GIẢI PHÁP PHÁT TRIỂN HOẠT ĐỘNG KINH DOANH TRÁI PHIẾU TẠI CÔNG TY CỔ PHẦN CHỨNG KHOÁN THĂNG LONG

GIẢI PHÁP PHÁT TRIỂN HOẠT ĐỘNG KINH DOANH TRÁI
PHIẾU TẠI CÔNG TY CỔ PHẦN CHỨNG KHOÁN THĂNG LONG
3.1. Quan điểm và định hướng phát triển hoạt động kinh doanh trái phiếu
tại Công Ty cổ phần chứng khoán Thăng Long
3.1.1. Nhận định thời cơ
• Hoạt động trong điều kiện nền kinh tế xã hội chính trị ổn định: 
 !"#$
%&'( )*'("(+,-%./
01232+04556.01&
7.89:./04559;7.<:2=>?6.4:0
4557"&(/@+ A&(//
!B04557).$C3!/D>$
2E./2FG.HH"
!..H/IJ3(3((.2@
>$%.!K4.6:LMN.H"!OAP!
3Q855.4: #R$2ES%T.
M2U). =2TJ
0T%2TVT.>*2B#/)
(. #%&W-X/.B3Q(3Y
2 2=>$2J3(G.UB
"#(ZR%T/2![%T(
9:.JJ2!\3]&0!H)RG"
>$^_^\+MU/!`a
#2&(/D@^$.2"b
?/T=+!01/&(!!%<.4:.
)*T*2?0@H)!\@
cAdc201.eEQ-85!0
1 J0455fI'H)a#T*U.B
33()%"!-/! 2!
((")2*T &(2
")/@+

gW-\2TH@@&UTH
hG32C]01/&Hi2"2!
2j. k@gl+m,Wn"WDgh
%UopZ%01/6:
0!.["2!@+gGF"b/T=U
=/2J*Z^@.2 =.B
3QT*T.)/HX_U22# @
@(J*W/]UTqgrs+
T\!$0%%
]*%20TZ/&.
3T3Z&].Gt"LWWW&t'lg&To
p@!2k(2!2]hT&$
G2>uv&(+Mjgghn01!
J75:ZCwx455f2!@!."#
2kT(+g-/!G!0
1<D6:2gghn01%b1s
• Thời gian qua đánh dấu sự phát triển nhanh chóng của TTCK nói chung và
TTTP nói riêng.
gE$\/"#TZ23U&gghn+
gG!L2Ey!)G&gghn
3Q%EZ*)"&T/H2!
T/EZ*)"GZ*)\0)G
&gghn+
Hình 3.1. Giá trị vốn hóa thị trường qua các năm
Số liệu: Nguồn internet
• Các chính sách vĩ mô và định hướng phát triển TTTP của Chính phủ đang
từng bước được hoàn thiện
'2?&gggN2 @T/.hT&
$3l)/TT/WG!.)2G3
G.6x45573T/E%-6

)ZCtAz""tzZ UT2)4Kx5fx455f$
EgggN)-3+'H)"b -3%
T/2T/eEG-"b3
E\3%2!EWT"T/3C"b
J"1$"*Z>E$"*X-E+
'X)j&(Q/2.)
8<x58x455f.hT&$\G@8[{AMO89[
eP$"*T = |\3j$"*K:
(2)2W---0455f+hJ]3j
$"*)Qa T(3!0./TU2!
e2H2!TTv.%#H.
\ =1%)22\2
/+
3.1.2. Quan điểm và định hướng phát triển hoạt động kinh doanh trái phiếu tại
Công ty Cổ phần chứng khoán Thăng Long
g02C.2!=-$BC@0.g}A$B
G#~12"8T@G!\-("
tz2tAz/f.8w:T@+!8"1.4.8<
T? 24%vU."3H2-K45.g}A
23!2045852!/%2=-/B
/%w01G)\@-E
\.2!T@G!2G2"8.X)%%
%@\0U-J"1TZ32+
'Z#=-).3$%hghng0}Z
Q.ZTZ32.3-%
•
% 
•
.
g}A@T(^_TZ% T//

+gE@402C./(g}A%-E
T/$1!TZ0g}A@T(+
g-J"1U2EJ2#€%@\
%.% T/GZ>W•@/T(
1ZU.(& 2H2/&g}A
-gggN+
'ZTZ% ).g}A@T(3!
=Z. #/"o
Dg0-e2% T/Z‚3‚
J-E.>H) # =@T/ %2!
EZ%UT&)/2T/3%.
gNhN.gNhN3($./!@2T/\ =.
G)!T/gUT#.T/tg|.
T/UT>H) #I2!/(v =@&
C)-T% T/+
D|E)-!2!%
T/%g}ADNZ% T/1
/%!&g}A3-% 2=$&g}A
@\+
D,-%2X)%@2gNhN.>^/X)%"(
TX 2=ƒ2k3($TT/.%v3($
TT/B2*@G;\
 =?( T!`!+
Dg^X)T2!\ =2!
C/TUG2E2/+
3.2. Giải pháp phát triển hoạt động kinh doanh trái phiếu tại Công ty cổ
phần chứng khoán Thăng Long
g-J"1-\v)/2% T/2
#%% T/%hghng0}`
ZTZ% T/.>*

(TT"o
3.2.1. Tăng cường sự quan tâm của Lãnh đạo công ty chứng khoán
$TH1J82J422?&,$%
G)2TZ% T/*_+!]
]E3/2%EZ)2
ET/1C3!@2!!
2#.,$%hghng0}- % 
T/"#HB3+
D gUT3TU;% T/-?
3T?e2.3-%E)-C
F2#-2% T/+
D t)/;% T/%g}A.
2)3TU)-3-(+'G2!
U.% T/2k\#&. .
g}A@;)/ T//.=Z+,-%.
@T(E>)-;"u2(/)]"TjT2!
)&gghn+'H)`J"1Z#T2=@
)&G)eE`Z%H
2-!)-T)C@+
D '/%=ZCES.v.0+'S
.v.03TU(% T/T(3
#/T,$%2]]%.]]/
%.>/TZ.>*/+l.,$%"b
;TE.T% T/+
3.2.2. Tiếp tục đổi mới cơ cấu tổ chức của công ty
t).% T/&)/UT%H
!-(!.J@)&e#2ZTZ%
)C!!1%UTE+hG)\
2kUT2%G!2# T/
-(T2=T/*0)+,-%.G)

\%2hghng0}!;UT
E‚.850g}A.-Z>H) #
2)-TH@
$%-w50+]2U).2!J*TjT2!]]
TZ/.g}A@T(!J*\&G).0E
%T3TU.H\)-G.
)-T2UTC?„3TU)-
T/&g}AT(>H) #UT.(0
TH2@.(0(v =@T/%2
(eE"#a&3TUJ2+,-
%.%@ T/?„"#"Bb
Z&2*G+]2U).G
]\.(2(2**T3B2!
g}A+
3.2.3. Tăng cường đào tạo và phát triển nguồn nhân lực
t% T/?„3T(]/
\.(0TH)-"H2"#%)3V2!E+]
2U).%2TZ`H#T(--@2!
=->H) #2TZ`H2-%2T2=.
X#%\ .)-TT2+
g-J"1`H2-% T/
&g}A?
…
.Y- j‚22)-GT2=.
]G2"2k%/2.@3"-
/\2T2=\T".G=T?C&.
/(v =\+|"]\g}A@^_
2!2%`3E!o
D'2!3$%&g}Aoh@_
‚%.(2"/2FG.")2.

"T2 T/3-%^_
%)-"H2(/.(W.(v&.
(v*I
D'2!H2-#/T2og!/)/H
2-#%)-"H2T2=)-G2!\0G2
eE%2aTW_!T*)%
T2=.Zu3_%%!Z
H/\\%`_UT@
1!I
Dn)/2-2^X)"#"Y†0.\
2-g}A-@GC_UTZX3%
("#TZ-=232+
Dg#)-GTHG.TH‡
_2TjT2!0#&CH2-+,-%
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]\W12B2U*2@H
+
DgE!.g}A@/%)Z =-3
23TU T/+t).( T/
T?e2.T?e2H
e2)eZ#%@G).`
T?He2Z"u =%@]3
g+g)-.-
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 T/2‰
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).ZTZ% T/
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T(@-H#.1T%2%2)-G
H&] T/+h=Z@TH( 
T/e4(J3(TH2@.Z8
3/T2!3TUTHT/Z3
)2]]gggN.2/2FGeE
-\THgNM.% 2GZ)Z3
TU T/+g3TU@`@3TU
 23. "bE@2]e.
*@23($TgNhN.TH2E#/T
22!3TU T/%hghn.H2l†
gggN+'H)`3TU"b/T2!T?2*@23(
$TT/Ze@2%vT23($
T/+
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g+Ne2
Phân tích TP
Huy động nguồnCân đối nguồn
Back - TP Trading TP
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Nguồn: CTCK ThăngLong
Hình 3.2. Mô hình phòng Nguồn vốn mới
g1T?e2E23%
&T?+'S@.T?"b3_T.T3/]]
%&C3TUZ_ET?Z‚3‚]
]%&T?+
!(2H"#-g}A!(3(*
2"&`H2-=-TZ( 

T/.H)&g}A-ET/+
3.2.4. Tăng vốn cho hoạt động kinh doanh trái phiếu
$UT!@.)G222*_%
 T/.aGT/EZ85[2
J.g}A@G2ZT\@T/+
‚T/&!2e‚‚"b^T
g}A%2G3„~3*\J +
t).2!\ )H"% 
T/ %!; C1855[e2‚%<55[e
/EZ).T/g}A‚;?855[e+
g."(&g}A-!K485[e.C*)e
2"u =T/„"2!)G&G)+e2
%# &G)-!J8555[T/-
)/955[?%T/rgh+L@w+555[e?%.g}A"u =
e2)‚%ZT=2=% 2=\+
'ZTZ% T/.g}A@"u =Z
<55[% T/ %2755[%
‚%+g.e2"u =  %Z
) TT/02. TT/g}A+
e2‚%Z)CWTT/g}A
2T/g}A‚+,-%Z)CH
•tg|hNlH'+
TT/02@T("#H‚†
~2]H)TJTT02"b3T$T/2
T#\CG&G)+Z-\-
TT/)ZC^e2C@e
E(3!T#\CG+
,-%.g}AZH‚23T@.
G/!.*C\)2
!+|BZ0e2&g}A.BZa

2(2`(%%&/!+
3.2.5. Các giải pháp khác
• Mở rộng quan hệ khách hàng và các nhà đầu tư khác
n=-3*SG)\`T(
!!.B3\ Bj 
E!2+*2!gggN?„2!.;@
\!&e#Z+
!%G!T/.g}A@U =2/%
8w2- T/T&ZX)%%]
/ +20T@2T .g}A
Z/T2!Z1% 
T/+'ZGV %g}A.&)/\!
@"#a&3$%G;2?@(3(
&3-.eE.UT3TU)-]Z2U
@#/&.C1- 2="(TX
TEZ0(%.eE-\.TH2(
/0E 2=G‹T2=+g%#
T/.g}A`@T(1 !\
3(Z.†@.†>$.@!I,-%.
`@tTT/Zg}AZ12>H)
#%!2.CC3!TZ%
 T/%g}A+
• Xây dựng cơ sở dữ liệu về chứng khoán đầu tư
|J"1 @)&2gggN"b_
2>#^Tg}A]Z2Bj2T/`
 \&T/@C^Tg}A
)/@TE2>+
eZ>H) # o
DgG3/( &gH \t


DgŒW3G/OŒŒŒ+2W)+P.ŒW3
H!OŒŒŒ+"32+2+2P32]]
E./2FG&H2\)
33W.WW.+++
DgUTGC3.%T)-o'@\
.'@.gE3/.gE3H.gE3
.I
Dn/T2!T?3hghnZeG
+
.g}A@\3TU)-GGZ
G3GTE2H*G& T+
gG@UTUS.E>)-."-2TH
>!TZ+,-%.@H]&3)(v.
`/I
hJ"1 %T/2!CS%
.T(E>)-UTUG2T/2]] 
-EZ-\+,-%.J"1 Z ! %
•W203(22FZ\23((+
• Tận dụng hệ thống trang thiết bị sẵn có và phát triển một số dịch vụ bổ trợ đi
kèm
t)-*TG)3.
ŒW3.Ig}A?"u =-G33W2!@)&2
E22 \.g}A?"u =
ŽWW|W""WZ2!)-2-F2# 
T/+'H)`G=2]/J
2G! T/+
|"%33($TgNM2#
%vTT/@X)%E!+t%
g}A$2-*@gNhN.T/T&3($.
2-v.22-T2=E1-g}A@U =J

ZTZ%(v = T/.&)
T/+'@-
2E!g}A@X)%%|Wg}A
Z!! T(!2!+ 2=
)BW%eg}AB^Tg}A/-3!
"HJ2E.X)%(>^/2!
+
• Nghiên cứu và sử dụng các công cụ phái sinh
hG=T"\0^Thghn%
T/T?C&Z>().3e %
TeT"."(TX.†U\ = 
\IT =G=)QT\J@
&G20(2T?C&
2!T/+
|B jE\)&ZZ
T2=)W^F&.)-"!).gghn
2gggN-`@T(>H) #TTvZT
=G=\T"+]2U).g}A@@-\
]Z2X32G=)Z"•"E
Q %%]"(TX`T?C&-gggN+
3.3. Một số kiến nghị hỗ trợ phát triển hoạt động kinh doanh trái phiếu tại
CTCK Thăng Long
A#2B.01/(!
01\.UT& H$(.$
#/gghn2gggN-+(
gggN%EU"#TZ
J+lTH#/E.*)gggN
-TZ+A"j2!"#TZ.%
 T/&g}A`C3!Z1-
)-T.1@)-E2

UC(%)+
g-J"1.g}A"/2!HlH'2
{,hn!ZZTZ% T/%g}A
"o
3.3.1. Đối với Ngân hàng TMCP Quân Đội
Hg|hNlH'UTC08ffK2H
!Hg|hN@
+
!2?G!/<8:2&hG)hT@
\g0}.Hg|hNlH'$Ga #2
‚^Tg}ATZ+t% T/%g}A`$
HlH'a*(2222)+g}A
@G!T/2)Hg|hNlH'a
2!3!@g}A2%
 T/+.Hg|hNlH`$)
ˆ

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Š
T T/-E`3
THE.gggNZg}A(+gE!.Z1
% 2G!T/.TZ2•2/
&g}A-gggN@*a&HlH'J=
Z"o
DNTZG.UEo-J"1j
TT.g}AZ*T3.3 T/
B3]]/2FG?g}A@3E%
&|,+
Dh@"#"Y2!|,og#/.|,E#
2!!O&)/H!2!P

2 !-<5[e+H|,ZE
 „YO&)/†.hghnI !<5[
e+
D|,2k = -% T/
3-% =‚@ .2|,-g}A2!
\EZU =eC%G!+
D!%G!T/.|,"bag}Ae2
E‚2!$"*E+
}/&g}AHg|hN!.
% T/a.2]2U)."#^T~&H
g|hNlH'-J"12.2*_
^Tg}AHU2%2/-gggN+
3.3.2. Đối với UBCKNN và Chính phủ
t% T/%g}A3TUGZ
E"#TZ&gggN+g}AGZTZ%