Quản lý rủi ro trong quá trình phát triển thị trường tài chính .pdf

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<i><small>thong qua cac co che dlfa tren ca sa thi</small></i>

<small>trllC1ng,£)ong thC1i,thi trllC1ngtai chinhcon g6p phan h9n che rui ro do dlfa qua</small>

nhieu vao nguon van nllcrc ngoaL

<small>Nhllng cac nllcrc nen phat tri~n thjtrllC1ngtai chfnh nQi dia cua minh nhllthe nao? Li$Uc6 mQt con dllC1ngva IQtrinh thlfc hi$n cac cUQccai cach toi llUhay khong? Va nhung cUQc cai cachnay can dllgc p~.i hgp vcriqua trinh tlfdo hoa tai khoan van r,asao? Trong mQtcong trinh nghien cuu mcriday, 3 nha</small>

<small>Sundarajan va Jenifer Eliliot(Vl,Jcac h$</small>

<small>thong tai chfnh</small>

-

<small>tien t$ thuQcIMF)</small> da

<small>dlla ra mQt phllang phap tiep c~n tongth~ ve van de giam thi~u rui ro van c6trong qua trinh phat tri~n thj trllC1ngtaichfnh.</small>

<small>Khi cac nllcrc thllc hien tll do hoacac giao djch tai chf~h va' lua~ chuy~nvan d~ tang "dQsau" cua thi trllC1ngvantrong nllcrc thi thi trllC1ngtai chfnh cuacac nllcrc nay se doi m~t vcrirui ro gan</small>

<i><small>vcri slf ncri 16ng, ma rQng quy mo va</small></i>

<small>ph9m vi cua cac giao dich tai chfnh,cong Cl,Jtai chfnh va cac quy cho vay.Do d6, d~ thj trllC1ngvan phat tri~n makhong lam ton h9i den slf on djnh taichinh, Ngan hang Trung llang va cacd!nh che tai chfnh can nang cao kha</small>

<i><small>nang quan If rui roo MQtca sa h9 tang</small></i>

<small>th~ che va phap Ifday du va vung m9nhcOng can dllgc xay dlfng va hoan thi$n.Trong cong trinh nghien cuu cua minh,cac tac gia da neu len nhung nQi dungcot loi cua cUQccai cach th~ che va mQtso thlfc tien tot nhat trong vi$c giaiquyet cac van de d~t ra.</small>

<small>Khi nghien cuu vai tro cua tlf do hoatai khoan van trong qua trinh phat tri~n</small>

Hoang Minh Tn6n

*

<i><small>ThtJ nh8t, yeu cau phai thl,!chi$n</small></i>

cac bi$n phapmangtfnhtien<small>de nhll</small>

phattri~nnentang<small>dau tll trongntfOc,</small>

<small>COcau 19icac djnh che tai chfnhyeu</small>

<i><small>kem, va xay dlfng mQtca sa h~tang</small></i>

<small>vung m9nh (bao gom phap If, ketoan,</small>

<i><small>ca che pha san). £)~cbi$t,sl,!phattrien</small></i>

<small>thi trllC1ngtrai phieu va co phieuph~</small>

thuQcvaonentang<small>dau tlltrongntfOC.</small>

<i><small>ThtJhai, yeu dIu ve ca cM giamsat</small></i>

<small>rui ro va xay dlfng thi trllC1ngphaidlfOCphat tri~n dong bQvcritoc dQva mehinh</small>

phattri~ncuathi trllC1ng.

<i>ThtJba,yeucauve chienIlfgct6ng</i>

th~ve phattri~nthj trllC1ngvoncanIlfUy den quy mo cua quocgia va nhQnggicrih9nve tai chinh.

thj trllC1ngtai chfnh,<small>hQ 10ng9ifang</small>van

nllcrcngoaic6 th~ bo sung nhllng

khongth~thaythechonentang<small>dau tlltrong nllcrc</small>- d6ng vai tro quyet dinh

<small>trong vi$cphat tri~n cac thjtrllC1ngvan</small>

trong<small>nllcrc mQt cach</small> ben vung.Trllcrc

<small>khi van nllcrcngoaic6 th~</small>thllc hien vaitro xay dlfng, hQcho rang<small>dQ sa~ cuacac thi trllC1ngtrong nllcrc,slf da d9ng</small>

<small>cua cac nha dau tll, quan Ifva giamsat</small>

c6 hi$uquacacdinh<small>che th~</small>trllC1ng,

va

.

thC1ih9ncuacaccongcl,Jtai chfnh

can,

d9t dllgCmQtso yeu cau nhatdinh.Rorang,c6 quanh$danhdoi giuavandet90 dlfng cac dinh che tai chfnhtrong

<small>do hoa thi trllC1ng</small><i>van va van de ma</i>

cLratai khoanvan d~ tiep c~n nhungthlfc tien tot nhat nhamcungco cacdjnh che trong nllcrc.Trong mQitinhhuang,tocdQva IQtrinhcaicachtoi lIUcua moinllcrcse khonggiongnhauVaphl,JthuQcvao nhungd~cthu cua moiquocgiava cacd~cdi~mveth~cheva

<small>canIllUy dentfnhthu b~ccua thj trllC1ng</small>

<small>bi~u do).</small>

0

<i><small>cap do ca ban nhat la thi</small></i>

trllC1ngtien t$ va thj trllC1ngng09ihO!(ngan h9n),iren d6 la thi trllC1ngtraiphieuchfnhphu(daih9n).Tiepd61athj

tren cungla thi trllC1ngchungkhoanc6 ,. RUIro va caeehmh5aehh9nchetai sanbaodamva thi trllC1ngcaccong rul ro . ,

cl,Jphaisinh.Tfnhthu b~cnayphananh Ph~ttrienthitrllC1ngtai chfnhd6ih6i

<i>mucdQva</i>tfnhphuct9p cuarui ro bao slf pMi hgpch~tchevcricacbi$nphaphamtrongtai sangiaodichtrenmoithi h9nche rui ro,songsongvcricacCU9CtrllC1ng.Cac tac gia nhgnmanhchinh cai cachd~ phattri~nthj trllC1ng.Ruirosachphattri~nthj trllC1ngtai ~hinhcan tra nen phuc t9p han va tang nhanh

xem xet cac cap dQ,slf phl,JthuQcIan c~ng .~cri,slf pha!tri~ncuathi trllang,

tamthemden3 yeucausau:

~

<small>HQ~vi$n Ngan hang</small>

<small>T~ em NCAAIIANC</small> - &6<small>3 NXM 2004</small>

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<b><small>TiuCHiNH</small></b> <small>ra-.n~~</small>

<small>dinh</small><i><small>che maioCh~ng h9n, cUQccai cach</small></i>

<small>thi truang tien t$ va Ngan hang TrungLIang, bao gom !If do hoa lai suat, c6</small>

th~ lam tang m9nh dlf tn! du thlia vacac luong von di vao, dieu nay c6 th~

<i>dan tai vi$c ma rQngtin dl,!ng,gay kh6</i>

khantrang ki~msoat tien t$ va giamchatILIqngtai sanC6cuanganhang.

Tuangtlf, gia co phieuva gia batdQngsanbiendQngm9nh,nhatlatrang

<i>boi canhmacLratai khoanvon,c6 th~</i>

gay kh6 khantrangvande xay dlfngchfnhsachtien t$ cOngnhLIc6 nherngtac dQngtieu clfc den tinh lanh m9nhcuacacdinhchetai chfnh.ThieunangIlfc th~ che va quan If d~ luqng hoa,giamsat va ki~msoat chung,rui ra taichfnhc6 th~tichtl,!quathaigianva lamnguyh9identinhthongnhatcuachfnhsach va cam ket tien hanhtlf do hoahan nera.Dod6, vi$cthlfchi$nnhieu

truang va h9n che rui ra t9i cac giaid09n pMt tri~n cua moi thu b~c thitrLIanglacanthietd~phongtranhslf dova cuah$thongtai chfnhva batonkinhte vi mo.

TIf do hoa va cai cach tai chfnhtrangnuoccan

duqc

phoihqpch~tchevoi nhau.Rui ro trong qu~ trinh pMttri~ncac109ihinhd~cthOcuathjtruangvathu b~ccuathitruangmacactacgiade c~ptrangquanIi rui ro va cac yeucau ve dam bao thong tin cung capnhcrngtieuchiva nguyentac nhatdinh

trongSIf phoi hqp thlfc hi$n cac cUQccai cach tai chfnh t[ong nuoc.Nherngnguyentac naycOngap dl,!ngchotientrinh tlf do hoa cac giao dich cua taikhoanvan,naimathachthucca banlaphaichi ra mQtcachchfnhxac khi naova bctmgcach thuc nao thi von nuocngoaic6 th~ thUcd~yslf pMttri~nthitruClng.

Tuy nhien,cactac gia cOngcho

rangtrong thlfc tien, cac nuocduangnhudang

<i>a</i>

gieracacthai ki kMc nhaucua qua trinh phatctri~n thi truangva

<small>. voi tinh</small> thu b~ccuathjtruangva IQtrinhcai cach khoilg dlrqc de c~p trangnghienClrucuahQ.M~cduv~y,phuongpMp tiep c~nva nherngnguyentac d~phattri~nthitruang,h9nche rui ra vanguyentac xay dlfng IQtrinh cai cach

ma cactac gia neura c6 th~ giupcacnuocxacdinhnherngbuocdic6 vi trfuu

tien<small>hang dau trang cai cach tai chinh</small>

ma khongphI,!thuQcVaGmo hinhpMttri~nthi truangtrtIOCday.

Vai tro cua von mtoc ngoaiVon nuocngoaic6 th~d6ngvai troquantrQngtrangphattri~nthi truangtaichinhtrongnuoc.Song,thaidi~m.vaIQtrinhtlf dohoatai khoanvon can duqc,nghien Clru, can nhac th~t kTluang,

tranhn6ngvQinhungcOngkhongduqctri hoanqualaunhamtoi da hoaIqi fch

trongnuocva toi thi~uhoachi phiganvoi phat sinh rui ra tang len.Theod6,von nuocngoaitnioc tien canduqcSLrdl,!ngd~thUcd~yphattri~nkhuvlfcsanxuatva caicachth~che,baogomtaicacau khu vlfc ngan hang va cong ty

<small>thong</small>qua tu nhanhoa,co phanhoa.Dod6,tlf dohoatai khoanvoncanbatdaubangtlf dohoavondautu trlfc tiepnuoc ngoai (FDI),nha d6, c6 th~ dunh~p cong ngh$ hi$n d9i va kTnang

quanIf tientiendethlfChi$ncai cachh09tdQngtrongcacdinhchetai chinhva cact~pdoan,congty.Congngh$vasa herunuocngoaicOngthUcd~yc9nhtranhva tangtruongxuatkh~u.

<i>SIf ma cLradoi voi cac dong von</i>

dautu gian<i>tiepS6marQngva dad9ng</i>

hoaca sa dautu chocacthi truangnQidiava tangcuangky lu~tthi truangdoivoi cacnhapMt hanhva quanIf vi move tongth~.NangcaonangIlfc quanIfrui ra cua cacnhadauva djnhchetaichfnhtrang nuoc c6 th~ giup cac thitruang tai chfnhtrang nuoc huang1<;11~h cua nguon van nuoc ngoai makhong lam cho thi truang bien dQngm9nh.M~tkhac,d9t duqcdQsau canthiet cuathi truang taichinh nQidiatruoc khi d~t thi trtIang trtIOCnherngnguyca bien dQngcua cac dongvonVaGracOngladieucan duqcquantam.TfnhbiendQngcuathitruangva lai suatcao do slf rut von chi mangtinh nhatthaiva c6 th~quanIf duqckhicacnhadau tu th~ che (to chuc) trong nuoch09tdQngnhu nherngdoi tac cua cacnha eau tu nuocngoai.EMu nay mQtIanneranhanm9nhtamquantrQngcuavi$c phattri~ncacnhadautu the che,

<i>(Tieptheo trang 51)</i>

-<small>Phat trien kinh te hqp tac, HTXvai cac</small>

<small>nhau, tCrthap tai cao trang d6 coi trQng cacHTX CC1sa. Ngoai ra phai pMt trien cac tochuc HTX kh6ng giai h<;lnquy mo, linh vl!c,dia ban va chu trQng pMt trien cac 10<;lihinhHTX trang cac linh vl!c, cac 10<;lihinh phin6ngnghi$pphuhqpva theokip quatrinh</small>

<i><small>nLra,phai coi trQng vi$c ma rQng quy mo cac</small></i>

<small>HTX,thUcd§y phat</small>trienchieusaudoivai

<i><small>cac HTXtheohuangmarqngketn<;lp</small></i><small>thanhvien, tang cuang va t~p trung van trangHTX,cungcosa hLrut~pthe.Vi$Cphat triencacHTXmaibenc<;lnhvi$cdoimaicacHTXhi$nc6 la vi$cquantrQngvi n6S6t<;lOdieuki$nchocacHTXxaydl!ngvapMt triencaclien hi$pHTXchuyennganh,da nganhvainhieuquymo kMc nhau.KhongnhLrngthe,</small>

<i><small>cac HTX con phai ma rQngcac hinhthuc</small></i>

<small>kinhdoanh,lien ket giiia cac HTXvai cacdoanhnghi$pthuQcmQithanhphankinhte,d~cbi$t la vai cac DNNN.Chfnhvi phuC1nghuangd6mathaigiantaidenghicaccapuydang, cac CC1quanchfnhquyenphaitang</small>

<i><small>cuang hC1n</small></i><small>nLrasl! lanhd<;lo,chi d~o, kipde</small>

ra cacgiaiphap<small>Cl,!</small>thedetiep.tl,!cthOcd§y

<small>quatrinhdoimai,phattrientrangkinhte hqptac, HTX theo quan diem duang loi cua</small>

<i><small>Dang. Ngoaira, Nha nuac phaico nhLrng</small></i>

<small>chfnhsachd~cbi$t,d~ctM doi vai mQtsonganhva diabankhacnhau,ch~ngh~nn~u</small>

<i><small>chinhsachho trq doi vai cac HTXa mi~n</small></i>

<small>nOi,HTXphI,!nLr,HTXdongbaodantQcv~cac HTXcuanhiingnguaitant~tvai nhLrngHTX mai'tMnh I~p,con kh6 khanve voncan phaiduqcuu tien va c6 cac bi$nphapt~o nguonthich hqp,tuy nhienkhongphaicu c6duqcmQtgiaiphaphoanhaolac6thebien cac HTXdeu ho~tdQngc6 hi$uq'ua.Du sac nhLrnggiaipMp de phattriensanxuat kinhdoanhcOngkhongphaila "chiecdOathan"cho cac HTXom yeu,khongchiukh6 "nangdQng",SI!</small>quantam,dautu cua<small>Dang,Nhanuacva cac bannganh113quantrQngnhungdieucOt15ivan lado chfnhcacHTX.HyvQngding,tft chinhnqiIl!cvaquyet\</small>

tam cua minhcungvai Sl!<small>giOp</small>dei,t~o

nguoncuaDangva cacbannganh,Lien

<small>than moi HTX n6i rieng se them VLrngtin detangtoc dQ pMttrien mqt cach ben VLrngva</small>

hi$u

qua..

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