chung khoan viet nam

8/8/2019 Chung Khoan Viet Nam

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Th trng chng khon Vit Nam

MC LCTrang

PHN I. KHI QUT TH TRNG CHNG KHON 2I. Chng khon v th trng chng khon 2II. Chc nng ca th trng chng khon 5III. V tr v cu trc ca th trng chng khon 6IV. Vai tr ca th trng chng khon 8V. Cc nguyn tc hot ng ca th trng chng khon 10VI. Cc thnh phn tham gia th trng chng khon 11VII. Cc vn lin quan n th trng chng khon 12VIII. Nguyn tc CAN SLIM trong u t chng khon. 20

PHN II. TH TRNG CHNG KHON VIT NAM 23I. S ra i ca th trng chng khon Vit Nam 23

II. Cc giai on pht trin ca th trng chng khon Vit Nam 24

PHN III. HIN TRNG TH TRNG CHNG KHON 33I. Hin trng th trng chng khon VIt Nam 33II.Nhng hn ch ca th trng chng khon35III. Nhng nguyn nhn tn ti. 37IV. Gii php cho s pht trin bn vng 38

SVTH: Lu L Mai 08NH1 1


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PHN IKHI QUT TH TRNG CHNG KHON

I. CHNG KHON V TH TRNG CHNG KHON1. Lch s hnh thnh v pht trin th trng chng khon trn Th gii

Th trng chng khon l yu t c bn ca nn kinh t th trng hin i. n nay,hu ht cc quc gia c nn kinh t pht trin u c th trng chng khon. Th trngchng khon tr thnh mt nh ch ti chnh khng th thiu c trong i sng kinh tca nhng nc theo c ch th trng.

Vo khong gia th k th 15 ti thnh ph trung tm bun bn ca phng Ty, ccthng gia thng t tp ti mt s khu nh qun cafe trao i mua bn cc loi hng hanh nng sn, khong sn, tin t v cc chng t c gi. im c bit y l cc thnggia ch giao dch vi nhau bng li ni, khng c hng ha tht. Nhng cuc thng lngny nhm thng nht vi nhau cc hp ng trao i mua bn ngay hoc cho tng lai.

Nhng cuc trao i ny ban u ch l mt nhm ngi v sau ng dn cho n khi nthc s thnh mt khu ch ring. Thi gian hp ch lc u l hng thng, sau l hngtun ri rt ngn cn hng ngy. Trong cc phin hp ch ti y cc thng gia thng nhtvi nhau cc quy c cho vic thng lng v sau ny tr thnh nhng quy tc c gi tr bt

buc vi nhng ai mun tham gia th trng v th trng chng khon hnh thnh t .Bui hp u tin din ra nm 1943 ti mt l qun ca gia nh Vanber ti thnh ph

Bruges (Vng quc B). Trc l qun c 1 bng hiu v hnh ba ti da v ch. Ba ti datng trng cho h ba ni dung ca th trng chng khon: th trng hng ho, th trngngoi t, v th trng chng khon ng sn, cn ch Bourse c ngha l mu dch th

trng hay cn gi l ni bun bn chng khon.n nm 1547, th trng thnh ph Bruges sp do ca bin Envin - ni dn cc

tu thuyn vo bun bn ti thnh ph b ct bin lp mt. Tuy nhin vo nm 1531, thtrng ny c di n thnh ph cng Anvers (B). T , th trng ny pht trinnhanh chng. Mt th trng nh vy cng c thnh lp ti London (Vng quc Anh ) thk 18 v sau l mt lot th trng ra i ti Php, c, v mt s nc Bc u v Mcng c thnh lp. Sau mt thi gian hot ng, th trng chng t kh nng khngp ng c yu cu c ba loi giao dch khc nhau. V th, th trng hng ho c tchthnh cc khu thng mi, th trng ngoi t c tch ra v pht trin thnh th trng hioi. Th trng chng khon ng sn tr thnh th trng chng khon

Nh vy, th trng chng khon xut hin t th k th 15. S hnh thnh th trngchng khon cng ng thi vi th trng hi oi v mt s th trng khc.

Qu trnh hnh thnh v pht trin ca th trng chng khon th gii tri qua nhnggiai on thng trm. Thi k huy hong nht l vo nhng nm 1875 n 1913, th trngchng khon trong thi k ny pht trin mnh cng vi s tng trng ca nn kinh t.

Nhng n ngy th su en ti vo ngy 29-10-1929 l m u cuc khng hong ca thtrng chng khon New York, t cuc khng hong ko sang cc th trng chngkhon Ty u, Bc u v Nht Bn b sp ch trong vi gi. Sau th chin th hai, thtrng chng khon phc hi v pht trin mnh. Nhng ri cuc khng hong ti chnhSVTH: Lu L Mai 08NH1 2


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19/10/1987 (ngy th hai en ti) mt ln na lm cho th trng chng khon th giisuy sp nng n. Cuc khng hong ny li hu qu nghim trng hn cuc khng hongnm 1929. Theo quy lut t nhin, sau hn hai nm mt lng tin, th trng chng khon thgii tip tc i vo hot ng n nh, pht trin. C mi ln khng hong nh vy, gichng khon ca tt c cc th trng chng khon trn th gii st kinh khng. Tuy mikhu vc v mi nc mc khc nhau gy ra s ngng tr cho th trng chng khon

ton cu v cng nh hng trc tip ti nn kinh t mi nc.Thng 7/1997, th trng chng khon cc nc Chu st gi, mt lng tin bt u

t Thi Lan, Inonexia hot ng tr tr mt thi gian do thiu hng ha v do khng cquan tm ng mc. Th trng Philippine km hiu qu do thiu s ch o v qun l thngnht hot ng ca 2 s giao dch chng khon Makita v Manila ...

n nay th trng chng khon cc nc pht trin mnh m v s lng th trngchng khon ln n 160 s giao dch phn tn khp cc chu lc, cht lng hot ng thtrng ngy cng p ng cho s ng nhng nh u t trong v ngoi nc, tin ti thtrng chng khon hi nhp khu vc v quc t.

Hin nay th trng chng khon pht trin mnh m hu ht cc nc cng nghip

hng u M, Nht, Anh, c, PhpBn cnh hn 40 nc pht trin thit lp thtrng chng khon cng hnh thnh cc nc lng ging Vit Nam nh Singapore,Malaysia, Thi Lan, Philipin v Indonexia v Vit Nam cng c trung tm giao dch thtrng chng khon thnh ph H ch Minh (7/2000) v H Ni.

C th ni, Th trng chng khon l mt nh ch ti chnh khng th thiu ctrong i sng kinh t ca nhng nc theo c ch th trng v nht l nhng nc ang

pht trin, ang cn thu ht lung vn ln di hn cho nn kinh t quc dn

2. Cc khi nim c bn ca th trng chng khon2.1. Chng khon

a) Khi nimChng khon l nhng giy t c gi v c kh nng chuyn nhng, xc nh s vnu t ; chng khon xc nh quyn s hu hoc quyn i n hp php, bao gm cc iukin v thu nhp v ti sn trong mt thi hn no .

Chng khon do chnh ph, chnh quyn a phng v cc cng ty pht hnh vi mcgi nht nh. Sau khi pht hnh, cc chng khon c th c mua i bn li nhiu ln trnth trng chng khon vi cc mc gi khc nhau ty thuoccj vo cung v cu trn thtrng

b) Phn loiC phiu l loi chng khon vn c pht hnh di dng chng ch hoc bt ton

ghi s, xc nhn quyn s hu v li ch hp php i vi ti sn hoc vn ca mt cng tyc phn. C phiu l cng c ti chnh c thi hn thanh ton l v hn.

-C phiu thng : l c phiu xc nh quyn s hu ca c ng trong cng ty. Cphiu thng c c trng bi qun l, kim sot cng ty. C ng s hu c phiu thngc tham gia bu hi ng qun tr, tham gia b phiu quyt nh cc vn ln ca cngty. C tc ca c phiu thng c tr khi hi ng qun tr cng b. Khi cng ty gii thhoc ph sn, c ng s hu c phiu thng s c chia s tin cn li sau khi thanh toncc khon n v thanh ton cho c phiu u i.



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-C phiu u i : l c phiu c c tc xc nh c th hin bng s tin c in trnc phiu hoc theo t l phn trm c nh so vi mnh gi c phiu. C phiu u i thngc tr c tc trc cc c phiu thng. C ng s hu c phiu u i khng c thamgia b phiu bu ra hi ng qun tr. Khi cng ty gii th hoc ph sn, c phiu u i cu tin thanh ton trc cc c phiu thng.

Tri phiu, in hnh ca chng khon n l mt loi chng khon quy nh ngha v

ca ngi pht hnh (ngi i vay) phi tr cho ngi ng tn s hu chng khon (ngicho vay) mt khon tin nht nh bao gm c vn ln li trong nhng khong thi gian cth.

Tri phiu c th phn theo nhiu tiu ch khc nhau:- Cn c vo ch th pht hnh: tri phiu chnh ph, tri phiu a phng (do chnh

ph v a phng pht hnh) v tri phiu cng ty (do cng ty pht hnh)- Cn c vo cch thc tr li, tri phiu c chia thnh cc loi sau:

+ Tri phiu c li sut c nh: l loi tri phiu c thanh ton c nh theo k+ Tri phiu vi li sut th ni: l loi tri phiu m khon li thu c thay i theo

s bin ng ca li sut th trng hoc b chi phi bi biu gi, chng hn nh gi bn l.

+ Tri phiu chit khu: l loi tri phiu khng tr thng v c bn theo nguyntc chit khu. Tin thng cho vic s hu tri phiu nm di dng li nhun do vn emli hn l tin thu nhp (n l phn chnh lch gia gi tr danh ngha- mnh gi tri phiu vgi mua)

- Tri phiu c m bo v tri phiu khng c m bo.Ngoi ra, trn th trng chng khon cn pht hnh hnh thc hn hp chng khon

nhm thch ng vi nhu cu c bit ca th trng vn. Chng khon hn hp c nhng loich yu sau:

Tri phiu cng ty c kh nng chuyn i : Loi tri phiu ny c mt mc li sut cnh, ngoi ra n cn m bo cho ngi quyn s hu quyn i tri phiu thnh c phiu

trong mt thi hn vi nhng iu kin xc nh. Gi tr ca quyn chuyn i khng ch phthuc vo quyn chuyn i m cn ph thuc vo cht lng c phiu ca cng ty.Tri phiu c quyn mua c phiu : Tri phiu c quyn mua c phiu tng t nh tri

phiu ni chung nhng ngoi khon li tc c nh c nhn, n cn c quyn mua mt slng c phiu nht nh ca cng ty ang pht hnh vi mt t l v thi hn u i i vic ng thc th. Loi chng khon ny c mt chng ch quyn mua c tch ra sau khi

pht hnh chng khon. V nguyn tc chng ch quyn mua th trng chng khon tchra sau khi pht hnh chng khon mt thi gian v c lu thng c lp trn th trng.

Tri phiu thu nhp b sung: Loi chng khon ny m bo mt khon li tc c nhnhng ngi s hu c th nhn c mt khon thu nhp b sung theo s dao ng tngca c tc m cc c ng c hng.

c) Cc chng ch c ngun gc chng khon- Chng quyn : l giy xc nhn quyn c mua c phiu mi pht hnh ti mc gii

tng bn ra ca cng ty. Cc chng quyn thng c pht hnh cho c ng c, sau chng c th c em ra giao dch

- Chng kh : l cc giy t c pht hnh km theo cc tri phiu, trong xc nhnquyn c mua c phiu theo nhng iu kin nht nh.

- Chng ch th hng : l giy t xc nhn quyn li ca khch hng l nhng nh ut c nhn trong cc qu u t nht nh. Chng ch ny c th c mua bn, giao dch trn



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th trng chng khon nh cc giy t c gi tr khc. Chng ch ny do cng ty tn thc ut hay cc qu tng h pht hnh ( l t chc chuyn nghip thc hin u t theo s ynhim ca khch hng)2.2 Th trng chng khon l g?

Th trng chng khon l mt th trng m ni ngi ta mua bn, chuyn nhng,trao i cc loi chng khon nh c phiu, tri phiu, cc cng c phi sinh,bao gm c

chng khon nim yt cng khai trn sn giao dch chng khon v chng khon giao dchkhng cng khai, nhm mc ch kim li. Tuy nhin, c th l th trng chng khontp trung hoc phi tp trung. Tnh tp trung y l mun ni n vic giao dch c tchc tp trung theo mt a im vt cht.

Hnh thi in hnh ca th trng chng khon tp trung l S giao dch chng khon(Stock exchange). Ti s giao dch chng khon, cc giao dch c tp trung ti mt aim, cc lnh c chuyn ti sn giao dch v tham gia vo qu trnh ghp lnh hnhthnh ln gi giao dch.

Th trng chng khon phi tp trung cn gi l th trng OTC (over the counter).Trn th trng OTC, cc giao dch c tin hnh qua mng li cc cng ty chng khon

phn tn khp quc gia v c ni vi nhau bng mng in t. Gi trn th trng ny chnh thnh theo phng thc tha thun.Hng ha ch yu trn cc sn giao dch chng khon ln thng l c phiu, cn tri

phiu v cc cng c phi sinh khc hay c mua bn trn th trng OTC hn. Quy mchng khona th trng tri phiu ton cu c c tnh vo khong 45.000 t USD, cnquy m ca th trng c phiu vo khong phn na con s . Quy m ca th trngchng khon phi sinh vo khong 300.000 t USD, tuy nhin ngi ta khng so snh n trctip vi hai th trng trn v ch l gi tr danh ngha ca chng, trong khi cc con s nitrc l gi tr thc ca c phiu, tri phiu.

II. CHC NNG CA TH TRNG CHNG KHON1. Huy ng vn u t cho nn kinh tKhi cc nh u t mua chng khon do cc cng ty pht hnh, s tin nhn ri ca h

c a vo hot ng sn xut kinh doanh v qua gp phn m rng sn xut x hi.Thng qua th trng chng khon, Chnh ph v chnh quyn cc a phng cng huyng c cc ngun vn cho mc ch s dng v u t pht trin h tng kinh t, phc vcc nhu cu chung ca x hi.2. Cung cp mi trng u t cho cng chng

Th trng chng khon cung cp cho cng chng mt mi trng u t lnh mnh vicc c hi la chn phong ph. Cc loi chng khon trn th trng rt khc nhau v tnh

cht, thi hn v ri ro, cho php cc nh u t c th la chn hng ha ph hp vi khnng, mc tiu v s thch ca mnh.3. To tnh thanh khon cho cc chng khon

Nh c th trng chng khon cc nh u t c th chuyn i cc chng khon h shu thnh tin mt hoc cc loi chng khon khc khi h mun. Kh nng thanh khon lmt trong nhng c tnh hp dn ca chng khon i vi ngi u t. y l yu t chothy tnh linh hot, an ton ca vn u t. Th trng chng khon hot ng cng nngng v c hiu qu th tnh thanh khon ca cc chng khon giao dch trn th trng cngcao.



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4. nh gi hot ng ca doanh nghipThng qua chng khon, hot ng ca cc doanh nghip c phn nh mt cch tng

hp v chnh xc, gip cho vic nh gi v so snh hot ng ca doanh nghip c nhanhchng v thun tin, t cng to ra mt mi trng cnh tranh lnh mnh nhm nng caohiu qu s dng vn, kch thch p dng cng ngh mi, ci tin sn phm.5. To mi trng gip Chnh ph thc hin cc chnh sch kinh t v m

Cc ch bo ca th trng chng khon phn nh ng thi ca nn kinh t cch nhybn v chnh xc. Gi cc chng khon tng ln cho thy u t ang m rng, nn kinh ttng trng; ngc li gi chng khon gim s cho thy cc du hiu tiu cc ca nn kinht. V th, th trng chng khon c gi l phong v biu ca nn kinh t v l mt cngc quan trng gip Chnh ph thc hin cc chnh sch kinh t v m. Thng qua th trngchng khon, Chnh ph c th mua v bn tri phiu Chnh ph to ra ngun thu b dpthm ht ngn sch v qun l lm pht. Ngoi ra, Chnh ph cng c th s dng mt schnh sch, bin php tc ng vo th trng chng khon nhm nh hng u t m bocho s pht trin cn i ca nn kinh t

III. V TR V CU TRC TH TRNG CHNG KHON1. V tr ca th trng chng khon trong th trng ti chnh

Th trng chng khon l mt b phn ca th trng ti chnh. l mt th trngvn di hn c dc trng bi quan h mua bn cc loi c phiu v tri phiu.

Th trng chng khon l hnh nh c trng ca th trng vn

Thi gian o hn 1 nm t

Nh vy, trn th trng chng khon giao dch 2 loi cng c ti chnh: cng c tichnh trn th trng vn v cng c ti chnh trn th trng tin t.

Th trng chng khon l ht nhn trung tm ca th trng ti chnh ni din ra qutrnh pht hnh, mua bn cng c N v cng c Vn (cc cng c s hu).

SVTH: Lu L Mai 08NH1

Th trng tin t Th trng vnTh trng chngkhon

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2. Cu trc v phn loi ca th trng chng khon

Th trng chng khon l ni din ra cc giao dch, mua bn nhng sn phm ti chnh(c phiu, tri phiu, cc khon vay ngn hng c k hn trn mt nm). Sau y l mt scch phn loi th trng chng khon c bn:

a. X t v phng din php l- Th trng chng khon tp trung: l th trng hot ng theo ng cc quy nh ca

php lut, l ni mua bn cc loi chng khon c dng biu hay c bit c biu l.Chng khon ng biu l chng khon c c quan c thm quyn cho php bo

m, phn phi v mua bn qua trung gian cc kinh k v cng ty kinh k, tc l hi tiu chun quy nh.

Chng khon biu l l chng khon do Chnh ph hoc cc c quan cng quyn pht

hnh v bo m. Loi chng khon ny c min giy php ca c quan c thm quyn.- Th trng chng khon phi tp trung (OTC): L th trng mua bn chng khon nmngoi s giao dch, khng c a im tp trung nhng nh mi gii, nhng ngi kinh doanhchng khon nh ti s giao dch. Cc giao dch y ch yu l da vo s tha thun giangi mua v ngi bn, khng c s kim sot t Hi ng Chng khon.

Cc loi chng khon mua bn y thng nhng chng khon khng c ngbiu, t ngi bit n hoc t c mua bn.

b. Xt v qu trnh lun chuyn chng khon:- Th trng s cp: cn gi l th trng cp mt hay th trng pht hnh, hm ch

ni din ra cc hot ng mua bn chng khon mi pht hnh ln u. Trn th trng ny,vn t nh u t s c chuyn sang nh pht hnh thng qua vic nh u t mua ccchng khon mi pht hnh.Th trng s cp l th trng to vn cho n v pht hnh.

- Th trng th cp: cn gi l th trng cp hai hay th trng lu thng, l ni nni din ra cc giao dch mua bn chng khon sau khi pht hnh ln u. Ni cch khcth trng th cp l th trng mua i bn li cc loi chng khon pht hnh qua thtrng s cp.

im khc nhau cn bn gia th trng s cp v th trng th cp khng phi l skhc nhau v hinhg thc m l s khc nhau v ni dung, v hnh thc m l s khc nhau vni dung, v mc ch ca tng loi th trng. Bi l, vic pht hnh c phiu hay tri phiu


TT N TT Vn c phn

TT Tri phiu TT C Phiu


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th trng s cp l nhm thu ht mi ngun vn u t v tit kim vo cng cuc phttrin kinh t. Cn th trng th cp. d vic giao dch cn rt nhn nhp c hng chcngi

c. Xt v phng thc giao dch- Th trng giao ngay: l th trng mua bn chng khon theo gi ti thi im giao

dch nhng vic thc hin thanh ton v giao hng c th din ra sau mt vi ngy theo tha

thun.- Th trng giao sau: l th trng mua bn chng khon theo mt loi hp ng nh

sn, gi c c tha thun trong ngy giao dch, nhng vic thanh ton v giao hng xy ratrong mt thi hn tng lai.

d. Xt v c im hng ha lu hnh trn th trng- Th trng c phiu : l th trng gao dch v mua bn cc loi c phiu, bao gm c

phiu thng, c phiu u i.- Th trng tri phiu: l th trng giao dch v mua bn cc loi tri phiu c

pht hnh, cc loi tri phiu ny bao gm cc tri phiu cng ty, tri phiu th v triphiu Chnh ph.

- Th trng cc cng c chng khon phi sinh: l th trng pht hnh v mua i bnli cc chng t ti chnh khc nh: quyn mua c phiu, chng quyn, hp ng quynchn

IV. VAI TR CA TH TRNG CHNG KHON Th nht, th trng chng khon vi vic to ra cc cng c c tnh thanh khon cao,c th tch t, tp trung v phn phi vn, chuyn thi hn ca vn ph hp vi yu cu phttrin kinh t

Hn Quc, th trng chng khon ng vai tr khng nh trong s tng trngkinh t trong hn ba mi nm cho ti cui thp k 90. TH trng chng khon Hn Quc

ln mnh ng hng th 13 trn th gii, vi tng gi tr huy ng l 160 t la M, gpphn to mc tng trng kinh t t mc trung bnh 9%/nm, thu nhp quc dn nm 1995l trn 10.000USD/ngi

Yu t thng tin v yu t cnh tranh trn th trng s m bo cho vic phn phi vnmt cch c hiu qu. Th trng ti chnh l ni tin phong p dng cng ngh mi v nhycm vi mi trng thng xuyn thay i. Thc t trn th trng chng khon, tt c ccthng tin c cp nhp v c chuyn ti ti tt c cc nh u t, nh h mi c thnhn c vn vi chi ph r trn th trng.

Th trng chng khon to mt s cnh tranh c hiu qu trn th trng ti chnh, iuny buc cc ngn hng thng mi v cc t chc ti chnh phi quan tm ti hot ng ca

chnh h v lm gim chi ph ti chnh.Vic huy ng vn trn th trng chng khon c th lm tng vn t c ca cc cngty v gip h trnh cc khon vay chi ph cao cng nh s kim sot cht ch ca cc Ngnhng Thng mi. Th trng chng khon khuyn khch tnh cnh tranh ca cc cng ty trnth trng. S tn ti ca th trng chng khon cng l yu t quyt nh thu ht vnu t nc ngoi. y chnh l yu t m bo cho s phn b c hiu qu cc ngun lctrong mt quc gia cng nh trong phm vi quc t.

Th hai, th trng chng khon gp phn ti phn phi cng bng hn, thng qua vicbuc cc tp don gia nh pht hnh chng khon ra cng chng, gii ta s tp trung quyn



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lc kinh t ca cc tp on song vn tp trung vn cho vic pht trin kinh t. Vic tngcng tng lp trung lu trong x hi, tng cng s gim st ca x hi i vi qu trnh

phn phi gip nhiu nc tin xa hn ti mt x hi cng bng hn, qua to hiu quv tng cng v kinh t. Th ba, th trng chng khon to iu kin cho vic tch bit gia s hu v qun ldoanh nghip. Khi qui m ca doanh nghip tng ln, mi trng kinh doanh tr nn phc

tp hn, nhu cu v qun l chuyn trch cng tng theo. Th trng chng khon to iukin cho vic tit kim vn v cht xm, to iu kin thc y c phn ha doanh nghip

Nh nc. C ch thng tin hon ho to kh nng gim st cht ch ca th trng chngkhon lm gim cc tiu cc trong qun l, to iu kin kt hp hi ha li gia li chca ch s hu, nh qun l v ngi lm cng. Th t, l hiu qu quc t ha th trng chng khon. Vic m ca th trng chngkhon lm tng tnh lng v cnh tranh trn th trng quc t. iu ny cho php cc cng tyc th huy ng ngun vn r hn, tng cng u t ngun tit kim bn ngoi, ng thitng cng kh nng cnh tranh quc t v m rng cc c hi kinh doanh ca cc cng tytrong nc.

Hn Quc, Singapore, Thi Lan, Malaysia l nhng minh chng in hnh v vic tndng cc c hi do th trng chng khon mang li. Tuy nhin, chng ta cng phi xem xtcc hot ng tiu cc c th xy ra nh vic tng cung tin qua mc, p lc lm pht, vn chy mu vn, hoc s thu tm ca ngi nc ngoi trn th trng chng khon. Th nm, th trng chng khon to c hi cho chnh ph huy ng cc ngun tichnh m khng to p lc v lm pht, ng thi to cc cng c cho vic thc hin chnhsch ti chnh tin t ca chnh ph. y chnh l im th hin r nht v tr quan trng cath trng chng khon trong nn kinh t v h thng ti chnh quc gia. Th su, th trng chng khon cung cp mt d bo tuyt vi v cc chu k kinhdoanh trong tng lai. Vic thay i gi chng khon c xu hng i trc chu k kinh

doanh, cho php chnh ph cng nh cc cng ty nh gi k hoch u t cng nh vicphn b ngun lc cho h. Th trng chng khon cng to iu kin ti cu trc li nnkinh t.

Ngoi nhng tc ng tch cc trn, th trng chng khon cng c nhng tiu ccnht nh. Th trng chng khon lm vic trn c s thng tin hon ho. Song cc thtrng mi ni, thng tin c chuyn ti ti cc nh u t khng y v khng gingnhau. Nh vy, gi c chng khon khng phn nh gi tr kinh t c bn ca cng ty vkhng tr thnh c s phn phi mt cch c hiu qu cc ngun lc.

Mt s tiu cc khc ca th trng chng khon nh hin tng u c, hin tngxung t quyn lc lm thit hi cho cc c ng thiu s, vic mua bn ni gin, thao tng

th trng lm nn lng nh u t v nh vy, s tc ng tiu cc ti tit kim v u t.Nhim v ca cc nh qun l th trng l gim thiu cc tiu cc ca th trng nhm bov quyn li ca cc nh u t v m bo cho tnh hiu qu ca th trng.

Nh vy, vai tr ca th trng chng khon c th hin trn kha cnh khc nhau.Song vai tr tch cc hay tiu cc ca th trng chng khon c thc s c pht huy hayhn ch ph thuc ng k vo cc ch th tham gia vo th trng v s qun l ca Nhnc.



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V. CC NGUYN TC HOT NG CA TH TRNG CHNGKHON1. Nguyn tc trung gian

Mi hot ng giao dch, mua bn chng khon trn th trng chng khon u c

thc hin thng qua cc trung gian, hay cn gi l cc nh mi gii (cng ty chng khon).Cc nh mi gii thc hin giao dch theo lnh ca khch hng v hng hoa hng, h cn cth cung cp cc dch v khc nh cung cp thng tin v t vn cho khch hng trong vicu t

Theo nguyn tc trung gian, cc nh u t khng th trc tip tha thun vi nhau mua bn chng khon. H u phi thng qua cc nh mi gii ca mnh t lnh. Cc nhmi gii s nhp lnh vo h thng khp lnh.2. Nguyn tc cng khai

Chng khon l loi hng ha tru tng nn th trng chng khon phi c xydng trn c s h thng cng b thng tin tt. Theo lut nh, cc t chc pht hnh c

ngha v phi cung cp thng tin (ti chnh nh k hng nm ca cng ty, cc s kin btthng xy ra i vi cng ty, nm gi c phiu ca gim c, ngi qun l c ng, cng a s) y theo ch thng xuyn v t xut thng qua cc phng tin thngtin i chng, S giao dch, cc cng ty chng khon v cc t chc c lin quan. Cc thngtin cng c cng b cng khai minh bch, th cng thu ht c nh u t tham gia vo thtrng chng khon.

Nguyn tc cng khai ca th trng chng khon nhm m bo quyn li cho ngimua chng khon khng b h trong mua bn chng khon.3. Nguyn tc u gi

Gi chng khon c xc nh thng qua vic u gi gia cc lnh mua v lnh bn.Tt c cc thnh vin tham gia th trng u khng th can thip vo vic xc nh gi ny.C hai hnh thc u gi l u gi trc tip v u gi t ng

u gi trc tip l vic cc nh mi gii gp nhau trn sn giao dch v trc tip ugi.

u gi t ng l vic cc lnh giao dch t cc nh mi gii c nhp vo h thngmy ch ca S giao dch cng khon. H thng my ch ny s xc nh mc gi sao cho timc gi ny chng khon giao dch vi khi lng cao nht4. Nguyn tc cnh tranh

Theo nguyn tc ny, gi c trn th trng chng khon phn nh quan h cung cu vchng khon v th hin tng quan cnh tranh gia cc cng ty.

Trn th trng s cp, cc nh pht hnh cnh tranh vi nhau bn chng khon ca

mnh cho cc nh u t, cc nh u t c t do la chn cc chng khon theo cc mctiu ca mnh.

Trn th trng th cp, cc nh u t cng cnh tranh t do tm kim cho mnh mtli nhun cao nht, v gi c c hnh thnh theo phng thc u gi.5. Nguyn tc cng bng

Cng bng c ngha l mi ngi tham gia th trng u phi tun th nhng quy nhchung, c bnh ng trong vic chia s thng tin v trong vic gnh chu cc hnh thc x

pht nu vi phm vo nhng quy nh .



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6. Nguyn tc tp trungCc t chc v c nhn tham gia th trng chng khon c th c chia thnh cc

nhm sau: nh pht hnh, nh u t v cc t chc t qun.Cc nguyn tc trn y nhm m bo cho gi c chng khon c hnh thnh mt

cch thng nht, cng bng cho tt c cc bn giao dch. Do , hu ht cc nc trn th

gii hin nay, ch c mt S giao dch chng khon duy nht. Tuy nhin, ngi dn mi mint nc u c th tip cn th trng thng qua cc phng giao dch ca cng ty chngkhon m cc im dn c.

VI. CC THNH PHN THAM GIA TH TRNG CHNG KHONCc t chc v c nhn tham gia th trng chng khon c th c chia thnh cc nhmsau: nh pht hnh, nh u t v cc t chc lin quan n chng khon.1. Nh pht hnh

Nh pht hnh l cc t chc thc hin huy ng vn thng qua th trng chngkhon. Nh pht hnh l ngi cung cp cc chng khon hng ha

- Chnh ph v chnh quyn a phng l nh pht hnh cc tri phiu chnh ph vtri phiu a phng

- Cng ty l nh pht hnh cc c phiu v tri phiu cng ty- Cc t chc ti chnh l nh pht hnh cc cng c ti chnh nh tri phiu, chng ch

th hng phc v cho hot ng ca h.2. Nh u t

Nh u t l nhng ngi thc s mua v bn chng khon trn th trng chngkhon. Nh u t c th c chia thnh 2 loi:

+ Nh u t c nhn: l nhng ngi c vn nhn ri tm thi, tham gia mua bn trnth trng chng khon nhm mc ch kim li.

+ Nh u t c t chc: l cc nh ch u t thng xuyn mua bn chng khonvi s lng ln trn th trng.Cc nh ch ny c th tn ti cc hnh thc sau: cng ty u t, cng ty bo him, qu

lng hu, cng ty ti chnh, ngn hng thng mi v cc cng ty chng khon.3. Cc t chc kinh doanh trn th trng chng khon

L nhng cng ty hot ng trong lnh vc chng khon, c th m nhim mt hocnhiu trong s cc nghip v chnh l mi gii, qun l qu u t, bo lnh pht hnh, tvn u t chng khon v t doanh

- Cng ty chng khon- Qu u t chng khon

- Cc trung gian ti chnh4. Cc t chc c lin quan n th trng chng khon- C quan qun l Nh nc: l c quan thuc Chnh ph thc hin chc nng qun l

nh nc i vi TTCK Vit nam- S giao dch chng khon: l c quan thc hin vn hnh th trng v ban hnh

nhng quyt nh iu chnh cc hot ng giao dch chng khon trn S ph hp vi ccquy nh ca lut php v y ban chng khon.

- Hip hi cc nh kinh doanh chng khon lcu ni gia cc nh kinh doanh chng



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khon vi cc c quan qun l nh nc v cng chng u t cng nh tham gia vo vicban hnh cc c ch, chnh sch...

- T chc lu k v thanh ton b tr chng khon thng l cc ngn hng lu k(ngn hng thng mi c php hot ng lu k chng khon), cc cng ty chng khon,c gi chung l cc t chc lu k. Cc t chc thanh ton tin cho cc giao dch chngkhon l cc ngn hng thanh ton

- Cng ty dch v my tnh chng khon: l t chc ph tr, phc v cc giao dchchng khon.

- Cc t chc ti tr chng khon- Cng ty nh gi h s tn nhim: l cng ty chuyn cung cp dch v nh gi nng

lc thanh ton cc khon vn gc v li ng thi hn v theo nhng iu khon cam ktca cng ty pht hnh i vi mt t pht hnh c th.

VII. CC VN LIN QUAN N TH TRNG CHNG KHON1. Giao dch chng khonHot ng mua bn chng khon trn th trng chng khon c th din ra trn th trngtp trung (Trung tmgiao dch chng khon, S giao dch chng khon) v th trng phi tptrung.a) Mua chng khon ca t chc pht hnhi vi loi chng khon ny, ta c th thc hin theo 2 hnh thc:- Mua trc tip ti t chc pht hnh (cng ty): nh u t phi ng k mua v np tin trctip ti t chc pht hnh chng khon. Hnh thc ny rt bt cp, nht l v mt a l.- Mua thng qua trung gian: tc l mua thng qua cc nh i l hoc bo lnh pht hnhthng thng l cc cng ty chng khon v cc Ngn hng Thng mi.

Nu bn mua chng khon ca t chc pht hnh cha nim yt trn Trung tm giao dchchng khon th vic chuyn nhng hoc bn li chng khon cho ngi khc hin nay

gp nhiu kh khn v khng d tm c ngi mua v bn cng phi trc tip dn t chcpht hnh (hoc quyn) thc hin chuyn nhng cho ngi mua.b)Mua bn chng khon nim yt trn Trung tm giao dch chng khonChng khon nim yt l chng khon c iu kin v tiu chun c ng k mua

bn ti Trung tm giao dch chng khon.Khi mua chng khon nim yt, phi tun th theo mt s nguyn tc sau:- Mi giao dch mua bn chng khon u phi qua h thng ti S Giao dch, Trung tmGiao dch chng khon theo phng thc khp lnh hoc phng thc tha thun.- Giao dch chng khon thc hin theo phng thc khp lnh trn nguyn tc u tin vgi v u tin v thi gian.

- Giao dch chng khon nim yt l l c thc hin trc tip gia ngi u t vi cngty chng khon thnh vin l thnh vin ca Trung tm giao dch chng khon trn nguyntc tha thun v gi.Quy trnh giao dch chng khon nim yt ti trung tm giao dch chng khon:(Ton bi quy trnh ny c tin hnh theo 5 bc:- Bc 1: Nh u t n m ti khon v t lnh mua bn chng khon ti mt cng tychng khon.- Bc 2: Cng ty chng khon chuyn lnh cho i din ca cng ty ti Trung tm giaodch chng khon nhp vo h thng giao dch ca Trung tm.



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- Bc 3: Trung tm giao dch chng khon thc hin ghp lnh v thng bo kt qu giaodch cho cng ty chng khon.- Bc 4: Cng ty chng khon thng bo kt qu giao dch cho nh u t.- Bc 5: Nh u t nhn c chng khon (nu l ngi mua) hoc tin (nu l ngi

bn) trn ti khon ca mnh ti cng ty chng khon sau 3 ngy lm vic k t ngy muabn.

2. iu kin v cch thc mt cng ty c th ln sn giao dch chng khon c php nim yt v giao dch c phn ca mnh trn sn giao dch cc cng ty cnthit p ng c yu cu ca sn giao dch cng nh thc hin y cc th tc php lquy nh ca php lut.iu kin v th tc tin hnh nim yt c phiu trn sn giao dch, Trung tm giao dchchng khon c quy nh chi tit ti Ngh nh s 14/2007/N CP do Th tng ChnhPh k ngy 19/1/2007 Quy nh chi tit thi hnh mt s iu ca Lut Chng khon. C thnh sau:2.1. iu kin nim yt c phiu:2.1.1. iu kin nim yt c phiu ti S Giao dch chng khon

a) L cng ty c phn c vn iu l gp ti thi im ng k nim yt t 80 t ngVit Nam tr ln tnh theo gi tr ghi trn s k ton.b) Hot ng kinh doanh hai nm lin trc nm ng k nim yt phi c li v khng c lly k tnh n nm ng k nim yt.c) Khng c cc khon n qu hn cha c d phng theo quy nh ca php lut , cngkhai mi khon n i vi cng ty ca thnh vin Hi ng qun tr, Ban kim sot, Gimc hoc Tng gim c, Ph gim c hoc Ph Tng gim c, K ton trng, c ngln v nhng ngi lin quan.d) Ti thiu 20% c phiu c quyn biu quyt ca cng ty do t nht 100 c ng nm gi,e) C ng l thnh vin Hi ng qun tr , Ban kim sot, Gim c hoc Tng gim c,

Ph gim c hoc Ph Tng gim c v k ton trng ca cng ty phi cam kt nm gi100% s c phiu do mnh s hu trong thi gian 6 thng k t ngy nim yt v 50% s cphiu ny trong thi gian 6 thng tip theo, khng tnh s c phiu thuc quyn s hu Nhnc do cc c nhn trn i din nm gi.e) C h s dng k nim yt c phiu hp l theo quy nh.2.1.1. iu kin nim yt c phiu ti Trung tm giao dch chng khon.a) L cng ty c phn c vn iu l gp ti thi im ng k nim yt t 10 t ngVit Nam tr ln tnh theo gi tr ghi trn s k ton.

b) Hot ng kinh doanh ca nm lin trc nm ng k nim yt phi c li, khng c cckhon n phi tr qu hn trn mt nm v hon thnh cc ngha v ti chnh vi nh nc.c) C phiu c quyn biu quyt ca cng ty do t nht 100 c ng nm gi;d) C ng l thnh vin Hi ng qun tr, Ban Kim sot, Gim c hoc Tng gim c,Ph Gim c hoc Ph Tng gim c v K ton trng ca cng ty phi cam kt nm gi100% s c phiu do mnh s hu trong thi gian 6 thng k t ngy nim yt v 50% s c

phiu ny trong thi gian 6 thng tip theo, khng tnh s c phiu thuc s hu Nh nc docc c nhn trn i din nm gi;) C h s ng k nim yt c phiu hp l theo quy nh;



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e) Vic nim yt c phiu ca cc doanh nghip thnh lp mi thuc lnh vc c s h tnghoc cng ngh cao, doanh nghip 100% vn nh nc chuyn i thnh cng ty c phnkhng phi p ng iu kin quy nh ti im b.2.2.Cch thc mt cng ty c th nim yt c phiu trn SGD, Trung tm GDCK: c th nim yt c phiu ca mnh trn SGD chng khon, Trung tm GDCK, t chcng k nim yt c phiu phi np h s ng k nim yt cho SGD chng khon, Trung

tm GDCK. H s ng k nim yt c phiu bao gm:a) Giy ng k nim yt c phiu;

b) Quyt nh ca i hi ng c ng thng qua vic nim yt c phiu;c) S ng k c ng ca t chc ng k nim yt c lp trong thi hn mt thng trcthi im np h s ng k nim yt;d) Bn co bch theo quy nh ti iu 15 Lut Chng khon;) Cam kt ca c ng l thnh vin Hi ng qun tr, Ban Kim sot, Gim c hoc TngGim c, Ph Gim c hoc Ph Tng Gim c v K ton trng nm gi 100% s c

phiu do mnh s hu trong thi gian 6 thng k t ngy nim yt v 50% s c phiu nytrong thi gian 6 thng tip theo;

e) Hp ng t vn nim yt (nu c);g) Giy chng nhn ca Trung tm lu k chng khon v vic c phiu ca t chc ng k lu k tp trung.Trong thi hn 30 ngy, k t ngy nhn h s hp l, SGDchng khon, Trung tm GDCK c trch nhim chp thun hoc t chi ng k nim yt.Trng hp t chi ng k nim yt, SGD chng khon, Trung tm GDCK phi tr li bngvn bn v nu r l do.3. Pht hnh v nim yt chng khonVic cho bn ln u tin chng khon mi gi l pht hnh chng khon. Vic a ccchng khon c tiu chun vo ng k v giao dch ti th trng giao dch tp trung(Trung tm Giao dch Chng khon, S Giao dch Chng khon) gi l nim yt chng

khon.3.1. Pht hnh chng khon3.1.1. Khi nim v pht hnh chng khon: Vic cho bn ln u tin chng khon migi l pht hnh chng khon.

Nu t pht hnh dn n vic a mt loi chng khon ca mt t chc ln u tinra cng chng th gi lpht hnh ln u ra cng chng. Nu vic pht hnh l vic phthnh b sung bi t chc c chng khon cng loi lu thng trn th trng th gi ltpht hnh chng khon b sung. Tuy nhin, khng phi mi i tng u c phthnh chng khon m ch nhng ch th pht hnh mi c c quyn ny3.1.2. Phng thc pht hnh chng khonC 2 phng thc pht hnh chng khon trn th trng s cp. l pht hnh ring l v

pht hnh ra cng chng.a) Pht hnh ring l(Private Placement)Pht hnh ring l l vic cng ty pht hnh cho bn chng khon ca mnh trong phm vimt s ngi nht nh (thng thng l cho cc nh u t c t chc c nh nm gichng khon mt cch lu di) nh cng ty bo him, qu hu tr... vi nhng iu kin hnch ch khng pht hnh rng ri ra cng chng. Cc ngn hng u t cng c th tham giavo vic pht hnh ring l vi t cch nh phn phi hng ph pht hnh. a s cc t



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pht hnh tri phiu u thc hin di hnh thc pht hnh ring l, vic pht hnh c phiuthng - c phiu ph thng t khi c thc hin di hnh thc ny.b)Pht hnh chng khon ra cng chngPht hnh chng khon ra cng chng l vic pht hnh trong chng khon c th chuynnhng c bn rng ri ra cng chng cho mt s lng ln ngi u t nht nh (trong phi dnh mt t l cho cc nh u t nh) v khi lng pht hnh phi t mt mc

nht nhC s khc nhau gia vic pht hnh c phiu v tri phiu ra cng chng:* Pht hnh c phiu ra cng chng c thc hin theo mt trong hai hnh thc sau:

- Pht hnh ln u ra cng chng (IPO): l vic pht hnh trong c phiu ca cngty ln u tin c bn rng ri cho cng chng u t.

- Cho bn s cp (phn phi s cp): l t pht hnh c phiu b sung ca cng ty ichng cho rng ri cng chng u t.* Pht hnh tri phiu ra cng chng c thc hin bng mt hnh thc duy nht, l cho

bn s cp (phn phi s cp).Vic pht hnh chng khon ra cng chng phi chu s chi phi ca php lut v

chng khon v phi c c quan qun l nh nc v chng khon cp php. Nhng cngty pht hnh chng khon ra cng chng phi thc hin mt ch bo co, cng b thngtin cng khai v chu s gim st ring theo quy nh ca php lut chng khon.

Vit Nam, vic pht hnh chng khon ra cng chng nim yt ti Trung tm giaodch chng khon phi tun theo cc qui nh ti Ngh nh 48/1998/N-CP ngy 11/7/1998ca Chnh ph v chng khon v th trng chng khon. Ngh nh ny qui nh vic phthnh chng khon ra cng chng nim yt ti th trng giao dch tp trung phi c U

ban chng khon cp php tr vic pht hnh tri phiu Chnh ph. Cc chng khon ny saukhi c pht hnh ra cng chng s c nim yt ti Trung tm giao dch chon.

Mc ch ca vic phn bit hai hnh thc pht hnh (pht hnh ring l v pht hnh ra

cng chng nh trn l nhm c cc bin php bo v cho cng chng u t, nht l nhngnh u t nh khng hiu bit nhiu v lnh vc chng khon. Nhm mc ch ny, cphp pht hnh ra cng chng, t chc pht hnh phi l nhng cng ty lm n c cht lngcao, hot ng sn xut kinh doanh c hiu qu, p ng c cc iu kin do c quan qunl nh nc v chng khon( y ban chng khon nh nc).c) ngha c bn ca vic phn bit gia pht hnh ring l v pht hnh ra cng chng

Vic phn bit pht hnh ring l v pht hnh ra cng chng l xc nh nhngngi pht hnh rng ri ra cng chng phi l nhng cng ty c cht lng cao, hot ngsn xut kinh doanh tt, nhm bo v cho cng chng u t ni chung, nht l nhng nhu t nh thiu hiu bit. ng thi, y cng l iu kin xy dng mt th trngchng khon an ton, cng khai v c hiu qu.

Vic pht hnh chng khon ring l thng thng chu s iu chnh ca Lut Cngty. Chng khon pht hnh di hnh thc ny khng phi l i tng c nim yt vgiao dch trn th trng chng khon s cp.3.1.3. Bo lnh pht hnh chng khona) Khi nim: Bo lnh pht hnh l vic t chc bo lnh gip t chc pht hnh thc hincc th tc trc khi cho bn chng khon, t chc vic phn phi chng khon v gip

bnh n gi chng khon trong giai on u sau khi pht hnh. Trn th gii, cc ngn hngu t thng l nhng t chc ng ra lm bo lnh pht hnh.



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T chc bo lnh l ngi chu trch nhim mua hoc cho bn chng khon ca mt tchc pht hnh nhm thc hin vic phn phi chng khon hng hoa hng.b) Cc phng thc bo lnh pht hnhVic bo lnh pht hnh thng c thc hin theo mt trong cc phng thc sau:

Bo lnh vi cam kt chc chn: l phng thc bo lnh m theo t chc bo lnhcam kt s mua ton b s chng khon pht hnh cho d c phn phi c ht chng

khon hay khng. Trong hnh thc bo lnh t hp theo "cam kt chc chn", mt nhm cct chc bo lnh hnh thnh mt t hp mua chng khon ca t chc pht hnh vi gichit khu so vi gi cho bn ra cng chng (POP) v bn li cc chng khon ra cngchng theo gi POP. Chnh lch gia gi mua chng khon ca cc t chc bo lnh v gicho bn ra cng chng c gi l hoa hng chit khu.

Bo lnh theo phng thc d phng: y l phng thc thng c p dng khimt cng ty i chng pht hnh b sung thm c phiu thng cc nc pht trin. Trongtrng hp , cng ty cn phi bo v quyn li cho cc c ng hin hu, v nh vy,cng ty phi cho bn c phiu b sung cho cc c ng c trc khi cho bn ra cng chng

bn ngoi. D nhin, s c mt s c ng khng mun mua thm c phiu ca cng ty. Do

vy, cng ty cn c mt t chc bo lnh d phng sn sng mua nhng quyn mua khngc thc hin v chuyn thnh nhng c phiu phn phi ra ngoi cng chng. C thni, bo lnh theo phng thc d phng l vic t chc bo lnh cam kt s mua nt schng khon cn li cha c phn phi ht ca t chc pht hnh v bn li ra cngchng. Ti cc nc ang pht trin, khi cc t chc bo lnh cn non tr v cha c tim lcln th phng thc bo lnh pht hnh d phng li l phng thc bo lnh thng dngnht.

Bo lnh vi c gng cao nht: l phng thc bo lnh m theo t chc bo lnh tchc bo lnh tho thun lm i l cho t chc pht hnh. T chc bo lnh khng cam kt

bn ton b s chng khon m cam kt s c gng ht sc bn chng khon ra th trng,

nhng nu khng phn phi ht s tr li cho t chc pht hnh phn cn li.Bo lnh theo phng thc bn tt c hoc khng: trong phng thc ny, t chc phthnh yu cu t chc bo lnh bn mt s lng chng khon nht nh, nu khng phn

phi c ht s hu ton b t pht hnh.Bo lnh theo phng thc ti thiu - ti a : l phng thc trung gian gia phng

thc bo lnh vi c gng cao nht v phng thc bo lnh bn tt c hoc khng. Theophng thc ny, t chc pht hnh yu cu t chc bo lnh bn ti thiu mt t l chngkhon nht nh (mc sn). Vt trn mc y, t chc bo lnh c t do cho bn chngkhon n mc ti a quy nh (mc trn). Nu lng chng khon bn c t t l thphn mc yu cu th ton b t pht hnh s b hu b.3.2. Nim yt chng khon.

Nim yt chng khon l vic a cc chng khon c tiu chun vo ng k vgiao dch ti th trng giao dch tp trung (Trung tm Giao dch Chng khon, S Giao dchChng khon). Hay ni cch khc, c th c nim yt ti mt S giao dch chng khonno th cng ty xin nim yt phi p ng cc tiu chun do S t ra. Mi S giaodch chng khon c nhng iu kin t ra khc nhau m bo cho s hot ng an tonng thi ph hp vi mc ch hot ng ca S giao dch .4. Phng thc t chc v giao dch



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Sau khi chng khon mi c pht hnh trn th trng s cp, chng s c giao dch trnth trng th cp. Khc vi th trng s cp, tin bn chng khon trn th trng th cpthuc v cc nh u t v nh kinh doanh ch khng thuc v cc cng ty pht hnh chngkhon.Xt v phng thc t chc v giao dch, th trng chng khon bao gm 3 loi: S giao

dch chng khon, Th trng phi tp trung (OTC), v th trng th 3.- Th trng tp trung (S giao dch chng khon): l th trng trong vic giao dchmua bn chng khon c thc hin ti mt a im tp trung gi l sn giao dch (tradingfloor). Cc chng khon c nim yt ti S giao dch thng thng l chng khon canhng cng ty ln, c danh ting, qua th thch ca th trng. Phng thc giao dch tiS giao dch l phng thc u gi, trong cc lnh mua, bn c ghp vi nhau hnhthnh gi c cnh tranh tt nht.- Th trng phi tp trung (OTC): l th trng trong vic giao dch mua bn chngkhon khng din ra ti mt a im tp trung m thng qua h thng computer ni mnggia cc thnh vin ca th trng. Cc chng khon c giao dch trn th trng phi tp

trung l chng khon ca cc cng ty va v nh.Phng thc giao dch ti th trng OTC l phng thc tha thun, gi c chng khonc xc nh trn c s tha thun gia cc thnh vin ca th trng.- Th trng th 3: l th trng, trong hot ng giao dch mua bn chng khon khngc thc hin thng qua h thng u gi ca cc S giao dch v h thng computer ca thtrng OTC.4.1. S giao dch chng khon:4.1.1. Hnh thc s hu ca S giao dchS giao dch chng khon l mt t chc c t cch php nhn c thnh lp theo quy nhca php lut. Lch s pht trin S giao dch chng khon cc nc v ang tri qua cc

hnh thc s hu sau y:- Hnh thc s hu thnh vin: S giao dch chng khon do cc thnh vin l cng tychng khon s hu, c t chc nh mt cng ty trch nhim hu hn, c Hi ng quntr m thnh phn a s do cc cng ty chng khon thnh vin c ra. VD: S giao dchchng khon Hn Quc, New York, Tokyo, Thi Lan.

- Hnh thc cng ty c phn: S giao dch chng khon c t chc di hnh thccng ty c phn c bit do cc cng ty chng khon thnh vin, ngn hng, cng ty tichnh, bo him s hu vi mc tiu l li nhun theo qui nh ca Lut cng ty. VD: c,Malaysia, London, Hongkong- Hnh thc s hu nh nc: S giao dch chng khon do

Nh nc s hu (phn ln hoc ton b) nh trng hp S giao dch chng khon

Warsawar, Istabul, Vit NamTrong cc hnh thc trn, hnh thc s hu thnh vin l ph bin nht. Hnh thc nycho php S giao dch chng khon c quyn t qun mc nht nh, nng cao ctnh hiu qu v s nhanh nhy trong vn qun l hn l hnh thc s hu nh nc.

Tuy nhin, trong nhng hon cnh lch s nht nh, vic Chnh ph nm quyn s huv qun l S giao dch s cho php ngn nga s ln xn, khng cng bng khi hnh thc shu thnh vin cha c bo v bng h thng php l y v r rng.V d :nh trng hp ca Hn Quc, S giao dch chng khon c thnh lp t nm 1956nhng n nm 1963 b v phi ng ca 57 ngy do cc thnh vin s hu S giao dch



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chng khon gy ln xn trong th trng; sau Nh nc phi ng ra nm quyn shu S giao dch chng khon trong thi gian kh di t nm 1963 n 1988.4.1.2. M hnh t chc ca S giao dcha) Hi ng qun tr

Hi ng qun tr bao gm cc i din l nhng ngi c lin quan trc tip hoc gintip n th trng chng khon. Ni chung, thnh vin Hi ng qun tr gm i din ca

cc cng ty chng khon thnh vin, v mt s ngi bn ngoi nh i din cc cng ty cchng khon nim yt, cc t chc cng nghip, cc nh chuyn mn v i din ca Chnh

phb) Cc v chc nng:Thng thng cc S giao dch chng khon cc nc c khong 20 30 V chc nng. Tuynhin, trong giai on u, cc s c mc ti thiu khong 7 v chc nng nh sau:

- Cc V chuyn mn: V giao dch, V nim yt, V kinh doanh- Cc V ph tr: V cng ngh tin hc; V nghin cu v pht trin; V k ton; Vn

phng.c) Thnh vin S giao dch chng khon:

Thnh vin S giao dch chng khon l cc cng ty chng khon c U ban chng khoncp giy php hot ng v c S giao dch chng khon chp nhn l thnh vin ca Sgiao dch chng khon* Tiu chun tr thnh thnh vin :Cc S giao dch chng khon khc nhau c nhng tiu chun khc nhau trong vic kt npthnh vin. S khc nhau ny do trnh pht trin th trng qui nh. Di y l mt stiu chun chnh trong vic kt np thnh vin.- Yu cu v ti chnh:

Cc ch tiu v vn c ng, vn iu l, v tng ti sn c l nhng ch tiu ch yuthng c s dng khi xem xt kt np thnh vin. Vn c ng l tng ti sn c tr ti

sn n ca cng ty.Vn c ng bao gm vn c phn, thng d vn v cc khon li nhun gi li. TiM, vn c ng quy nh ti thiu l 250.000 USD Thi Lan l 200 triu Baht.

Ngoi ra, t l n trn vn c ng v thu nhp trn c phiu cng l nhng ch tiu hayc tnh n khi xt kt np thnh vin. Thng thng t l n trn vn c ng khngc vt qu 1,5 ln v thu nhp trn c phiu phi t mt t l nht nh trong vng 2-3nm.- Tiu chun v nhn s:

Cng ty chng khon thnh vin phi c i ng cn b kinh doanh c trnh , chiu bit trong kinh doanh chng khon v t cch o c tt.- C s vt cht k thut:

Cng ty xin lm thnh vin phi c a im v trang thit b in t cn thit cho qutrnh nhn lnh, xc nhn kt qu giao dch v h thng bng in t.* Quyn hn v trch nhim ca thnh vin:Tu theo hnh thc s hu ca S giao dch chng khon, thnh vin c cc quyn hn sauy:- Quyn b phiu quyt nh cc vn quan trng ca S giao dch chng khon- Quyn c giao dch ti S giao dch chng khon- Quyn c nhn cc dch v do S giao dch chng khon cung cp.



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- Quyn bu i biu i din cho thnh vin ti Hi ng qun trNgoi cc quyn hn trn, cc thnh vin phi c trch nhim tun th cc quy nh ca Sgiao dch chng khon, phi thc hin ch bo co nh k v bo co bt thng theo quynh.4.2 H thng giao dch

Hot ng giao dch mua bn chng khon c khi u bng vic t lnh mua bn

ti Vn phng giao dch ca Cng ty chng khon t ti cc a im khc nhau trong cnc. Trc khi t lnh, khch hng phi lm th tc m ti khon ti Cng ty chng khon.Lnh ca khch hng c chuyn t Vn phng cng ty chng khon n ngi i din cacng ty ti sn giao dch ca S giao dch chng khon. Cc lnh mua bn c u gi vinhau. Kt qu giao dch s c thng bo li cho cng ty chng khon v khch hng cacng ty. Nhng lnh c thc hin s chuyn sang h thng thanh ton v lu k chngkhon lm cc th tc thanh ton chuyn giao chng khon v tinKhch hng Cng ty Chng khon S giao dch chng khon4.2.2 M ti khon:Trc khi t lnh, khch hng m ti khon ti cng ty chng khon. Vic m ti khon

phi c thc hin trn c s hp ng gia khch hng v cng ty chng khon.a) Cc thng tin lin quan n ti khon, khch hng phi cung cp cc thng tin sau chocng ty chng khon:- Tn y - a ch thng tr- S in thoi- S chng minh th- Cc thng tin khc nh s ti khon ti ngn hng, s ti khon chng khon ti cng tychng khon khon khc(nu c), thu nhp v kin thc v th trng chng khon.- Khi c bt k s thay i no lin quan n cc thng tin trn, khch hngmphair thng bo

ngay cho cng ty chng khon.b) Loi ti khon:- Ti khon lu k:Hu ht ti khon ca khch hng l ti khon lu k. Khch hng mua v bn chng khonthng qua ti khon ny trn c s giao ngay. Nu khch hng khng thc hin c victhanh ton vo ngy thanh ton quy nh, cng ty chng khon c quyn bn chng khon ctrn ti khon ly tin thanh ton- Ti khon lu k qu:Khch hng c th s dng ti khon ny vay tin hoc chng khon ca cng ty chngkhon- Ti khon y thc:L ti khon qua khch hng u thc cho nh mi gii quyn mua v bn chng khon mkhng cn khai bo hoc c s ng ca khch hng.c) Bo co ti khonHng thng, cng ty chng khon phi gi cho khch hng bn bo co v tnh trng tikhon ca khch hng. Bo co phi ghi r mi s thay i trn ti khon.4.2.3. t lnh v loi lnha) t lnhKhi khch hng mun giao dch, h phi t lnh bng mt trong cc hnh thc sau y:



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- t lnh trc tip ti phng lnh ca cng ty chng khon.- t lnh qua in thoi- Qua mng vi tnh ni mng trc tip vi phng lnh ca cng ty chng khon

Ni dung ca mu lnh gm cc thng tin sau:- Lnh l Mua hay Bn, c in sn vi mu khc nhau.- S lng

- Tn chng khon, m s loi chng khon- Tn ca khch hng v m s- Ngy gi t lnh- Thi gian c hiu lc ca lnh.b) Loi lnh* Lnh th trng(Market order): Ngi ra lnh chp nhn mua, bn theo gi trn thtrng* Lnh gii hn(Limit order): i vi vic cho bn, gi gii hn l gi thp nht sn sng.i vi vic cho mua, l gi cao nht sn sng mua.* Lnh dng( Stop order):

+Lnh dng bn: Khch hng mua 100 c phn vi gi 12 ngn ng/c phn. Saumt thi gian gi c phiu ny ln ti 20 ngn ng/c phn. Khch hng cha mun bn vng ta cho rng gi cn tng na. Nhng phng trng hp gi khng tng m ligim, khch hng ny t lnh dng vi ngi i din cng ty chng khon bn vi gi19 ngn ng/c phn chng hn. Nu thc t gi c phiu khng tng m li gim th gic phiu gim ti 19 ngn ngi mi gii s bn cho ng ta.

+ Lnh dng mua: Lnh ny thng c dng trong trng hp bn khng giihn s thua l. Chng hn khch hng vay ca cng ty chng khon mt s c phn v bn ivi gi 30 ngn ng/c phn vi hy vng gi c phiu gim xung ti 20 ngn ng/ c

phn, ng ta s mua tr. Nhng phng trng hp gi c phiu khng gim m li

tng, khch hng t mt lnh dng mua vi gi 35 ngn ng. Khi gi ln ti 35 ngnng, ngi mi gii s mua c phiu cho ng ta v ng ta gii hn s thua l camnh mc 5 ngn ng/ c phiu.Mt lnh dng mua c a ra trn mc gi th trng hin hnh cn mt lnh dng

bn c a ra thp hn gi th trng hin hnh.Cc lnh khc: cc loi lnh c a ra nhm nhng mc ch nht nh.

+Lnh gii hn dng( stop limit): cng ging nh mt lnh dng nhng n s chuynthnh mt lnh gii hn ch khng chuyn thnh mt lnh th trng khi t ti im dng.

+ Lnh thc hin ngay hoc hu b (Immediate or cancel IOC): lnh c thc hinngay mt phn no , phn cn li b hu b.

+ Lnh ton b hoc khng (All or None, AON): vi mt thi hn cho trc, chng hnmt ngy, lnh phi c thc hin ton b, nu khng khch hng s khng chp nhn victhc hin .

VIII. NGUYN TC CAN SLIM TRONG U T CHNG KHONWilliam J. O'Neil l mt mu nh u t chng khon thnh cng ti M. Khi nghip bngngh k ton vin, ng tr thnh mt nh ph thu ti Wall Street khi thu v hng triuUSD li nhun mi nm t c phiu.



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CAN SLIM l tp hp by ch ci u tin ca by yu t c bn m theo William l rt hiuqu khi nh gi c phiu.C: Current Quaterly Earnings Per Share (li rng trn mi c phiu ca qu gn nht)

William nhn nh rng, hu ht cc c phiu tt u c s gia tng li nhun so vicng qu nm trc v t l tng cng cao th chng t c phiu cng c nhiu trin vng.Theo ng, cc nh u t trc khi b tin ra mua c phiu cn xem xt ti s gia tng mnh

m li nhun ca c phiu , c th l mc tng trng ca li rng trn mi c phiu trong3 thng gn nht.A: Annual Earnings Increases (s gia tng li rng hng nm)

Theo ONeil, c phiu tt l c phiu c mc gia tng li nhun u n trong vng 5nm trc . Cc nh u t cn c bit lu ti cc c phiu c mc gia tng li nhunhng nm n nh v t trn 25%, tuy nhin nn ch ti chu k kinh doanh ca tngngnh, tng cng ty. Theo Oneil, tiu ch ny c th gip bn loi b khong 80% cc c

phiu ti. c c s chnh xc v mc gia tng li nhun, nh u t cn nghin cu tt c

cc thng tin lin quan n cng ty m h mun u t. Cc thng tin ny bao gm lch s v

c im ca cng ty, tnh hnh ti chnh, cc chi tit ca t pht hnh c phiu v t chcbo lnh pht hnh c phiu. Nh u t c th tm cc thng tin ny trong Bn thng copht hnh, trong Bo co ti chnh ca cng ty hoc t cc cng ty dch v t vn u t. Ccquyt nh u t ch nn a ra khi bn c c s thng tin v c phiu cng nh vmc tng trng li rng hng nm.N: New Products, New Management, New Highs (sn phm mi, s qun l mi, mcgi trn mi)

Nhng nghin cu ca William ch ra rng gi c phiu tng s bt ngun t mt snhn t ni ti no . Nhng nhn t ny thng l sn phm mi ca cng ty, ban gim cmi, phng thc qun l mi hay mc gi trn mi ca c phiu trn th trng chng

khon.Do vy, s khng bao gi tha nu cc nh u t quan tm n nhng nhn t ni tiny. Nu xt thy nhng nhn t ny c s n nh, khng c biu hin t bin theo chiuhng xu, th s l mt c phiu c nhiu trin vng tng trng trn th trng chngkhon.S: Supply and Demand (ngun cung v cu)

Trong kinh doanh, quy lut cung cu lun c nh hng rt ln n gi thnh sn phm,v u t chng khon cng khng phi l mt ngoi l. Gi c phiu cng chu tc ng tquy lut cung cu. William cho rng c phiu ca cc cng ty i chng, c quy m ln, sn

phm cht lng khng phi lc no cng ng mua, bi lng cu ca nhng c phiuny kh ln, trong khi ngun cung li t nn gi thng b y ln cao gi to, khng phnnh ng gi tr thc t ca c phiu cng nh rt kh sinh li nhun ln.

Chnh nhng c phiu c s lng lu hnh thp trn th trng mi c nhiu trin vngv c kh nng tng gi hn so vi cc c phiu c s lng lu hnh ln. T suy ra, c

phiu c cc nh qun tr hng u nm gi vi t l ln thng l nhng c phiu c an ton cao. William c bit lu ti cc c phiu c cng ty mua li v c phiu ca cccng ty c t l n di hn trn vn t c va phi, bi theo ng th t l ny cng cao baonhiu cng ty s cng phi ng u vi p lc tr li trong tng lai nhiu by nhiu. Ccnh u t nn so snh t s ny cng ty mnh d nh u t vi t s n bnh qun cc



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cng ty trong cng ngnh, ng thi phn tch thm kh nng thanh ton c nh gi xcthc hn v mc n ca cng ty.L: Leader and Laggard (c phiu u bng v c phiu tt hu)

Theo ONeil, nh u t trn th trng ch nn mua 2 hay 3 c phiu tt nht trongnhm nhng c phiu u bng hin ti, cn li nn dnh tin cho nhng c phiu c khnng sinh li trong tng lai. c bit, cc nh u t cn trnh mua nhng c phiu c mc

tng trng cao nhng khng bn vng, chng hn nh c phiu ln gi theo tro lu, theo skin ni bt bi v cc c phiu ny c nh gi l nhng c phiu tt hu, khng smth mun cng mt gi.I: Institutional Sponsorship (s ng h ca cc nh ch ti chnh v u t)

nh ch ti chnh u t y thng l cc c quan chc nng, cc c quan chnh phchuyn v ti chnh u t. Cc c quan ny c th nm gi mt s lng c phiu nht nhca cc cng ty no , nh vy m cng ty s c s ng h v tr gip mnh m t nhng cquan ny, mt iu kin v cng thun li cho hot ng kinh doanh, khin gi c phiu tngmnh. Tuy nhin, mt s lng qu ln cc nh ch ti chnh u t nm gi c phiu li trthnh yu t bt li, v iu ng ngha vi vic ngun cung s hn ch bi cc c quan t

khi mun bn tng phn c phiu ca mnh, y tnh thanh khon ca c phiu xung thp.M: Market Direction (nh hng th trng)Cho d bn hon ton chnh xc khi nhn nh v c 6 tiu ch k trn, nhng n tiu

ch nh hng th trng bn mc phi sai lm th s c n 5 trong s 7 c phiu bn mua smt gi v khin bn thua l. Yu t th trng l rt quan trng bi n nh hng mnh mn gi c phiu. Khi hng lot cc c phiu cng ngnh trn th trng b mt gi, th gi c

phiu ca cng ty m bn la chn chc chn cng s st gim theo. Ngc li, nu gi cphiu ca cc cng ty ny tng theo s pht trin ca th trng th c phiu bn mua vocng c n theo nhng ch s tch cc . Do , William nhn mnh n tm quantrng ca vic nghin cu cc th bin ng gi chng khon theo ngy, theo tun v theo

thng trc mi quyt nh u t c phiu.i vi William O'Neil cng nh nhiu cy i th khc ti ph Wall, cc quyt nh lachn c phiu cn c da trn s phn tch v phi kt hp gia cc yu t nh lng vnh tnh. Cha kho phn tch trong u t c phiu l tm ra nhng c phiu c tim nngtng trng ln nht trong thi im bn mua chng. Ni cch khc, bn phi c k nng

phn on, xem xt v phn tch vn cng vi vic hoch nh mt k hoch u t thchhp xc nh thi im mua vo nhng c phiu mnh v bn i nhng c phiu yu



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PHN IITH TRNG CHNG KHON VIT NAM

I. S RA I CA TH TRNG CHNG KHON VIT NAM15 nm thc hin chnh sch pht trin nn kinh t th trng theo nh hng x hi

ch ngha nc ta t c nhng thnh tu ng k: tng trng kinh t cao n nh (tc tng trng kinh t lun >7% nm). Cng nghip t tc tng trng rt cao (trn 14%)c bit cc ngnh cng ngh mi, ngnh cng ngh thng tin pht trin nhanh chng v angc ng dng rng ri, thnh tu trong nng nghip a nc ta khng nhng thot khi

s thiu lng thc m cn a nc ta tr thnh nc xut khu go ng th hai th gii(>4 triu tn /nm). Hng ho trn th trng ngy cng phong ph a dng, cc doanh nghipmi c thnh lp ngy cng nhiu, i sng ca ngi dn ngy cng cao. Nhng thnhtu khng nh ng li kinh t ng n ca ng v Nh nc. Nhng n cng tra nhiu vn ln nh: lm th no duy tr tc tng trng ng thi tin ti phttrin bn vng, ng thi vi cc doanh nghip ra i ngy cng nhiu l thiu vn, kh nngcnh tranh km, nh nc cn ngn sch xy dng c s h tng, ng xv vn khng thiu tm quan trng l lm sao xy dng nn kinh t nc ta tr thnh kinh t thtrng theo ng ngha. Mt gii php l xy dng th trng chng khon.

V Sau nhiu nm chun b v ch i , ngy 11-7-1998 Chnh ph k Ngh nh s

48/CP ban hnh v chng khon v Th trng chng khon chnh thc khai sinh cho Thtrng chng khon Vit Nam ra i.Cng ngy, Chnh ph cng k quyt nh thnh lp Trung tm Giao dch Chng khon

t ti TP.HCM v H Ni. Vic chun b cho TTCKVN thc ra do U Ban Chng khonVit Nam ra i bng Ngh nh 75/CP ngy 28-11-1996.* Ch s VN - Index

VN - Index l k hiu ca ch s chng khon Vit Nam. VN - Index xy dng cn cvo gi tr th trng ca tt c cc c phiu c nim yt. Vi h thng ch s ny, nh ut c th nh gia v phn tch th trng mt cch tng qut.

Ch s VN -Index so snh gi tr th trng hin hnh vi gi tr th trng c s vo

ngy gc 28/07/2000, khi th trng chng khon chnh thc i vo hot ng.II. CC GIAI ON PHT TRIN CA TH TRNG CHNGKHON VIT NAMTnh n nm 2009 th trng chng khon Vit Nam i qua 5 chng ng chnh1.Giai on 2000-2005: Giai on chp chng bit i ca th trng chng khon.

S ra i ca th trng chng khon Vit Nam c nh du bng vic a vo vnhnh Trung tm giao dch chng khon TP.H Ch Minh ngy 20/07/2000 v thc hin phingiao dch u tin vo ngy 28/07/2000. thi im lc by gi, ch c 2 doanh nghip nim



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yt 2 loi c phiu (REE v SAM) vi s vn 270 t ng v mt s t tri phiu Chnh phc nim yt giao dch.

T cho n 2005, th trng lun trong trng thi g gt, ngoi tr cn st vonm 2001(ch s VN index cao nht t 571.04 im sau 6 thng u nm nhng ch trongvng cha y 4 thng, t thng 6 n thng 10, cc c phiu nim yt mt gi ti 70% gitr, ch s VN Index st t 571,04 im vo ngy 25/4/2001 xung ch cn khong 200 im

vo thng 10/2001 .Trong 4 thng hong lon ny, trong khi nhiu nh u t tho chy khi th trng ,

mt s nh u t khc vn bnh tnh bm tr, m thm mua bn v tip tc kim c linhun, th trong 5 nm ch s VN-Index lc cao nht ch c 300 im, mc thp nht xungn130 im.

L do chnh l t hng ho, cc doanh nghip nim yt cng nh, khng ni ting, khnghp dn nh u t trong nc.

Ngy 8/3/2005 Trung tm giao dch chng khon H Ni (TTGDCK HN) chnh thc ivo hot ng. Giai on tnh ng dn xut hin t nm 2005 khi t l nm gi ca nh ut nc ngoi c nng t 30% ln 49% (tr lnh vc ngn hng).

Trong 5 nm u tin, dng nh th trng khng thc s thu ht c s quan tmca ng o cng chng v cc din bin tng gim ca th trng cha to ra tc ng xhi m rng c th nh hng ti s vn hnh ca nn kinh t cng nh ti cuc sng cami ngi dn.

Ta c th nhn nh r c iu thng qua bng s liu sauNm 2000 2001 2002 2003 2004 2005S CT NY/KGD 5 5 20 22 26 32Mc vn ho TTCP(% GDP) 0.28 0.34 0.48 0.39 0.64 1.21S lng CTCK 3 8 9 11 13 14S ti khon khch hng 2908 8774 13520 15735 21616 31316

Theo thng k ca U ban Chng khon Nh nc, tnh n ht nm 2005, tng gi trth trng chng khon vit Nam t gn 40.000 t ng, chim 0,69% tng thu nhp qucni (GDP).

Trong nm 2005, tc tng trng ca th trng chng khon gp i so vi nm2004, huy ng c 44,600 t ng, hin gi gi tr c phiu so vi GDP ca c nc tgn 1%.2. Giai on 2006: S pht trin t ph ca th trng chng khon Vit Nam.

Mc thi gian k t u nm 2006 c coi l mang tnh cht pht trin t ph, tocho th trng chng khon Vit Nam mt din mo hon ton mi vi hot ng giao dchsi ng ti c 3 sn: S giao dch Tp.H Ch Minh, Trung tm Giao dch H Ni v th

trng OTC. Vi mc tng trng t ti 60% t u n gia nm 2006 th trng chngkhon Vit Nam tr thnh "im" c tc tng trng nhanh th 2 th gii, ch sau Dim-ba-bu. V s bng dy ca th trng non tr ny ang ngy cng "ht hn" cc nh u ttrong v ngoi nc. Nm 2006 , Th trng chng khon Vit Nam c s pht trin vt

bc, ch s Vn-Index ti sn giao dch TP. H Ch Minh (HASTC) tng 144% nm 2006, tisn giao dch H Ni (HOSE) tng 152,4%. Th trng chng khon Vit Nam 2006: VN-Index cui nm tng 2,5 ln so u nm. Tng gi tr vn ha t 13,8 t USD cui nm 2006(chim 22,7% GDP) gi tr c phiu do cc nh u t nc ngoi ang nm gi t khong 4t USD, chim 16,4% mc vn ha th trng.



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S cng ty nim yt tng gn 5 ln, t 41 cng ty nm 2005 ln ti 193 cng ty, s tikhon giao dch t hn 10 vn gp 3 ln nm 2005 v 30 ln so vi 6 nm trc. Trong vngmt nm, ch s Vn-Index tng hn 500 im, t hn 300 im cui 2005 ln 800 im cui2006.

Trong khong t gia n cui nm 2006, tnh trng u t vo c phiu nc tamang tm l m ng, c ngi c kin thc v hiu bit, c nhng ngi mua, bn theo

phong tro, qua y TTCK vo tnh trng nng.

Din bin VN - IndexMc vn ha ca th trng chng khon Vit Nam tng t bin, thng 12-2006 t

13,8 t USD (chim 22,7% GDP) c bit, s lng cc nh u t mi tham gia th trng

ngy cng ng, tnh n cui thng 12- 2006, c trn 120.000 ti khon giao dch chngkhon c m, trong gn 2.000 ti khon ca nh u t nc ngoi

Nm 2006, k lc mi ca VN-Index c xc lp mc 809,86 im. Vi HASTC-Index l n lc chm mc 260 im.

Tnh chung, so vi u nm, ch s VN-Index c mc tng trng ti 146% vHASTC-Index tng ti 170%. y l nhng mc tng m cc th trng trn th gii phitha nhn l qu n tng. Tnh n phin 29/12/2006, Trung tm Giao dch Chng khonTP.HCM c s gp mt ca 106 c phiu, 2 chng ch qu v 367 tri phiu vi tng gitr nim yt theo mnh gi l trn 72 nghn t ng.

Cn ti Trung tm Giao dch Chng khon H Ni, s lng chng khon tham gia

ln n 87 c phiu v 91 tri phiu vi tng mc ng k giao dch theo mnh gi t 29nghn t ng. Xt ring v mc vn ho c phiu, ton b th trng chng khon chnhthc Vit Nam vi 193 c phiu vo phin cui nm, ln ti 220 nghn t ng, tngng vi 13,8 t USD.3. Giai on nm 2007: Giai on th trng chng khon bng n



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Lut Chng khon c hiu lc t ngy 01/01/2007 gp phn thc y th trng phttrin v tng cng kh nng hi nhp vo th trng ti chnh quc t. Tnh cng khai, minh

bch ca cc t chc nim yt c tng cng.VN - Index t nh 1.170,67 imHASTC - Index chm mc 459,36 im.

Nhn chung din bin ca th trng v gi c chng khon trong cc phin giao dch cnhiu bin ng,VN - Index ca c 2 sn giao dch u c bin giao ng mnh. Kt thc

phin giao dch cui nm, VN - Index t 927,02 im, Hastc-Index dng mc 323,55im, nh vy sau 1 nm hot ng VN - Index t c mc tng trng l 23,3%; Hastc -Index tng 33,2% so vi mc im thit lp vo cui nm 2006.

Tnh n ngy 28/12/2007, S giao dch chng khon TP.HCM thc hin c 248phin egiao dch vi tng khi lng giao dch t hn 2,3 t chng khon tng ng vi

tng gi tr giao dch ton th trng t 224.000 t ng, gp 2 ln khi lng v 2,8 ln gitr giao dch so vi nm 2006. Bnh qun mi phin giao dch c 9,2 triu chng khon cchuyn nhng tng ng vi 980 t ng.

Trung tm giao dch chng khon H Ni thc hin thnh cng 248 phin giao dch, vitng khi lng giao dch ton th trng t 616,3 triu chng khon tng ng vi tnggi tr giao dch ton th trng t 63.859 t ng, tng gp 6 ln v khi lng v 15,8 lnv gi tr giao dch so vi nm 2006. Quy m giao dch tng trng mnh khi mc giao dch

bnh qun nm 2007 t 255 t ng/phin trong khi nm 2006 ch t 19 t ng/phin rthn ch.4. Giai on 2008: Cng trong xu th chung ca nn kinh t, TTCK Vit Nam

khp li nm 2008 vi s st gim mnh.Cng trong xu th chung ca nn kinh t Vit Nam khp li nm 2008 vi s st gimmnh, VN Index ng ca ti mc 315,62 im, mt 605,45 im, tng ng 65,33% sovi phin giao dch u nm. Ti sn H Ni, Hastc Index cht nm ti mc 105,15 im,gim 217,22 im, tng ng 67,39% sau 248 phin giao dch.



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HOSE 2008 HASTC - 2008VN - Index (02/01/2008) im 921,07 Hastc - Index (02/01/2008) im 322,34VN - Index (31/12/2008) im 315,62 Hastc - Index (31/12/2008) im 105,12S phin giao dch 245 S phin giao dch 248Tng s CP nim yt 174 Tng s CP nim yt 168S c phiu mi nim yt 33 S c phiu mi nim yt 58Gi tr GD bnh qun t ng 514,57 Gi tr GD bnh qun t ng 218,16

C l, nm 2008 s i vo lch s giao dch ca Th trng chng khon Vit Nam vi

s ln thay i bin nhiu nht. Tng cng y ban chng khon Nh nc 4 ln iu

chnh bin chng khon.

* Din bin th trng chng khon Vit Nam:- Ln 1 - 27/03/2008: Gim bin dao ng trn hai sn t 5% xung 1% i vi

HOSE v 10% xung i vi HASTC- Ln 2 07/04/2008: Ni bin mi sn thm 1% - HOSE 2% v HASTC 3%- Ln 3 07/06/2008: Tip tc ni bin HOSE ln 3% - HASTC ln 4%- Ln 4 18/08/2008: Tr li bin c cho HOSE 5% - ni bin HASTC ln 7%Nhn li th trng sau 1 nm giao dch, nhng im ni bt ca th trng: VN - Index

gim im, th gi cc loi c phiu st gim mnh (nhiu m c phiu ri xung di mnhgi), tnh thanh khon km, s thoi vn ca khi ngoi, s can thip ca cc c quan iuhnh v s m m trong tm l cc Nh u t.Tnh t u nm n ht ngy 31/12/2008,Th trng chng khon Vit Nam tri qua 03 giai on chnh.

Trong nm 2008, lng cung tip tc c b sung ng k thng qua vic Chnh phy mnh c phn ho doanh nghip nh nc, c bit l cc DN quy m ln, kinh doanhhiu qu v vic bn bt CP Nh nc trong cc DN CPH, cha k hng lot ngn hng,Cng ty chng khon, doanh nghip... pht hnh tri phiu, c phiu tng vn iu l, dnn tnh trng th trng chng khon c nguy c tha "hng".



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* Giai on 1: T thng 01 ti thng 06 - Th trng gim mnh do tc ng t tc ng cakinh t v m.

Khi u nm ti mc im 921,07, VN - Index mt i gn 60% gi tr v tr thnhmt trong nhng th trng gim im mnh nht trn th gii trong na u nm 2008.

Cc thng tin tc ng xu ti tm l nh u t trong giai on ny ch yu xut phtt ni ti nn kinh t. Trong ni bt l s gia tng lm pht, chnh sch tht cht tin t ca

Ngn hng Nh nc, s leo dc ca gi xng du v sc p gii chp t pha Ngn hng ivi cc khon u t vo th trng chng khon. Tm l bi quan bao trm ln tt c ch ththam gia trn th trng.

Nhm mc ch ngn chn suy gim ca th trng, cc c quan iu hnh bt ua ra nhng ch trng v bin php h tr:

- y ban chng khon Nh nc thu hp bin giao dch- SCIC tham gia mua vo c phiu.- NHTM c vn ng ngng gii chp.- T chc nim yt c khuyn khch mua vo c phiu qu.

Tuy nhin, phn ln cc bin php ny ch pht huy hiu qu trong ngn hn, v th

trng tip tc st gim, cn bo gii chp c phiu khng ngng tc ng ti tm l cc nhu t. Trong 103 phin giao dch ca giai on ny, c ti 71 phin VNIndex gim im.nh im l chui 34 phin VN-Index gim im lin tip t gia thng 04 n u thng06/2008. Sau 103 phin giao dch, VN Index gim mt 550,52 im tng ng 59,77%.Bnh qun trong mi phin, ton th trng c 8,02 triu CP&CCQ c chuyn nhng,tng ng khong 482 t ng.

Trong lch s hot ng ca Th trng chng khon, cha c nm no y ban chngkhon Nh nc phi can thip vo th trng bng cc bin php mnh tay nhiu nh nm2008. Tng cng trong nm 2008, y ban chng khon Nh nc c 4 ln thay i bin dao ng gi trn c 2 sn chng khon. Nhm h tr thm cho sc cu trn th tr ng,

ngn suy gim mnh ca cc ch s chng khon, ngy 04/03/2008, Chnh ph a ranhm 19 gii php ng cu th trng: Cho php SCIC mua vo c phiu trn th trng,kugi v to iu kin cho cc doanh nghip nim yt mua vo c phiu qu....

S tng trng nng trong nm 2007, c bit vo nhng thng cui nm a nnhng du hiu bt n v kinh t v m. Ch s tiu dng bt u gia tng vi mc trung bnh2,07%/thng trong 02 cui nm 2007. Tip ni xu th ny, trong qu I/ 2008, ch s CPI tiptc gia tng vi tc bnh qun 3,06%/thng v t nh vo thng 05/200822 vi mc tng3,91%.

Trong chu k tng gi na u nm 2008, ti a s thi im, lng thc c coi lyu t tc ng ch yu n ch s gi. Tnh n thng 06, gi lng thc tng 57,22% sov i thng 12/2007.

Chu nh hng trc tip ca t l lm pht tng cao trong nc v s bin ng mnhca gi c hng ha trn th gii, th tr ng hng ha v th trng tin t Vit Nam tip tcc nhng bin ng mnh.

Trn th trng hng ha, xng du - loi hng ha c bn thuc s kim sot ca Chnhph - c iu chnh mnh. Trn th trng tin t, li sut t Ngn hng Thng mi vNgn hng Thng mi lin tip xc nh cc mt bng mi. Chu tc ng sc p t lmpht, li sut t cc Ngn hng Thng mi tng mnh trong cui qu II, dao ng t 16 -18% i vi huy ng tin gi v 20-21% i vi cc khon vay. S cng thng v thanh



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khon v s xo trnv dng chy ca tin gi huy ng l ni lo ca cc Ngn hng Thngmi trong giai on ny. Thm ht thng mi cao nht vo trong nm thng u nm vimc trung bnh l khong 2,6 t USD/thng.* Giai on 2: Thng 06 ti u thng 09 - Phc hi trong ngn hn.

Nh vai tr dn dt ca mt s c phiu blue -chip nh STB, FPT, DPMv c bit lSSI vi sc cu h tr t i tc n c ngoi, c hai sn chng khon c c nhng phi

n tng im mnh trong giai on ny. VN - Index v Hastc - Index lin ti p vt qua ccngng cn tm l quan trng v thng xuyn c c nhng chui tng im ko di. ycng l giai on th trng hot ng si ng nht.

Sc cu mnh, ko theo khi lng giao dch v gi tr giao dch thng xuyn mccao. VNIndex tng c 168,55 im, tng ng 45,52%. Khi lng giao dch bnh qunt 16,9 triu CP&CCQ, tng ng 599,18 t ng/phin.

Trong giai on ny, nhm c phiu c a thch nht l nhm c phiu du kh (tng80,33%), nguyn vt liu v cng ngh (tng 89,78%). Cc i din tiu biu cho nhm c

phiu n y bao gm: PVS, PVD, PTC, HPG, FPTNguyn nhn ca s phc hi trong giai on ny c th c nh gi t cc thng tin

h tr sau:- ANZ v Daiwa Securities Group Inc ng k mua c phiu SSI, vi tng khi lngln ti 18 triu c phiu. Thi gian ng k mua t cui thng 6 ti cui thng 8. Cu mnht SSI nhanh chng lan sang cc CP blue chip khc.

- Ch s CPI trong giai on ny ang trong xu th gim dn, cho thy cc bin phptrong chnh sch tin t ca Chnh ph pht huy tc dng tch cc.

- Tm l nh u t tr ln lc quan hn. Khp cc chuyn mc trn bo ch, truynhnh, cc hi tho u t, ta m trao i i thoi ti cc Cng ty chng khon u khngnh: nim tin tr li trn Th trng chng khon.

- y ban chng khon tr li bin giao dch cho c 2 sn.

* Giai on 3: T thng 9 ti thng 12 - Th trng ri tr li chu k gim do tc ng cakhng hong kinh t ton cu.

HOSE HASTC

Giai on ny c tnh t ngy 03/09/2008 cho ti thi im kt thc nm 2008. yl thi k VN - Index ri tr li xu hng gim, thm ch ph v y thit lp c tronggiai on u ca nm 2008. Tng kt c giai on ny, VN - Index m t 223,48 im, tng



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ng 41,45%. Khi lng giao dch trung bnh t 15,82 triu CP&CCQ, tng ng497,58 t ng/phin.

Nguyn nhn tc ng ln nht ti Th trng chng khon trong giai on ny chnh ls lan ta mnh ca cuc khng hong ti chnh trn ton th gii. Ha cng xu th gimim ca th trng chng khon cc nc, 2 ch s chng khon ti sn HOSE v HASTClin tip gim im. Trong 86 phin giao dch ti HOSE, 49 phin VN Index mt im. y

mi thit lp trong giai on ny l 286,85 im vo ngy 10/12/2008.Cng vi n lc gii cu nn kinh t ca Chnh ph v ng thi t NHNN, xen ln

gia nhng phin gim im , Th trng chng khon Vit Nam vn c nhng phin phchi mnh. Tuy nhin, cc con sng trn th trng thng vn ngn v khng n nh. Ktthc giai on ny, VN - Index gim mt 239,52 im, tng ng 43,15%.

Tc gim mnh nht trong giai on ny thuc nhm c phiu cc ngnh nguyn vtliu, cng nghip, ti chnh v cng ngh.

Ngun vn FII vo Vit Nam ch yu thng qua cc qu u t. Tuy nhin, k t cuithng 08/2008 cng vi s st gim ca TTCK th gii ni chung, TTCK Vit Nam cnggim mnh. Tnh n thng 12/2008, nhng du hiu v kh nng nh u t nc ngoi rt

vn ra khi th trng chng khon cng bt u xut hin, th hin qua vic bn rng cakhi ngoi trong nhng thng cui nm.Ngoi ra, mc d lm pht c kim ch nhng lic s lo ngi v gim pht do ch s CPI tng trng m trong nhng thngcuinm.

Trong qu cui nm, CPI gim 0,23% trong thng 10 v tng ln thnh 0,81% trongthng 12 so tng thng). Tnh c nm 2008 , t l lm pht l 19,89% (so vi thng 12/2007)v xp x 23% (so vi bnh qun 2007).

Gii php ti chnh kp thi trong nhng thng cui nm 2008 c thc hin thng quavic iu chnh gim li su t c bn nhm kch cu sn xut tiu dng, to iu kin cho ccdoanh nghip tip cn vay vn mt cch d dng hn, ng thi gim p lc tn dng cho ccngn hng thng mi.

5. Giai on 6 thng u nm 2009.Th trng chng khon 6 thng u nm 2009 li nhng du n quan trng tronglch s 9 nm pht trin ca Th trng chng khon Vit Nam. Nhng k lc mi, nhng ctmc quan trng ln lt c thit lp: VN Index ri xung mc y 235,5 im vongy 24/2/2009, HnxIndex li v di mc 100 im khi lp y 78,06 im, k lc v khilng giao dch ti HSX c thit lp vo ngy 10/06/2009 vi 101.774.520 CP&CCQ cchuyn nhng, con s tng ng ti HNX l 56.522.170 CP, VN Index cui k t tc tng ln th 8 trong tng s 89 ch chng khon quan trng trn th gii khi tng c 46%so vi u nm 2009 7

Nm 2008 c coi l nm nh du st gim nghim trng ca cc ch s chngkhon trn th trng, v tip theo suy gim th trng dn ln su v vng y trongnhng thng u nm 2009. Nhng im ng ghi nhn trong bc tranh th trng 6 thngu nm l s hi phc ng kinh ngc ca th trng: cc ch s chng khon tngtrng nhanh chng trong thi gian ngn, gi c phiu hi phc v tng nng tr li, tnhthanh khon trn th trng t n mc nh trong lch s, tm l nh u t tr nn lc quanv phn chn, nim tin vo th trng ngy cng c cng c mnh m



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HSX- 2009 HNX - 2009VnIndex (02/01/2009) - im 313,34 HnxIndex (02/01/2009) - im 104,47VnIndex (30/06/2009) - im 448,29 HnxIndex (30/06/2009) - im 149,04S phin giao dch 120 S phin giao dch 120Tng s CP nim yt 166 Tng s CP nim yt 204S CP mi nim yt -8 S CP mi nim yt 36Gi tr GD bnh qun - t ng 875 Gi tr GD bnh qun - t ng 466

Th trng chng khon Vit Nam trong 6 thng u nm 2009 hnh thnh 2 giai on r rt:Giai on t 01/01/2009 n 24/02/2009 v giai on 2 t 24/2/2009 n 30/6/2009.* Giai on mt: 01/01/2009 n 24/02/2009

Th trng chng khon Vit Nam l th trng tng trng chm nht chu tnh tu nm 2009 n nay. Li nhun cc cng ty nm 2008 gim ti 30%. Tuy nhin mt scng ty vn c kt qu kinh doanh tt v gi c phiu ca nhng cng ty ny hin vn trongmc rt hp dn.

Th trng chng khon Vit Nam vn tip tc i xung trong nm 2009. Ch s Vn-

Index t u nm n nay h 22%, mc h t nht so vi cc th trng chu khc. Gi trgiao dch c phiu trung bnh trong ngy thng 2/2009 ti Sn giao dch chng khonTPHCM v S giao dch chng khon H Ni ch l 13 triu USD. Tng gi tr vn ho thtrng ri xung mc khong 10 t USD, khng mt c phiu nim yt no c gi tr vn hoth trng ln hn 1 t USD v ch c 4 c phiu c gi tr vn ho hn 500 triu USD.

Nh u t nc ngoi gim bn, sau khi bn ra s c phiu vi tng gi tr 127 triu USDtrong khong thi gian t thng 9/2008 n ht thng 12/2008, nh u t nc ngoi ch bnra lng c phiu c gi tr khong 2 triu USD t u nm n nay.

Mc y ca VN Index c thit lp trong giai on ny khi chm mc 235,5 im.So vi mc im cui nm 2008, VN Index gim 80,12 im, tng ng 25,38 im.

Tnh thanh khon gim st nghim trng, khi lng giao dch v gi tr giao dch u mcthp. Trung bnh, mi phin ch c 7.860.421 CP&CCQ c chuyn nhng, tng ng170,02 t ng.

Tng t din bin trn sn HOSE, sn HASTC cng tri qua mt giai on y khkhn khi Hastc Index li v ngng 100 im v giao dch di mc im ny trong mtthi gian di. Mc y ca Hastc Index l 78,06 im.

Nguyn nhn chnh cho iu ny l phn ln tin u t ca nh u t nc ngoi, nukhng tnh n nhng qu ng, rt ht khi th trng Vit Nam (Qu u t chngkhon PXP Vietnam Emerging Equity Fund mi y cho php nh u t rt c phiu ra vsau h c th bn s c phiu ny).Cha ht thng tin v li nhun cc cng ty khng my

tch cc.Tng trng doanh s khong 40% so vi cng k nm trc nhng li nhun hotng ch tng 8%. Thua l cc khon u t a c v chng khon y li nhun rnggim 25%. Trong s 329 cng ty nim yt, 23 cng ty thua l, trong c c mt s cng tytrc y tng c nh u t nc ngoi ht sc a chung nh Cng ty c phn c inlnh (REE), Cng ty c phn Gemadept (GMD) v Cng ty c phn cp v vt liu vinthng (SAM).

Tuy nhin cng c mt s cng ty cng b li nhun n tng, y l nhng cng ty chot ng kinh doanh i theo hng th mnh v khng u t vo th trng bt ng sn v



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ngn hng. Mt s nh u t mo him c th tip tc tham gia vo th trng vi mc tiudi hn, h c th mua mt s c phiu ca cc cng ty tt. Tuy nhin theo nh gi caHSBC th trng chng khon Vit Nam nm nay s vn kh khn.

Sut 2 thng u nm 2009, th trng chng khon lun trong tnh trng m m. Cnhvng lng ti sn giao dch cho thy th trng chng khon khng cn sc hp dn ivi nh u t trong thi im ny. Bi trong sut nm 2008, th trng vn tip tc chui

ngy suy gim vi mc ngy cng trm trng hn. Nh u t mt nim tin vo th trng,cc ngn hng bn c phiu gii chp tt c nhng yu t ny lm th trng gim su.Tnh chung cho c thng 2/2009 VN - Index mt 57,47 im (18,95%) so vi phin cuithng 1.* Giai on hai: 24/2/2009 n 30/6/2009

Hng ng s hi phc tr li ca Th trng chng khon th gii, th trng chngkhon Vit Nam cng khi ng mnh m. Trong giai on ny, nn kinh t trong nc phti nhng tn hiu phc hi, dn thot ra khi khng hong, chnh sch v m trong nc ctc dng h tr tch cc, hot ng kinh doanh ca mt s doanh nghip nim yt ln t ktqu kh quan khin VnIndex v HnxIndex c c nhng phin tng im lin tip.

Tri vi d on y bi quan ca cc chuyn gia kinh t, tnh hnh kinh doanh ca ccdoanh nghip nim yt trong 6 thnh u nm rt lc quan, mt s cng ty nim yt honthnh hn na chng ng so vi k hoch t ra, nh HPG, COM, FPT, REE, PPCBncnh , cc thng tin lin quan n hot ng kinh doanh ca nhiu ngnh ngh cng c tcdng h tr ng k n gi c phiu nh: trt gi nguyn liu u vo ca ngnh nha,tng sn lng tiu th u ra ca ngnh thp, xi mng; hon nhp d phng ti chnh cadoanh nghip hot ng lin quan ti lnh vc ti chnh hoc c u t ti chnhNh vy,gi c phiu ca cc nhm ngnh ti chnh, chng khon, cao su, thp, vt liu xy dng, btng sn, vn ti bin v bo him hi phc mnh m. S tng im ca cc nhm c

phiu trn thc s l n by duy tr mch tng im ca cc ch s chng khon trong sut

gn bn thng cui k, VnIndex v HnxIndex c c s hi phc nhanh chng v cphn vt bc so vi s hi phc ca cc ch s cng khon th gii. iu ny to ra mt tml phn chn i vi cc nh u t, mt lng tin ln vo th trng trong mt thi giandi, cu n khin gi c phiu tng trng nhanh chng, VnIndex ng ca phin giao dchngy 30/6/2009 ti mc im 448,29 im, tc tng 42,3% so vi mc im cui nm 2008v tng c 90,36% so vi mc y 235,5 im. Tnh thanh khon trn th trng c cithin tng ngy, bnh qun mi phin giao dch c ti 38.983.548 CP c chuyn nhng,tng ng 1.142 t ng. Sau nhiu n lc, HnxIndex cng vt qua ngng im tm l100 v bt tr li ngng 149,09 im vo ngy 30/6/2009.

Hi vng trong thi gian ti chng khon ca nc ta s ngy cng khi sc v pht trincung vi nhiu s thay i trong thi gian gn y.



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n nay, U ban chng khon cp giy php ng k nim yt c phiu cho 21 cngty c phnvi tng gi tr c phiu nim yt l 1.086 t ng; cp php nim yt cho Ngnhng u t v pht trin vi tng gi tr tri phiu nim yt l 157 t ng; Trung tm giaodich chng khon TP.HCM phi hp vi b ti chnh, t chc u thu hn 50 t tri

phiu Chnh ph, tri phiu ca Qu h tr u t v pht trin c hn 5400 t ng a ranim yt trn Trung tm giao dich chng khon . y ban chng khon Nh nc cng cp

giy php pht hnh cho 5 cng ty vi tng gi tr trn 155,4 t ng .Cng tc to hng ho cho Th trng chng khon l rt quan trng, thi k u vic

trin khai cng tc ny c nhiu kh khn, nhng n nay s lng hng ho nim yt trn6000 t ng l mt gng rt ln ca y ban chng khon Nh nc.

Cc cng ty nim yt bc u thc hin tt cc qui nh v cng b thng tintrn Th trng chng khon v ch trng nng cao cht lng qun tr cng ty. Tuy nhin,Th trng chng khon l mt lnh vc mi, phc tp nn cc Cng ty nim yt cng bcl nhng hn ch nht nh. Cc Cng ty nim yt cn th ng trong vic cng b thng tinlin quan n hot ng ca cng ty. Trong thi gian qua, mt s cng ty nim yt cnhng vi phm v ngha v cng b thng tin gy mt lng tin cng chng u t nh: chm

np v cng b bo co ti chnh. Nhn chung, cc cng ty nim yt u hot ng tt , tuynhn c Cng ty nim yt thc hin u t dn tri, thiu hiu qu, nh hng khng tt titnh hnh ti chnh cng nh s pht trin ca cng ty ( trng hp ca Bibica ).3 V hot ng ca cc t chc trung gian trn th trng a) Hot ng ca cng ty chng khon

n 30/6/2003, y ban chng khon Nh nc cp php hot ng cho 12 cng tychng khon vi tng s vn iu l l 465 t ng, hot ng cc nghip v: mI gii, bolnh pht hnh, qun l danh mc u t v t vn u t

V c bn, cc Cng ty Chng khon u tun th cc qui nh ca php lut v chngkhon v Th trng chng khon. Bc u cc Cng ty Chng khon tp trung hon

thin b my t chc, nng cao nng lc phc v khch hng, mt s cng ty tng vniu l, s dng phng thc nhn lnh giao dch gin tip qua Fax, mng thng tin trctuyn ,m thm cc chi nhnh, phng giao dch, i l nhn lnh ti cc tnh, thnh ph H

Ni,TP.HCM, HI Phng, Bnh Dng, ng Nai, Long An, Nng. Cc cng ty chngkhon xy dng c mt i ng nhn vin nghip v kinh doanh c o to tt

Nhn chung, cc cng ty chng khon thc hin vai tr trung gian trong vicmi gii , mua bn chng khon , tch cc tham gia t vn nim yt v thc hin cung cpthng tin n cc nh u t, gp phn cvo thnh cng ca th trng. Tuy nhin, hn chtrong hot ng ca cc cng ty chng khon l mt s cng ty cha tun th nghim tc ccyu cu v hot ng, cha th hin v tr tch cc, ch ng pht trin th trng; cht lngt vn u t chng khon v t vn nim yt cha cao, cha y mnh nghip v t doanh,nh u t cn cha tht s tin tng vo tnh cng bng v khch quan trong hot ng migii, t vn u t, i ng nhn vin cha p ng c nhu cu cng vic.b) Hot ng ca cc t chc trung gian h tr khc

y ban chng khon Nh nc la chn Ngn hng u t v pht trin Vit Namlm ngn hng ch nh thanh ton, thc hin thanh ton tin cho cc giao dch chng khon.Tnh n 30/6/2003, ngn hngthanh ton thc hin thanh ton b tr cho cc giao dchchng khon mt cch kp thi, chnh xc vi tng s tin khong 1000 t ng .



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Hin nay, ngn hng thanh ton ang trin khai hot ng theo hng va l ngn hnglu k, va l ngn hng phc v hot ng Th trng chng khon. phc v cho trinkhai chng khon nhanh chng, an ton v thc hin dch v lin quan n quyn ca nginm gi chng khon , n nay c 5 ngn hng lu k (2 ngn hng trong nc, ba ngnhng nc ngoi ) v 11 cng ty chng khon c cpgiy php thc hin dch v lu kchng khon. Hin nay, Th trng chng khon c h thng lu k chng khon tp

trung, hot ng n nh v cho php ngi nc ngoi m ti khon ti cc Cng tyChng khon, ngn hng trong nc to iu kin ngi u t trong nc v ngoi nctham gia th trng. Tuy nhin c s vt cht cn yu km, ngip v lu k, ng k v thanhton b tr cha c t ng ho, phi x l th cng lm tng thi gian v chi ph, anton thp.

n nay, y ban chng khon Nh nc chp thun cho 07 t chc kim ton clp kim ton cc bo co ti chnh ca cc t chc pht hnh, nim yt chng khon v tchc kinh doanh chng khon gm 06 t chc kim ton trong nc v 1 t chc kim tonnc ngoi.Cc t chc kim ton c chp thun p ng c yu cu kim ton chocc i tng tham gia Th trng chng khon.Tuy nhin trong qu trnh trin khai nghip

v ny, nhiu t chc kim ton cng c nhng thiu st nht nh , cht lng bo co kimton cha cao, y ban chng khon Nh nc phi hp cht ch vi B ti chnh trongvic qun l cc t chc kim ton c chp thun cng nh c bin php x l kp thi4. V tham gia ca nh u t trong v ngoi nc

Mc d th trng chng khon Vit nam mi hnh thnh v hot ng c 3 nmnhng thu ht c s tham gia ca cc nh u t trong v ngoi nc. S lng cc nhu t tham gia trn th trng lin tc tng, cui nm 2000 c gn 3000 ti khon giao dch,cui nm 2001 c gn 9000 ti khon v n 30/6/2003 c hn 14.500 ti khon giao dchtrong hn 90 nh u t c t chc v 35 nh u t nc ngoi. S tham gia ca cc nhu t nc ngoi gp phn quan trng cho s pht trin ca th trng chng khon Vit

Nam. Mt trong nhng im ni bt i tng cc nh u t nc ngoi l tnh chuynngip v bn lnh u t. S gp mt ca cc nh u t nc ngoi phn no lm hn chs suy gim ca th trng , thm ch c nhng thi im hm nng nhit th ttrng.

Tuy nhin , s lng nh u t tham gia Th trng chng khon ch yu l nh ut c nhn, t vn, tham gia th trng mang tnh cht thm d , khi th trng c du hiu btn th rt khi th trng. S lng ti khon thng xuyn giao dch khong 1000 ti khon.

Nh u t c t chc qu t. Nh u t nc ngoi phn ln ang c tr ti Vit Nam, doqui m th trng cn b, cc chnh sch i vi nh u t nc ngoi cn cha r rng, cch m ti khon lu k, giao dch cho nh u t nc ngoi cn phc tp nn cha thu htc ng o nh u t nc ngoi c bit l ngi khng c tr ti Vit Nam.

II. NHNG HN CH CA TH TRNG CHNG KHONTh nht, Th trng chng khonVit Nam phi chng cn qu trm lng . Ta xem

xt k t phin giao dch chng khon u tin, ngy 28/7/2000, lin tip gi c phiu tng.n phin giao dch ngy 26/6/2001 ch s chng khon VN - Index t con s k lc l 571,04 im,tr gi trong phin t 23.570.700.000 ng. Ti thi im , gi cc c phiugiaodch t ti mc cc nh. Ch trong vng mt nm u ch s giao dch tng lintc. Nhng cng l li cnh bo v s tt dc tt yu s xy ra. V iu xy ra, chs VN-Index lin tc st gim trong nhng thng tip theo cng vi s ngui lnh dn ca th



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trng. n thng 3 nm 2003, gi cc c phiu ng lot st gim, VN - Index gim nmc k lc145,41 im vo ngy 31/3. Cung cu ca th trng c phiu c nhng biu hinkh nm bt. Cc nh u t trong tnh trng thiu thng tin th trng trong khi nhng thngtin tc ng a chiu lun c chuyn ti. Mt s cng ty nim yt dng nh ang b ximn hnh nh tt p trong mt cc nh u t. Sau , TTCK phc hi" nhng t nnay ch s chng khon ch trong phm vi 150- 160 im, tng gi tr giao dch khp lnh

tng phin giao dch ch t 2- 10 t ng. Thm vo , mc d cn giai on pht trinban u nhng hin tng u c, thao tng th trng c du hiu manh nha trn thtrng chng khon Vit Nam, v gy kh khn khng t cho hot ng qun l v iu hnhth trng.

ng thi do tng mnh gi cc chng khon nim yt cn qu nh v vy, s thay igi c ca chng cha phn nh c ng thI ca nn kinh t quc dn. Cho nn ch schng khon VN.Index khng nhng khng pht huy c tc dng d bo trc xu hngm cn phn nh khng ng thc trng nn kinh t. Trong nhng nm gn y, nn kinh tVit Nam lun tng trng cao, n nh >7% trong khi , ch s chng khon th lin tc

bin thin gim .Nh vy, TTCK cha th ng vai tr hn th biu ca nn kinh t

Th hai, nn kinh t Vit Nam cn kh khn , thu nhp dn chng thp, ngun vn lib phn tn, u t vo cc ti sn thay th nh tin gi, ngn hng, u t bt ng sn,ngoi t cha c chnh sch ph hp khai thc ngun lc ti chnh trong dn. TTCKcha thc s tr thnh knh huy ng vn trung v dI hn cho u t pht trin. Hin nay tl vn u t vo chng khon cn qu nh b, tng gi tr th trng mi chim 1,6% GDP

Th ba, h thng doanh nghip Vit Nam cn mang nng t tng ca c ch k hochho tp trung, cn trng ch vo ngun vay u i khng mun huy ng vn trn th trng.Cc doanh nghip e ngi kim ton v cng b thng tin khi nim yt trn th trng chngkhon. Cc doanh nghip nim yt khng phi l cc doanh nghip ln, c kh nng phttrin hp dn ngi u t. Ngoi ra mt s Cng ty nim yt t l vn thuc s hu nh

nc cn kh cao ,do vy khi lng c phiu thc s a vo giao dch rt thp. Cc t chcnim yt cha they ht dc tm quan trng ca vic cng khai thng tin nn cha ch ng,t gic cung cp thng tin cho cng chng u t, chnh iu ny phn no nh hng nlng tin v quyt nh tham gia th trng ca ngi u t.

Th t, ng v chnh ph ch trng pht trin h thng ti chnh trong c thtrng vn, TTCK ; tuy nhin trong iu hnh th h thng th trng b chia ct: Th trngtin t do Ngn hng Nh nc qun l, th bo him do B ti chnh iu hnh, TTCK do y

ban chng khon Nh nc gim st. Cc b ngnh u xy dng chin lc pht trin cangnh mnh, song cha c s tng hp thng nht chin lc pht trin th trng ti chnhni chung. V vy nh hng v cc gii php thiu ng b; cha coi vic pht trin thtrng vn, TTCK l khu t ph trong chin lc pht trin kinh t th trng theo nhhng XHCN.

Th nm, qun l Nh nc v chng khon v TTCK cn nhiu bt cp, kh khn. yban chng khon Nh nc tng cng cng tc qun l gim st, x l kp thi cc viphm, tuy nhin c ch qun l iu hnh cha p ng i hi th trng, th hin cc mtnh h thng php l cha ng b, thm ch mu thun ( v d gia cc vn bn v tham giamua c phiu ca cc nh u t nc ngoi ); chnh sch khuyn khch cc i tng thamgia th trng ( thu , ph .. )cha thng nht v cha thc s c pht huy tc dng ( v d



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i vi nh u t c nhn c min thu, nhng cc nh u t c t chc th cha cmin thu); ha kp thi x l cc tnh hung c bit l lc th trng ln xung tht thng.

Hot ng ca Trung tm giao dich chng khon cn hn ch v m hnh t chc vtrnh k thut; vic cung cp thng tin th trng cha c thun li cho ngi quan tm.

III. NHNG NGUYN NHN TN TITr li TTCK, bi ton t ra l gii php no cho TTCK thc s hp dn thc

hin s mnh s mt l huy ng vn trung v di hn cho u t pht trin kinh t ng ach, c hiu qu?

L do m TTCK khng hp dn c th c nhiu trong cc quan h khch quan khcthuc tim lc v trnh dn tr ca nn kinh t. Song nhng l do ni ti, mang tnh chquan l rt cn phi nhn dng v khc phc. Cc l do chnh thuc nhm ny l:

- Hng ha trn TTCK hin c ang km v cht lng, mt cn i v c cu v cbit l gi IPO mang tnh p t ti thi im xut pht b y ln rt cao so vi gi tr thtrng ca hu ht hng ha.

- V c cu, cc ng ch ca TTCK Vit Nam v hnh chung li nh u t hng

nhiu s quan tm v vic pht hnh v bun bn chng khon vn(c phiu) hn l s quantm n chng khon n(tri phiu) mt cng c ti chnh hu hiu nht trong vic niTTCK vi th trng tin t, tn dng trong vai tr chy tip sc v lm tng tnh thanhkhon cho TTCK.

Ti thi im hin nay, tng gi tr chng khon n ch chim 16% tng gi tr hng hagiao dch trn TTCK. Thm ch TTCK c 8 nm tui m hu ht cc ngn hng thngmi c phn Vit Nam khng c mt ng no cho hot ng u t vo chng khon n tiu chun tham gia nghip v th trng m ca Ngn hng Nh nc, trong khi lithi nhau kinh doanh c phiu(chng khon vn)

Do khi cn ngun thanh khon ngn hn ngn hng phi i vay li vi gi rt cao

trong th trng lin ngn hng hoc huy ng gi cao trn th trng tin gi.- Trong lc TTCK ang hp dn nh u t, lc c nhiu c hi pht trin ca th trngs cp vi hng ha cht lng caoth li b tr hon, ko gin, tnh ton qu lu, gy mtmi cho cc nh u t, va mt thi c c phn ha vi gi c li cho cc doanh nghip nhnc ln, va lm lnh TTCK ang pht trin mnh tr li cha y mt nm ( t thng10/2006 6/2007)

- Mi lin h c tnh cht bn cht gia TTCK v th trng tin t l ra rt gng b theonguyn l chy tip sc, th Vit Nam li rt ri rc, thm ch c tnh trng gn bngc theo kiu i vay tin ngn hng thi hn ngn mua c phiu v thi hn.

- Tri phiu cht lng cao, h hn di, li sut hp dn ca Chnh ph, ca cc cng

trnh trng im quc gia bit r s c hiu qu ln cn cha c v/hoc rt him hoi, trongkhi ngn sch nh nc lun thm thng v Nh nc lun phi i vay trung hn trong ncv c nc ngoi.

- Hu ht cc nh pht hnh c phiu Vit Nam sau khi IPO mt cch chp git bmc cc c ng. Thay v tr li tc bng tin cho nh u t vi t cch l cc c ng thlu nay li ch tr bng giy bn giy ly tin th c ng khng th yn tm vi quyns hu cng ty ca mnh c.

- Cc nh qun l TTCK cng ch yu ch quan tm n vic ln xung ca ccsnchnh thc, t quan tm n TTCK ni chung(c OTC). Ngha l qu quan tm n th



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tri phiu Chnh ph c pht hnh l 20.000 t ng, t 14% k hoch ca nm(4). Sbin ng ca TTCK cng nh th trng vng, th trng ngoi t Vit Nam chng theomt quy lut no cho thy nhng bt n ca th trng pht sinh t chnh nhng yu t niti ca th trng nh thiu s lin kt cht ch gia cc b phn ca TTCK (th trng scp, s giao dch, th trng UpCoM, TTTP chuyn bit), gia TTCK vi th trng ngoihi, th trng tn dng v th trng vng. Th trng ti chnh b phn khc, cha c s

minh bch trong qun tr iu hnh v trch nhim gii trnh ca cc c quan qun l, gimst tm v m, cng nh cc thng tin th trng cha c cp nht mt cch chun xcn cc nh u t, trong khi yu t tm l lun b chi phi nng n bi cc tin n; trn thtrng vn c khong trng php l cho nhng nh kinh doanh, u c c iu kin thn tnh,lng on th trng. V vy vn cp thit hin nay l lm th no TTCK Vit Nam phttrin n nh?

* Gii php cho s pht trin bn vng TTCK Vit Nam

Th nht, Tip tc ti cu trc TTCK mt cch su, rng theo hng minh bch, ng b v

thng nht ph hp vi chun mc quc t.

Vic chuyn i t Trung tm giao dch chng khon Tp.HCM, H Ni thnh S giao dchchng khon (SGDCK) hot ng theo m hnh Cng ty TNHH Nh nc mt thnh vin;tch b phn lu k thnh Trung tm lu k chng khon c lp hot ng theo m hnhCng ty TNHH Nh nc mt thnh vin, xy dng TTT

chung khoan viet nam

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