach ho~c
phl:IC Yl:l nhu cffu dffu tu' cua Nha nu'oc. Trai phie'u nay
con du'<;jc gQi du'oi nhi~u
ten khac nhau nhu': cong trai, cong kho' phie'u, trai phie'u
... va du'<;jc thanh toan b~ng
ngan sach nha nu'oc. Ngoai ra, lo~i
nay con phai
kho b~c
k~
de'n trai phie'u do chinh quy~n
dia phu'dng phat hanh nh~m
m1:1c dich tai tr<;1 b6
sung cho nhii'ng khoan chi ngan sach thie'u h1:1t t~i dia phu'dng.
- Trdi phie'u cong ty: Ia cong Cl:l n<;j do cac cong ty thuoc cac thanh phffn
kinh te' (theo Lu~t
dinh) phat hanh d~ vay n<;j tn,tc tie'p cua dan cu' nh~m
m1:1c dich
tai tr<;j dai h~n
cho nhu cffu tang v6n cua cong ty. Trai phie'u cong ty thu'ang c6 Hii
sufft cao hdn so voi trai phie'u Chinh phu.
1.3 .1.3 .3. Can cu vao ban chfft cua trai phie'u thl nguai ta chi a trai phie'u
thanh:

- Trdi phie'u c6 thi chuyin d6i: Ia lo~i
trai phie'u c6 th~
chuy~n
d6i sang
mot d~ng
Chung khoan khac (thu'ang la chuy~n
sang c6 phie'u thttang) theo SJ! lJ!a
ch9n cua ngu'ai n~m
giii' trai phie'u voi nhii'ng di~u
ki~n
da du'<;jc quy dinh. Lo~i
trai
phie'u nay thu'ang c6 Iai sufft thffp hdn trai phie'u thu'ang.
- Trdi phie'u c6 khd nang mua lr;ti: theo sv thoa thu~n
hanh va ngu'ai mua trai phie'u, cho phep ngu'ai phat hanh mua l~i
ngay dao

h~n

cua nguai phat
trai phie'u tru'oc

voi mot gia xac dinh.

- Trdi phie'u c6 quyin mua c6 phie'u mai phdt hcmh: cho phep ngu'ai
n~m

giii' trai phie'u c6 quy~n
u'u tien d~t
mua c6 phie'u moi phat hanh trong tttdng

lai theo mot ty 1~ nhfft dinh voi mot gia xac djnh trong mot thai h~n
nhfft djnh.
nay, ne'u gia c6 phie'u tang cao thl nguai n~m
giii' trai phie'u c6 th~
Trong thai h~n
ban quy~n
nay tren thi tru'ang. Ne'u qua thai h~n
thl quy~n
nay se khong con c6
hi~u

ll;l'c.

- Trdi phie'u tin chdp: Ia lo~i

trai phie'u khi phat hanh khong c6 dam

bao, chi dl;l'a vao uy tin cua chu th~
phat hanh. Thong thu'ang day Ia lo~i
trai phie'u
cua Chinh phu ho~c
la trai phie'u cua cac cong ty IOn, c6 tie'ng tren thi tru'ang.

- Trdi phie'u the' chcip: la lo~i
trai phie'u c6 dam bao, khi phat h~m
ty se mang tai san cua mlnh ra the' chffp lam dam bao.

cong

8
- Trdi phie'u c6 bdo liinh: Ia tnii phie'u do BQ Tai chinh hay rn9t t6 chuc
thu ba dung ra bao Hinh. Thong thuong t6 chuc bao Hinh Ia nhung t?p doan tai
chinh IOn. Ne'u de'n dao h1;1n chu thS phat hanh khong tra du'Hinh phai c6 trach nhi~r

dung ra tra thay.

1.3.1.3.4. Can cu vao lthanh:
- Trdi phie'u c6 chie't khflu tin djnh: la lo1;1i tnli phie'u c6 chie't kha'u 6n
dinh, Hii du'
1 narn), v6n g6c cua trai phie'u du'
tra rn9t lffn khi dao h1;1n. La lo1;1i trai phie'u du'kh~

p cac thi tru'ong chung khoan.
- Trdi phie'u c6 chie't khCiu thd ntfi: Ia trai phie'u rna lai sua't cua n6 bie'n
d9ng cling voi sv bie'n d9ng cua lai sufft dai hl;ln ho~c

ng~

hl;ln ho~c

ca hai tren thi

tru'ong. Thong thu'ong lai sufft du'ke' tie'p. Trai phie'u nay du'

sufft tin dt;mg.
- Trai phie'u chie't khflu khdng: la lo1;1i trai phie'u khong tra lai djnh ky
rna can cu vao lai sufft thi tru'ong khi phat h~m

ngu'oi ta tinh ra toan b9 s6lai rna

nha dffu tu' du'nay gia phat hanh cua n6 rfft thffp so voi rn~h
gia, gQi Ia gia chie't khffu va gia ban
du'
rn~h

gia khi tdi thoi diSrn dao h1;1n.

1.3.1.3.5. Can cu vao ph1;1rn vi htu thong cua trai phie'u thl ngttoi ta c6 thS
chia trai phie'u thanh:
- Trdi phie'u nqi dja: Ia tfft ca cac lo1;1i trai phie'u du'thong tren cac thi tru'ong chung khoan trong ph(;lrn vi cua rn9t qu6c gia, nh~r

thu

hut v6n dffu tu' cua cac ca nhan va phap nhan trong va ngoai nu'oc dffu tu' vao thi
tn.tong chung khoan qu6c n9i.
- Trdi phie'u qudc te': La lo1;1i trai phie'u do Chinh phil cua rn9t qu6c gia
phat hanh ra thi tru'ong v6n qu6c t€ vay npht,lC Vl;J. cho cac rnl;J.C dich sii' dl;lng v6n cua rnlnh.

1.3.2. c6 phie'u:

9
1.3 .2.1. Khai niem: c6 phie"u la m<)t lo~i
chung tu do cac cong ty c6 phffn
phat hanh (du'oi d~ng
chung chi v~t
cha't ho~c
but toan ghi s6), xac nh~
quy~n
so
huu va lqi ich hqp phap dO'i voi thu nh~p
va tai san cua m<)t cong ty c6 phffn.
1.3.2.2. Bac di€m: c6 phie"u thu'ong mang m<)t sO' d~c

- RiU ro cao: d~c
doanh nghi~p.
nhi~m

di€m nay g~n

Nhu'ng rui ro tO'i da Ia sO' ti~n

li~n

huu h~n"

theo

Lu~t

di€m cd ban sau:

voi rui ro trong kinh doanh cua
mua c6 phie"u voi tinh thffn "trach

dinh.

- L(li nhuijn cao va khong co liii suiit co' djnh: khi doanh nghi~p
lam an
phat d~t
d$ng nghia voi vi~c
ngu'oi n~m
giu c6 phie"u thu'ong se du'qc httdng lqi
hu~n
cao hdn nhi~u
so voi cac lo~i
chung khoan khac c6 Hii sua't cO' dinh.
- Gia ca co· phie'u thlldng bien d9ng rat m{lnh: gia ca c6 phie"u thu'ong
bi tac d<)ng boi ra't nhi~u
ye"u tO' khac nhau nhu'ng nhan tO' cd ban nha't chinh la tlnh
hlnh ho~t
d<)ng san xua't kinh doanh cua cong ty va Hii sua't thi tru'ong.
1.3.2.3. Phan loai c6 phie"u: thong thu'ong ngu'oi ta chia c6 phie"u thanh 2lo~i
cd ban:
1.3.2.3.1. c6 phie"u thu'ong (c6 phie"u ph6 thong): la gia'y xac nh~
quy~n
so huu cua c6 dong t~i m<)t cong ty c6 phffn. c6 dong n~m
giu c6 phie"u thu'ong Ia
m<)t trong nhung ngu'oi chu doanh nghi~p
nen Ia ngu'oi tnfc tie"p hu'dng thv cac

thanh qua cfing nhu' phai ganh chiu mQi rui ro trong ho~t
Trong thtfc t€ c6 phie"u thu'ong du'qc chia th~m
nhung lo~i

d<)ng san xua't kinh doanh.
sau:

*Can cu vao hlnh thuc phat hanh thl ngu'oi ta chia c6 phie"u thu'ong thanh:

- cd phitu
m~t

vo danh:

Ia c6 phie"u khong c6 ghi ten nguoi so huu tren b~

CUa to c6 phie"u, c6 phie"u nay du'QC phep t\( do chuy€n nhu'Qng tren thi tntong.

- cd phitu k'} danh: Ia c6 phie"u c6 ghi ten ngu'oi so hfi'u tren b~

m~t

cua
tO c6 phie"u. Mvc dich cd ban cua c6 phie"u ky danh Ia h~n
ch€ chuy€n nhu'qng
trong m<)t sO' tru'ong hqp cua m<)t s6 d6i tu'qng theo Lu~t
dinh nhu': thanh vien H<)i
d$ng sang l~p.
H<)i d$ng Quan tri, Ban Giam dO'c, Ban Ki€m soat, nhung ngu'oi g6p
v6n chua dffy du theo m~nh

giL.

* Can cu theo quy~n
thu'ong c6 m<)t s6Io~i

sau:

bffu ell' ho~c

quy~n

du'qc hu'dng c6 tuc thl c6 phie"u


10

- C6 phie'u

thu&ng lof:li "A": la lo~i

- C6 phie'u

thu&ng lof:li "B": thu'ang du'
c6 phie'u phat hanh ra cong chung va
du'thffp hdn gia cua c6 phie'u thu'ang du'QC bo phie'u.
vien,
c6 phie'u nay c6 quy€n bffu eli' nhttng chi du'

cua cong ty de'n m()t giai do~n
tang tru'dng nha't dinh.

- c6 phie'u thu&ng
nh~

c6 tuc bfing ti€n m~t

c6 gqp liii: ngttai cffm giii' lo~i

rna nh~

c6 phie'u nay se khong
c6 tuc bfing m()t s6 c6 phie'u moi phat hanh c6

gia tri tu'dng du'dng rna khong cffn phai g6p them v6n.

* Can

cu vao tinh cha't thu th~p

cua c6 phie'u thttang thl ngttai ta c6 th€

phan thanh:
- Cd phie'u "thur;ng hC:~ng"

Ia lo~i

c6 phie'u cao ca'p do cac cong ty IOn c6
lich sii' phat tri€n lau dai, c6 tlnh hlnh tai chinh t6t, vii'ng m~nh

v€ kha nang sinh l<;1i
va c6 tuc t6t. Lo~i
c6 phie'u nay c6 gia tri cao tren thi tru'ang.

- c6 phie'u tang

truifng: la c6 phie'u cua cac cong ty dang d trong thai ky

phat tri€n m~nh.
Thong thu'ang d6 Ia nhii'ng cong ty vua moi tlm ra du'ngh~
moi, ho~c
m()t san phffm moi, ho~c
thi tntang moi... nhttng ph6 bie'n nha't d6 la
c6 ti€m nang tang tntdng m~nh.
Bi€u hi~n
ei'1a
nhii'ng cong ty vua moi thanh l~p,
nh6m c6 phie'u nay la c6 tuc du'dung d€
giii' l~i tai dffu tu', md r()ng, phat tri€n san xua't kinh doanh.
- CJ phie'u phong V~: 1ft c6 phie'u cua cac cong ty rna Slf tac d()ng cua chu
ky kinh te' d6i voi n6 ra't thffp. Bi€u hi~n
Cl) th€ cua lo~i
c6 phie'u nay Ia gia cua n6
khong tang d()t bie'n trong thai ky tang tru'dng, hung thinh cling nhu khong giam
dang k€ trong giai do~n
suy thoai, ngu'ng tr~.
Thong thu'ang la c6 phie'u cua cac
cong ty cung ca'p cac djch Vl) thie't ye'u cho con ngu'ai nhtt: lu'dng thlfc thlfc phffm,

thu6c men, hang may m~c
...

- c6 phie'u chu k)!: Ia c6 phie'u rna hi anh hu'dng ra't n~g

bdi chu ky kinh
te' nghia la gia c6 phie'u nay se tang ra't nhanh trong giai do~n
tang tru'dng, hung
suy thoai, ngu'ng tr~.
Thong thu'ang
thinh va giam cling ra't nhanh trong giai do~n
d6 la c6 phie'u cua cac cong ty thu()c nhii'ng nganh cong nghi~p
san xua't hang tieu
dung cao ca'p, hang xa xi phffm nhu': nu'oc hoa, xe hdi, djch vl) dia 6c... Do d6 c6
phie'u nay c6 rui ro va 1<;1i nhu~
ra't cao.


11
- c6 phiiu thu nhq.p: day Ut 1o~i
c6 phie'u rna c6 tuc h~ng
nam du'\5c tnl
cho d.c c6 dong thu'ong cao hdn muc trung blnh tren thi tru'ong, cho nen n6 c6 sue
hffp dfin IOn d6i voi cac nha dffu tu' dai h~n,
it chffp nh~
rui ro. C6 phie'u nay phffn
IOn do cac cong ty cong CQng phat hanh.
la c6 phie'u cua cac cong ty rna c6 doanh s6 se tang
- c6 phie'u thai v~:
cao trong m9t s6 thoi di~m

Cl;l th~
(te't, dffu nam h9c moi, giang sinh, noel...), do d6
gia c6 phie'u cling se bie'n d9ng theo tung thoi di~m
tu'dng ung.

1.3.2.3.2. c6 phie'u u'u di'ii: c6 phie'u u'u dai cling th~
hi~n
quy€n Iqi sd hii'u
giii' n6 du'\5c hu'dng m9t s6 u'u
trong m9t cong ty c6 phffn, nhu'ng nhii'ng ngu'oi n~m
dai hdn so voi nhii'ng c6 dong thuong. Nhii'ng c6 dong ttu dai c6 th~
c6 quy€n nh~
ccS tUC ho~c
CO quy€n u'u tien du'\5C nh~
tai san trong tntong h\5p cong ty bi giai th~
tru'oc c6 dong thuong. Thong thu'ong, ty 1~ c6 t(tc cua c6 phie'u u·u d~H
1a m9t ty 1~
c6 dinh du'\5C quy dinh theo m~nh
gia, khong ph\1 thUQC vao ke't qua ho~t
dQng san
xufft kinh doanh cua cong ty. Trong thlfc te', c6 phie'u u'u dai thu'ong c6 m9t s6 1o~i
cd ban sau:
- c6 phiiu uu diii tich lay (hay con gQi [a c6 phiiu uu dcii c6 g(}p [iii): la
1o~i
c6 phie'u u'u dai du'\5c nh~
1ai c6 dinh h~ng
nam nhung trong tru'ong h\'lp cong
ty lam an thua 16, khong c6 1\'li nhu~
d~
tnl ho~c

chua tnl du thl s6 n\5 d6 du'\5c tra
gQp vao nam sau ho~c
nhii'ng nam sau nii'a.
- CrJ phifu Uu diii tham dl;f chia phJn: 1a 1o~i
c6 phie'u ltU dai rna c6 dong
du'\5c hu'dng m9t phffn 1\'li tuc ph1;1 tr9i theo quy dinh khi cong ty lam an c6 1ai.
- c6 phiiu uu dai khong tham dl;f chia phdn: la 1o~i
c6 phie'u u'u d~i
du'\5c hu'dng 1ai c6 dinh h~ng
nam, ngoai ra khong c6 m9t ttu dai nao khac.

chi

c6
- C6 phiiu uu dai c6 quyin chuy!n d6i thanh c6 phiiu thuiJng: la 1o~i
phie'u ttu dai cho phep chu sd hii'u du'\5c chuy~n
d6i thanh c6 phie'u thuong trong
nao d6.
thoi gian nhfft dinh va c6 m9t s6 di€u ki~n

- CrJ phifu Uu dai hoan lr;ti: 1a c6 phie'u se dtt\'lC cong ty hoan ~il
bfft cu khi nao theo yeu cffu cua ngu'oi sd hii'u voi ffiQt m(tc gia da thoa hu~nt
hie pha t hanh.

v6n gop
tru'oc


12
- Co? phiiu uu dai bilu quyit: Ht c6 phie'u c6 s6 phie'u u'u dai bi~u

quye't
thu'ong. s6 phie'u bi~u
quye't cua m()t c6 phie'u u'u dai
nhi€u hdn so vOi c6 ph~n
bi~u
quye't do di€u 1~ cua tung c6ng ty quy dinh.
- cd phiiu uu diii cd tac: Ia c6 phie'u du'qc tnl c6 tuc voi muc cao hdn so
mltc 6n dinh h~ng
nam. c6 t(tc rna c6
voi muc c6 tuc cua c6 phie'u thu'ong ho~c

phie'u u'u dai nay du'qc hu'dng h~ng
nam bao g6m: c6 tttc c6 djnh va c6 We thttdng.
Muc c6 tuc c6 dinh Cl;l th~
va phu'dng thuc xac dinh c6 tuc thttC5ng dttqc ghi ro tren
c6 phie'u u'u dai c6 tuc.

1.4. Cac do'i tlio'ng tham gia tren thi trli1.4.1. Nha phat hanh: la nh6m d6i tu'qng tl;lo ra ngu6n cung chung khoan ban
d~u

cho thi tru'ong chung khoan hol;lt d()ng, bao g6m cac c6ng ty cung d(p chung
khoan, Chinh phil va Chinh quy€n dia phu'dng.
1.4.2. Nha d~u
tu': Ia nhung ngu'oi th~
sv mua ban chttng khoan tren thi tntong.
Ngttoi d~u
tu' tren thi tru'ong chung khoan c6 th~
dttqc chia thanh:
1.4.2.1. Nha d~u

tu' ca nhan: Ia nhung ngttoi tv mlnh bo v6n ra kinh doanh
chung khoan, tv quye't dinh mua ban cho rieng mlnh va tv chiu trach nhi~m
rui ro.
1.4.2.2. T6 chuc d~u

tu': bao g6m

1.4.2.2.1. Cong ty chang khoan: Ia lol;li hlnh c6ng ty c6 ph~n
ho~c
c6ng ty
trach nhi~m
huu hl;ln du'qc phep thvc hi~n
m()t ho~c
m()t s6 lol;li hlnh kinh doanh
Vl;l tv doanh, bao lanh phat hanh, tu' va'n dfiu ttt, moi
chung khoan, bao g6m: nghi~p
giOi, qmln ly danh ffil;IC d~u
tu'. Sv Iva ChQn lol;li hlnh kinh doanh can c(t vao kha
nang cua tung c6ng ty chung khoan cling nhu' s6 v6n di€u 1~
tung lol;li hlnh.

t6i thi~u

quy dinh cho

1.4.2.2.2. Cdc td chac ngan himg: bao g6m h~ th6ng ngan hang thu'dng m1;ti
va cac ngan hang chuyen nganh, si't dl;lng v6n ti€n gdi d~ d~u
tu' vao cac lol;li chung
vay v6n thong qua vi~c
phat hanh trai phie'u.

khoan tren thj tru'ong ho~c
1.4.2.2.3. Quy ddu tu chang khoan: la quy hlnh thanh tu v6n g6p cl'1a ngttoi
dfiu tu' du'qc uy thac vi~c
d~u
tu' chung khoan cho c6ng ty quan ly quy va c1fiu ttf.


13
1.4.2.2.4. Cong ty tin thdc ddu tu: cac cong ty nay se giup cho cac nha d~u
tu' tu' nhan qmin ly chung khoan dlfa vao nghi~p
Vl;l vo'n c6 ciia mlnh ho~c
bao Hlnh
mQt so'lu'ch€.
nghi~p

1.4.2.2.5. Cong ty bdo hiim: ngu6n vo'n ho~t
d<)ng ciia o~il
hlnh doanh
nay chii ye"u Ia tu cac hciia cac ca nhan va t6 chuc trong

xa h<)i. Cac cong ty bao hi~m
c6 th~
sii' dl;lng ngu6n vo'n ciia mlnh d~ kinh doanh
ho~c
mua m<)t so' lu'chung khoan kie"m lOi trong nga:n h~n
cac cong ty c6 ph~n.
d~

tit d6 c6 th~
ell' ngu'oi tham gia trlfc tie"p di€u hanh cac
cong ty c6 ph~n.
V oi ngu6n vo'n tu'dng do'i IOn, vai tro ciia do'i tu'tru'ong chung khoan Ia eve ky quan trQng.
1.4.3. Cac t6 chuc lien quan de"n chung khoan:
1.4.3.1. T6 chac ddu hanh chang khodn: bao g6m B9 Tai chinh, Uy ban
?
?
Giao dich Chung khoan, Uy ban Chung khoan Nha nu'oc, Uy ban Quan ly Chung
khoan. Thong thu'ong cac t6 chuc nay Ia cac cd quan quan ly ciia Nha nu'oc, c6
trach nhi~m
ban hanh cac chinh sach, quy dinh, thuc dffy vi~c
cong khai thong tin
d~y
dii cho cong chung va bao v~ cong chung d~u
tu' cho'ng l~i cac o~th
d<)ng phi
phap tren thi tru'ong chung khoan.
1.4.3.2. T6 chac trao d6i chang khodn: thu'ong du'thu<)c la SCi Giao dich Chung khoan hay Ia Trung tam Giao dich Chung khoan, c6
th~
du'du'oi d~ng
cong ty c6 ph~n
ho~c
Ia m<)t cd quan trlfc thu<)c ciia
Chinh phd. Chuc nang ciia t6 chuc nay Ia quan ly, di€u hanh va giam sat cac ho~t
d<)ng mua ban chung khoan t~i
SCi giao dich Chung khoan ho~c

Trung tam giao
dich Chung khoan.
1.4.3.3. Hi~p
h9i cdc nha kinh doanh chang khodn: Ia m<)t t6 chuc phi lnhu~.
bao g6m ta't ca cac ngan hang d~u
tu', cong ty giao dich tren thi tru'ong va
ho~t
d<)ng duoi slf giam sat ciia Uy ban Chung khoan Nha nu'oc. Hi~p
h<)i c6 uy tin
va thlfc hi~n
ki~m
soat lien tl;!C do'i VOi cac tac nhan tham gia thi tru'ong nhu' cac
cong ty d~u
tu', cong ty moi giOi. Ngoai ra, t6 chuc nay c6 th~
thie"t l~p
cac tieu
chutfn cho qua trlnh giao dich chung khoan, tieu chutfn h6a vi~c
thlfc hi~n
cac giao
rtao, du la nho nha't do'i vOi cac tieu chi moi giOi, hi~p
h<)i
dich... Khi c6 slf vi ph~m
c6 th~
"lo~i
bo ngay" ba't ky chuyen gia c6 chltng chi nao hay ngay ca cong ty d~u
tu' ra khoi thi tru'ong va du'a hQ ra to a an.
?

14
1.4.3.4. Cong ty bdo hilm ddu tu chung khodn: la m()t cong ty phi l<;ii nhu~
va tfft ca cac nha moi giOi va giao dich c6 dang ky voi Uy ban Chung khoan Nha
dfiu tu' chung khoan. Vai tro cua
nu'oc phai la thanh vien cua cong ty bao hi~m
cong ty nay gi6ng nhu' m()t cong ty bao hi~m
ti@n gai nghia la n6 bao dam cho
trong tai khoan cua khach hang d~t
t~i
cac cong ty chung
chung khoan va ti@n m~t
trong ho~t
d()ng
khoan thanh vien trong tru'ong hQp cac cong ty nay c6 sai ph~m
tren sa Giao dich Chung khoan. Tuy nhien cong ty bao hi~m
dfiu tu' chung khoan
khong CO nghia Vl;l bao V~ nha dfiu tu' d6i VOi CaC rui fO v@ thi tru'ong.
1.4.3.5. Cdc cong ty ddnh gid h~ so' tin nhi~m:
la cac cong ty chuyen xe'p
h~ng
cac chung khoan nQ cua cac t6 chuc ph at hanh nQ tren thi tru'ong tai chinh
nhAm ml;lc dich dinh huang dfiu tu' cua cong chung tdi cac chung khoan do cac cong
ty va cac dinh che' tai chinh phat hanh ho~c
chung minh cho sue m~nh
tai chinh cua
m()t doanh nghi~p.
Slf co m~t
cua cac cong ty danh gia h~ s6 tin nhi~m
lam x6a tan
khoang each thong tin giua ngu'oi di vay va ngu'oi cho vay, g6p phfin lam cho cac

thong tin tren thi tru'ong chung khoan du'QC cong khai, minh b~ch
va fO rang.
1.5. Nguyen Hie boat dong tren thi tntong ehti'ng khmin:
MQi

ho~t

d()ng giao dich tren thi tru'ong chttng khoan phai tuan thu 3 nguyen

Hie cd ban sau:
1.5.1. Nguyen Hie trung gian: mQi ho~t
d()ng giao dich, mua ban chung khoan
tren thi tru'ong chung khoan d@u phai thljc hi~n
thong qua cac trung gian (cac nha
cac yeu du cua khach hang. Vi~c
cac nha
moi giOi), cac nha moi giOi se thlfc hi~n
dfiu tu' khong trljc tie'p giao dich voi nhau se dam bao tinh bi m~t,
an toan va kha
nang ki~m
soat chung cua toan b() thi tru'ong chung khoan giup cac nha dfiu tu' se
tranh du'QC nhung ye'u t6 rui ro bfft lQi trong giao dich. Hdn nua, thong qua nguyen
Hie nay cac nha quan ly thi tru'ong c6 th~
ki~m
soat cac thong tin ct:'la tat ca cac
di@u chinh cac ho~t
d()ng khong cong bAng.
giao dich va nhanh chong thai lo~i,
1.5.2. Nguyen Hie eong khai: sa Giao dich Chung khoan phai cong khai cac
thong tin v@ giao dich tren thi tru'ong chung khoan. Cac thong tin nay bao g6m: gia

ca chung khoan, kh6i lu'Qng chttng khoan giao dich trong ngay, chi s6 gia chung
bu()c
khoan trong ngay ... Ngoai ra, cac cong ty niem ye't tren thi tru'ong cling b~t
phai cong khai cac ho~t
d()ng tai chinh (lQi nhu~
ho~t
d()ng, doanh thu, cffu true
v6n, cac ho~t

d()ng dfiu tu', thay d6i trong Cd cffu nhan Slf, cac d\f an moi S~p

thljc


15
hi~n

cling nhu' cac kh6 khan dang g~p
phai...). Cac thong tin nay se giup cho cac
nha dffu tu' c6 du'<;jc tffm nhln chung v~ danh gia cua thi tru'ong voi tung lo~i
chung
dffu tu' Clh mlnh.
khoan, d€ tu d6 du'a ra cac quye't dinh chinh xac cho vi~c
gia: gia ca chung khoan tren thi truong du'<;jc hlnh thanh
1.5.3. Nguyen tdc d~u
hoan toan phlJ thu()c vao cung cffu chung khoan, khong ai c6 quy~n
quye't dinh gia
ho~c

can thi~p

vao vi~c
va dffu gia tl;l' d()ng.

hlnh thanh gia. C6 hai hlnh thuc dffu gia: dffu gia trl;l'c tie'p

1.5.3.1. FJtlu gia trl,lc titp: la vi~c
san giao dich va trl;l'c tie'p dffu gia.

cac nha moi gioi g~p

nhau trl;l'c tie'p tren

1.5.3.2. FJiiu gia tl,l dl)ng: Ia cac l~nh
mua va ban chung khoan cua cac nha
vao h~ th6ng may Clh sa Giao dich
dffu tu' du'<;jc cac nha moi giOi trl;l'c tie'p nh~p
Chung khoan. H~
th6ng nay se tl;l' d()ng ke't n6i, xac dinh muc gia sao cho t~i muc
gia nay kh6i lu'<;jng giao dich du'<;jc Ia nhi~u
nhfft.

1.6. Vai tro, y nghla cda thi trliong chung khoan dol v6i n~

kinh t~:

1.6.1. Thi trlldng chung khoan mi'l ra nhi~u

cd hl)i di ll,la cht.m khd nang t{lo
thu nhljp cao nhiit, giup cf)ng chung da d{lng h6a ddu tll, phiin tan rili ro: N goai
ngan hang, dffu tu' vao

nhii'ng phu'dng thuc dffu tu' c6 di€n khi xu'a nhu': gCJi tie't ki~m
bfft d()ng san, mua ngo~i
t~ tich trii'... thl sl;l' xua't hi~n
cua thi tru'ong chltng khm\n c6
th€ giup cong chung c6 them m()t phu'dng th(tc dffu tu' moi Ia mua c6 phie'u (tuc hun
v6n vao cong ty c6 phffn) ho~c
mua trai phie'u (tltc cho vay) d€ ll;l'a ch9n nh~m
tim
kie'm khoan sinh lqi cao nhfft ho~c
d€ giam thi€u de'n muc thffp nhfft cac rui ro tu
d6ng v6n bora b~ng
each da d~ng
h6a cac khoan dffu tu' (dffu tu' vao nhi~u
linh vl;l'c
khac nhau ho~c
mua nhi~u
lo~i
chung khoan khac nhau). Ngoai ra, voi s6 v6n tie't
ki~m
nho, cong chung cling c6 th€ tham gia dffu tu' vao cac nganh kinh doanh doi
hoi quy mo v6n IOn, thong qua d6 khuye'n khich cong chung tie't ki~m,
t~o
th6i
quen d€ danh tich cl;l'c.

1.6.2. Thi trlldng chung khoan t{lo tinh thanh khodn cao do'i v6'i cac lo{li chung
khoan: Tinh thanh khoan la kha nang chuy€n d6i thanh ti~n
m~t,
tai san c6 tinh
m~t

cang nhanh
thanh khoan cao la tai san c6 kha nang chuy€n d6i thanh ti~n
chong. Nho d6, cong chung c6 th€ luan chuy€n v6n de dang, tranh bi d9ng v6n
che' du<;5c rui ro thua 16. Cling nho
trong nhii'ng chung khoan kern chfft lu'<;jng, h~n


16
d6 rna cong chung c6 the yen tam chuyen dfin tit dfiu tu' ng~

h~n

sang dfiu tu' dai

h~n.

1.6.3. Thi trlliJng chung khoan Ia cong CTJ, do llliJng cac tich san cua doanh
nghifp: Thong qua vit%c mua ban lien t1;1c cac chung khoan cua cong ty tren thi
tru'ong thu cffp thi gia tri CUa cong ty c6 phfin phfin nao Se du'QC danh gia ffiQt each
tu'ong d6i chinh xac. Ngu'QC ll,ti, dlja vao gia
chung khoan di6n bie'n lien tl;!C tren
thi tru'ong se giup cong ty tha'y r6 ni~m
tin va nhung danh gia cua cong chung d6i
voi cong ty cua minh. E>i~u
nay, da kich thich cac cac doanh nghit%p phiii cO' g~n
lam an t6t hdn.

ca

1.6.4. Thi trlliJng chung khoan giup Ngan hlmg Trung Tidng diiu chlnh kho1

lli(Jng tiin trong lztu thong, chffng l{lm phat: E>e thlfc hit%n du'Qc chinh sach tai
chin-t~
tt%, kiem soat l~m
phat, Nha nu'oc khong the stl' d1:1ng cac bit%n phap hanh
chinh rna phai stl' dl;lng cd che' born, rut ti~n
thong qua cac kenh phat hanh ti~n
va
thu rut ti~n
cua ngan hang trung u'dng. Trong tru'ong h<;1p c6 l~m
phat, mnhung giai phap rna Ngan hang Trung u'dng se phai thlfc hit%n la tung ra thi tru'ong
nhi~u
lo~i
cong trai voi ffiUC lai sufft hffp dfin, du'QC Slf ung hQ cua dan Chung.
Thong qua, vit%c mua cong trai cua dan chung thi mse du'QC rut
khoi lttu thong, lam ghlm ap llfc cua l~m
phat.
1.6.5. Thi trlliJng chung khoan ((lO diiu kifn cho chit trlldng co? phdn hoa cac
chile nang h6
doanh nghifp nha nliUc gijp nhiiu thuQ.n l(li hdn: d day, t6n t~i
tu'dng giua thi tru'ong chung khoan va cac cong ty c6 phfin: thi tntong cht'tng khoan
la noi tieu thl;l chung khoan cua cac cong ty c6 phfin, giup cong ty c6 phfin thu hut
ngu6n v6n nhan r6i trong cong chung, con cong ty c6 phfin se la ti~n
d~
cho thi
tru'ong chung khoan ra doi, dap ling nhu cfiu mua ban cac chung khoan.
1.6.6. Thi trlliJng chung khoan gop phdn thuc ddy sit dTJ,ng von ddu tll co hifU
qua: MQt trong nhung nguyen t~c
co ban cua thi tru'ong chung khoan la nguyen t~c

cong khai h6a thong tin, IDQi ho~t
dQng CUa doanh nghit%p d~U
du'QC cong Chung
kiem tra va danh gia. VOi ta't ca cac thong tin c6 du'QC, cac nha dfiu tu' se
tie'p nh~.
llfa chQn cho minh nhung c6 phie'u thich hQp d6 dfiu ttt nh~m
mang l~i
l<;1i nhu~
cao nha't, do d6 ne'u doanh nghit%p lam an kern hit%u qua, cac nha dffu tlt se ban l~i
cac c6 phie'u d6 tren thi tru'ong chung khoan va tai dfiu tu' v6n vao nhung doanh
nghit%p lam an c6 hit%u qua hon. Chinh di~u
nay butl;!C n6 llfc, pha'n da'u, g6p phfin thuc dffy stl' dl;lng v6n dfiu tu' c6 hit%u qua.


17
1.6.7. Thi tntiJng chung khoan Ia cong Clf, di huy d{jng va phiin pho1 cac ngutJn
vffn trung va dai h{ln: Thong qua vi~c

mua cac chung khmin phat h~m

lffn dffu

ho~c

phat h~tn
moi tu cac chu th€ phat hanh cua cac nha dffu tu' tren thi tru'ong
chung khoan thl nhung ngu6n vO'n nho n~m
rai rae trong cong chung cling nhu' cac
ngu6n vO'n tu nu'oc ngoai se du'<;JC tich tt;t va t~p

trung l~i thanh m()t ngu6n vO'n IOn
d€ phan phO'i, tai tr<;J cho cac dlf an c6 nhu cffu vO'n IOn dap ung nhu cfiu dffu tu' phat
tri€n cua cac doanh nghi~p

n6i rieng va cua toan b() n~

kinh te' n6i chung. Ngoai

ra, thi tru'ong chung khoan con Ia ndi thong tin kinh te' du'<;Jc t~ p h<;Jp va phan tich,
danh gia m()t each dffy du va nhanh nha't, giup cac nha qmln ly c6 th€ ki€m soat
cac ngu6n vO'n dffu tu', d~c

bi~t

la vO'n dffu tu' tu nuoc ngoai, g6p phffn tang tO'c slf

phat tri€n cua n~
tai chinh quO'c gia nhanh hoan thi~n
kinh te' khu VlfC va the' giOi.

1.7. Cac hanh vi tH.~u

va som hoa nh~p

vao n~

cue tren thi trtiO'ng chung khoan:

Ben ~nhc
nhung m~t

tich clfc, nhung di€m m~nh
rna thi tntong chttng khoan
da mang l~i
cho n~
kinh te' cua m()t quO'c gia thl thi tntong chung khoan van t6n
t~i

quanh n6 m()t sO' m~t

h~n

che' sau:

1.7.1. Ye'u to' ddu cd:
rui ro.
f)ffu cd la ye'u tO' c6 tinh toan cua nhung ngu'oi kinh doanh cha'p nh~
Tren thi tru'ong chung khoan luon khuye'n khich cac nha dffu tu' mua ban chung
khoan d€ tang doanh sO' giao dich cho thi tru'ong, tac d()ng m()t each c6 hi~u
de'n ho~t

d()ng cua thi tru'ong chung khoan. Do d6 ho~t

qua

d()ng kinh doanh chung

khoan (ngay ca trong cac van ban phap quy) van khong cffm dffu Cd, nhttng hanh vi
dffu cd trt;tc l<;Ji c6 ca'u ke't voi nhau d€ lien we mua vao ho~c
IOn chung khoan, gay slf khan hie'm ho~c
ho~c

ban ra m()t khO'i lu'<;Jng

du' thua, lam cho c6 phie'u c6 th€ tang

giam gia gia t~o,
gay anh hu'dng day chuy~n,
lam rO'i lo~n
thi tru'ong. Bay la
hanh vi dang len an va cffn phai nghiem ca'm ca'u ke't dffu cd du'oi mQi hlnh thuc.

1.7.2. Mua ban noi gian:
La hanh vi rna m()t ca nhan nao d6 n~m

du'QC thong tin n()i bQ trong m()t ddn

vi kinh te' va sil' dt;tng thong tin d6 d€ mua ban c6 phie'u nh~m
Mua ban n()i gian la vi ph~m
du'<;Jc xem nhu' la phi d~o

nguyen t~c
due v~

cong b~ng

thu l<;Ji cho mlnh.

tren thi tntong chltng khoan va

thu'dng m~i

bdi vi vOi vi~c
l<;Ji dt;tng ngu6n thong
. . .·
~
.): g nghia vOi vi~c
tin tu ben trong, ngu'oi mua ban c6 phie'u BQ GIAO f'UC VA DAO TAO

__

TRUONG f:H K!NH

TIIU•
_........_. VJ~N

'iff TP.HCM

,_...:,.