chapter 1_overview of financial market

of 52 /52
06/20/22 Financial Market_Chapter 1_Overview of Financial M arket 1 CHUYÊN ĐỀ 1: TỔNG QUAN VỀ THỊ TRƯỜNG TÀI CHÍNH Lê Trung Hiếu [email protected]

Author: letrunghieutvu

Post on 11-Jun-2015

498 views

Category:

Documents


2 download

Embed Size (px)

TRANSCRIPT

CHUYN 1: TNG QUAN V TH TRNG TI CHNHL Trung Hiu [email protected]

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 1

NI DUNG1. TH TRNG TI CHNH: Khi nim, bn cht; Phn loi th trng ti chnh; 2. TH TRNG TIN T: Khi nim, phn loi; Cc cng c lu thng trn th trng tin t; 3. TH TRNG VN: Khi nim, phn loi; Cc cng c lu thng trn th trng vn.

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 2

1. TH TRNG TI CHNHKhi nim Th trng Ti chnh: - Th trng? - Th trng ti chnh?

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 3

1. TH TRNG TI CHNH

Th trng ti chnh l th trng m din ra cc hot ng mua bn cc loi giy t c gi hay cc loi vn ngn hn, trung hn v di hn. Thng qua th trng ti chnh hnh thnh gi mua gi bn cc loi c phiu, tri phiu,Financial Market_Chapter 1_Overview of Financial Market 4

07/07/09

1. TH TRNG TI CHNHTh trng ti chnh hot ng hu hiu nh cc ti chnh trung gian (cc cng ty chng khon, cc qu u t, ngn hng) i tng tham gia th trng ti chnh l nhng ngun cung v cu v vn trong x hi ca cc ch th kinh t nh nh nc, doanh nghip, gia nh 07/07/09 Financial Market_Chapter 1_Overview of Financial Market 5

1. TH TRNG TI CHNH

07/07/09

Ch th tham gia trn th trng ti chnh l nhng php nhn hay th nhn i din cho nhng ngun cung cu v vn tham gia trn th trng ti chnh, ch yu l cc ngn hng thng mi, cng ty ti chnh, cng ty u t, cng ty bo him, cc qu tn dng.

Financial Market_Chapter 1_Overview of Financial Market 6

1. TH TRNG TI CHNH

-

-

Bn cht ca th trng ti chnh: Mi quan h nhn qu gia u t v tit kim; Qu trnh giao lu vn;

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 7

1. TH TRNG TI CHNH

Mt quc gia mun tng trng v pht trin bn vng phi p ng c nhu cu vn. Mun vn u t ln phi gia tng tit kim. ng thi, tng trng kinh t cao s to iu kin tng tit kim v tng kh nng cung ng vn u t.Financial Market_Chapter 1_Overview of Financial Market 8

07/07/09

1. TH TRNG TI CHNH

Trong nn kinh t, nhu cu v vn u t v cc ngun tit kim c th pht sinh t nhiu ch th khc nhau. Nhng ngi c c hi u t th thiu vn, nhng ngi c vn nhn ri li khng c vn u t. H gp nhau tha mn nhu cu ca nhau.Financial Market_Chapter 1_Overview of Financial Market 9

07/07/09

1. TH TRNG TI CHNH

-

-

-

Chc nng ca th trng ti chnh: Tp trung cc khon tit kim thnh ngun vn ln; Kch thch tit kim v u t; Hnh thnh gi c cc loi ti sn ti chnh; To tnh thanh khon cho ti sn ti chnh.Financial Market_Chapter 1_Overview of Financial Market 10

07/07/09

1. TH TRNG TI CHNH -

-

-

Phn loi th trng ti chnh: Cn c vo thi hn lun chuyn vn; Cn c vo tnh cht chuyn mn ha ca th trng; Cn c vo c cu cc th trng.

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 11

1. TH TRNG TI CHNHTh trng tin t (Money Market) - Th trng lin ngn hng (Interbank Market) - Th trng vn ngn hn (Shorterm Market) - Th trng hi oi (Foreign Exchange Market) Th trng vn (Capital Market) - Th trng th chp (Mortgage Market) - Th trng cho thu ti chnh (Leasing Market) 07/07/09 Financial Market_Chapter 1_Overview - Th trng chng khon (Stock of Financial Market Market) 12

1. TH TRNG TI CHNHNgi cho thu2C 2A 1B 1C 1A 2D 3

Ngi cung cp1A: Hp ng thu ti chnh 1B: Hp ng mua ti sn 1C: Hp ng bo tr, bo hnh, sa cha 2A: Giao quyn s hu ti sn 07/07/09

2B

Ngi i thu2B: Chuyn giao ti sn 2C: Tr tin mua ti sn 2D: Giao quyn s dng 3: nh k tr tin thu

Financial Market_Chapter 1_Overview of Financial Market 13

1. TH TRNG TI CHNH

-

Cho thu ti chnh mang y bn cht ca tn dng trung v di hn nh: Tnh hon tr; Tnh thi hn; Li sut.

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 14

1. TH TRNG TI CHNH -

Th trng cng c n Ngn hn; Trung hn; Di hn. Th trng cng c vn Th trng cng c phi sinh: Chng quyn; Quyn chn; Hp ng tng lai.Financial Market_Chapter 1_Overview of Financial Market 15

07/07/09

1. TH TRNG TI CHNH

Th trng s cp: L th trng mua bn cc chng khon mi pht hnh ln u. Trn th trng ny vn t nh u s c chuyn sang nh pht hnh thng qua vic nh u t mua cc chng khon mi pht hnh.Financial Market_Chapter 1_Overview of Financial Market 16

07/07/09

1. TH TRNG TI CHNH -

-

Vai tr ca th trng s cp: Chng khon ha ngun vn cn huy ng thng qua vic pht hnh chng khon. Thc hin qu trnh chu chuyn ti chnh trc tip a cc khon tin nhn ri vo u t.Financial Market_Chapter 1_Overview of Financial Market 17

07/07/09

1. TH TRNG TI CHNH -

-

-

c im ca th trng s cp: L th trng khng lin tc v l ni duy nht m cc chng khon mang li ngun vn cho ngi pht hnh. Nhng ngi bn trn TTSC thng l kho bc NHNN, Cty pht hnh, Cty bo lnh pht hnh. Gi CK trn TTSC do t chc pht hnh quyt nh v in ngay trn CK.Financial Market_Chapter 1_Overview of Financial Market 18

07/07/09

1. TH TRNG TI CHNH

Th trng th cp: L ni giao dch cc chng khon c pht hnh trn TTSC. TTTC m bo tnh thanh khon cho cc CK pht hnh.

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 19

1. TH TRNG TI CHNH -

-

Vai tr ca TT th cp: Cung cp th trng, to iu kin d dng mua bn nhng cng c trn th trng SC. Xc nh gi ca cc loi chng khon thng qua cung cu.

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 20

1. TH TRNG TI CHNH -

-

c im ca TT th cp: Khon tin thu c t vic bn CK thuc v cc nh u t, cc nh kinh doanh CK. Gi CK do cung cu quyt nh. L th trng hot ng lin tc, cc nh u t c th mua bn nhiu ln trn TTTC.Financial Market_Chapter 1_Overview of Financial Market 21

07/07/09

1. TH TRNG TI CHNH

V tr ca th trng ti chnh: Trong mi quan h tng quan vi cc th trng khc, th trng ti chnh c v tr l th trng khi im cho cc loi th trng, n c tc dng chi phi iu hnh v xm nhp vo cc loi th trng khc.Financial Market_Chapter 1_Overview of Financial Market 22

07/07/09

1. TH TRNG TI CHNHVai tr ca th trng ti chnh: - Th trng ti chnh l ni to ra mi trng thun li dung ho cc li ch kinh t khc nhau ca cc thnh vin khc nhau trn th trng. - Th trng ti chnh nng cao nng sut v hiu qu hot ng kinh doanh, sn xut ca nn kinh t.Market 07/07/09 Financial Market_Chapter 1_Overview of Financial 23

1. TH TRNG TI CHNH-

Th trng ti chnh to ra c hi u t v em li li ch cho mi thnh vin trong x hi.

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 24

1. TH TRNG TI CHNH -

-

Cc cng c ti chnh: Cc cng c ca th trng tin t: Thng phiu, Tn phiu, chng ch tin gi ngn hng Cc cng c ca th trng vn: Tri phiu, c phiu, cc cng c ti chnh phi phi sinhFinancial Market_Chapter 1_Overview of Financial Market 25

07/07/09

1. TH TRNG TI CHNHCc T chc ti chnh: - Cc t chc ti chnh nhn tin gi: Ngn hng thng mi, qu tn dng - Cc t chc tit kim theo hp ng: Cng ty bo him (nhn th v phi nhn th), Qu hu tr (pension funds) - Cc t chc u t: Cng ty ti 07/07/09 Financial Market_Chapter 1_Overview of Financial Market 26 chnh, Qu u t, Ngn hng u

2. TH TRNG TIN T

Khi nim: Th trng tin t l th trng mua bn cc giy t c gi tr ngn hn, c k hn di mt nm. Hiu theo ngha gin n, th trng tin t l th trng vay v cho vay vn ngn hn cho nn kinh t.Financial Market_Chapter 1_Overview of Financial Market 27

07/07/09

2. TH TRNG TIN T

Phn loi: Nu cn c vo c cu t chc, th trng tin t c chia thnh hai cp l th trng tin t s cp v th trng tin t th cp.

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 28

2. TH TRNG TIN T

Vai tr ca th trng tin t: Th trng tin t iu tit cung cu v vn ngn hn, th trng tin t gi vai tr rt quan trng trong vic h tr hot ng cc doanh nghip trong nn kinh t c bit l cc ngn hng, b sung kp thi nhu cu vn cng nh iu ho cc ngun vn tin t t ni tha n ni thiu vn.Financial Market_Chapter 1_Overview of Financial Market 29

07/07/09

2. TH TRNG TIN T

Cc cng c tham gia th trng tin t: Trn th trng tin t c cc loi tri phiu kho bc ngn hn, thng phiu, cc chng ch tin gi c th chuyn nhng.

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 30

Thng phiu (Commercial paper): Thng phiu l nhng giy nhn n do cc cng ty c uy tn pht hnh vay vn ngn hn t th trng ti chnh.

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 31

Thng phiu c pht hnh theo hnh thc chit khu, tc l c bn vi gi thp hn mnh gi. Chnh lch gia gi mua v mnh gi thng phiu chnh l thu nhp ca ngi s hu thng phiu.Financial Market_Chapter 1_Overview of Financial Market 32

07/07/09

07/07/09

Nhng thng phiu nguyn thu (commercial bill) ch xut hin trong cc hot ng mua bn chu hng gia cc cng ty kinh doanh vi nhau. N c th do ngi bn chu hay ngi mua chu hng ho pht hnh nhng bn cht vn l giy xc nhn quyn i tin khi n hn ca ngi s hu thng phiu.

Financial Market_Chapter 1_Overview of Financial Market 33

Ngy nay, thng phiu xut hin mang tnh a dng hn. Thng phiu c pht hnh khng ch trong quan h mua bn chu hng ho m cn c pht hnh vay vn trn th trng tin t.Financial Market_Chapter 1_Overview of Financial Market 34

07/07/09

07/07/09

Cc cng ty danh ting khi c nhu cu vn c th pht hnh thng phiu bn trc tip cho ngi mua theo mc gi chit khu. Nhng ngi u t thng phiu ngoi cc ngn hng cn c cc trung gian ti chnh v cng ty khc.

Financial Market_Chapter 1_Overview of Financial Market 35

Cc thng phiu c mc ri ro cao hn tn phiu kho bc nhng mc li sut chit khu cng cao hn. Th trng thng phiu ngy nay rt si ng v pht trin vi tc rt nhanh.Financial Market_Chapter 1_Overview of Financial Market 36

07/07/09

`

Tn phiu kho bc (Treasury bill) Tn phiu kho bc l cng c vay n ngn hn ca chnh ph do Kho bc pht hnh b p cho nhng thiu ht tm thi ca ngn sch nh nc.

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 37

Tn phiu kho bc thuc loi chng khon chit khu. l loi chng khon khng c nh pht hnh tr li song li c bn vi gi chit khu tc l gi thp hn mnh gi.Financial Market_Chapter 1_Overview of Financial Market 38

07/07/09

Khi n hn, nh u t c nhn li mnh gi, v vy phn chnh lch gia mnh gi chng khon v gi mua chng khon chnh l li ca nh u t.Tn phiu kho bc c cc k hn 3, 6 v 12 thng.Financial Market_Chapter 1_Overview of Financial Market 39

07/07/09

Tn phiu kho bc c xem l cng c ti chnh c ri ro thp nht trn th trng tin t bi v hu nh khng c kh nng v n t ngi pht hnh, tc l khng th c chuyn chnh ph mt kh nng thanh ton khon n khi n k hn.Financial Market_Chapter 1_Overview of Financial Market 40

07/07/09

Tn phiu kho bc c xem l cng c c tnh lng cao nht trn th trng tin t do n c mua bn nhiu nht. Tn phiu kho bc thng c Ngn hng trung ng cc nc s dng nh mt cng c iu hnh chnh sch tin t thng qua th trng Financial Market_Chapter 1_Overview of Financial Market m. 07/07/09 41

Cc chng ch tin gi c th chuyn nhng c: Chng ch tin gi: l mt cng c n do cc ngn hng pht hnh, cam kt tr li nh k cho khon tin gi v s hon tr vn gc (c gi l mnh gi ca chng ch) cho ngi gi tin khi n ngy o hn. Market_Chapter 1_Overview of Financial Market 07/07/09 Financial 42

Lc u, cc chng ch tin gi khng c php bn li v nu ngi gi tin rt vn trc hn th s phi chu pht.

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 43

07/07/09

Nhng v sau tng tnh hp dn ca cc chng ch tin gi ny, cc ngn hng bt u cho php cc chng ch tin gi c mnh gi ln c php bn li trc hn (vi mt mc gi khu tr), thm ch c th bn cho chnh ngn hng pht hnh. Khi chng c gi l cc chng ch tin gi c th chuyn nhng

Financial Market_Chapter 1_Overview of Financial Market 44

3. TH TRNG VN

Khi nim: Th trng vn l ni din ra cc hot ng mua bn cc loi chng khon v giy n trung v di hn nh c phiu, tri phiu chnh ph

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 45

3. TH TRNG VNPhn loi: - Cn c vo c cu t chc th trng vn gm: + Th trng s cp hay th trng pht hnh: L th trng mua bn cc giy c gi c pht hnh ln u tin. Ch yu l cc c phiu, tri phiu v thng thng vic mua bn ny c thc hin thng qua cc ngn hng v cc cng ty ti chnh. 07/07/09 Financial Market_Chapter 1_Overview of Financial Market 46

3. TH TRNG VN

Th trng th cp: L th trng thay i quyn s hu chng khon cho nhng c phiu, tri phiu ang lu thng trn th trng.

07/07/09

Financial Market_Chapter 1_Overview of Financial Market 47

3. TH TRNG VN

Tham gia th trng vn gm cc ch th mua bn v mi gii cc loi chng khon nh Nh nc, doanh nghip, cc t chc mi gii, cc t chc x hi v cc tng lp dn c. Trong , nh mi gii c vai tr rt quan trng trong vic thc hin cc mi quan h gia ngi mua v ngi bn chng khon v trong quan h gia cung v cu chng khon.Financial Market_Chapter 1_Overview of Financial Market 48

07/07/09

3. TH TRNG VN

Vai tr ca th trng vn: Th trng vn l mt b phn cu thnh quan trng nht ca nn kinh t th trng. C th ni hu ht cc nc c nn kinh t th trng vn hot ng c hiu qu v c tc dng tch cc trong vic cung ng kp thi cho cc nhu cu v vn cho nn kinh t c bit l vn trung v di hn.Financial Market_Chapter 1_Overview of Financial Market 49

07/07/09

3. TH TRNG VN

Th trng vn cn l ni din ra qu trnh chuyn nhng v vn, ti sn l mi trng thun li cho vic a dng ho cc ch th s hu v vn kch thch cc nh u t v n to iu kin cho qu trnh lu thng chng khon, lm cho ngi s hu chng khon c th d dng chuyn vn u t ca mnh nhanh chng t lnh vc ny sang lnh vc khc.Financial Market_Chapter 1_Overview of Financial Market 50

07/07/09

3. TH TRNG VN

Cc cng c tham gia th trng vn: Trn th trng vn c cc loi nh c phiu, tri phiu chnh ph. Ngoi ra cn c cc loi giy t c gi tr khc nh tn phiu kho bc, tri phiu u t V cc cng c ny c thi hn ko di do gi c ca chng lun dao ng v ri ro hn so vi cc cng c ca th trng tin t.Financial Market_Chapter 1_Overview of Financial Market 51

07/07/09

CU HI N TP1. 2.

3.

4.

5.

Trnh by v phn tch khi nim v c cu ca th trng ti chnh? Hy phn tch v tr vai tr ca th trng ti chnh? Nu v phn tch khi nim th trng vn? Hy phn tch bn cht v vai tr ca th trng vn? Trnh by v phn tch khi nim v vai tr ca th trng tin t?Financial Market_Chapter 1_Overview of Financial Market 52

07/07/09