[yrc]-bat can xung thong tin tren ttck

7/31/2019 [YRC]-Bat Can Xung Thong Tin Tren TTCK

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B Gio dc v o to

Trng i hc Ngoi thng

---------o0o---------

Cng trnh d thi Cuc thi

Sinh vin nghin cu khoa hc trng i hc Ngoi thng 2009

Tn cng trnh:

BT CN XNG THNG TIN TRN

TH TRNG CHNG KHON VIT NAMTHC TRNG V GII PHP

Nhm ngnh: XH1a

H Ni, thng 07 nm 2009


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DANH MC S , BNG BIU

Bng 1.1: Sra i ca cc TTCK trn Th gii ................................. 15

S 1.1: Chc nng lun chuyn vn ca Th trng ti chnh ........ 16

S 1.2: Quan h gia Th trng ti chnh v Th trng chng

khon ..................................................................................................... 17

S 1.3: Cc ngun thng tin ti chnh c khnng tc ng n gi

ti sn ti chnh do doanh nghip pht hnh ......................................... 19

Bng 2.1: S pht trin ca TTCK Vit Nam qua cc con s .............. 29

Bng 2.2: nh gi v Ch s bo vu t ca Vit Nam qua mt s

ch tiu ................................................................................................... 46

Bng 2.3: TTCK Vit Nam qua cc giai on v c im ca Nh u

t ........................................................................................................... 57

Bng 2.4: nh gi trnh nh u t c nhn trn TTCK Vit Nam58

S 3.1: Cch gim st hot ng cng b thng tin ti Vit Nam 69

Bng 3.1:Ch ti x pht vi phm cng b thng tin ........................... 71

S 3.2: Nhng li ch ca tng cng cng b thng tin ................ 73


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DANH MC TVIT TT

TTCK : Thtrng chng khon

SGDCK : Sgiao dch chng khon

UBCKNN : y ban Chng khon Nh nc

CTCP : Cng ty c phn

NT : Nh u t


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MC LC

LI MU ............................................................................................................ 9

CHNG I:CSL LUN V TH TRNG CHNG KHON V L

THUYT BT CN XNG THNG TIN TRN TH TRNG CHNG

KHON .................................................................................................................... 13

I.1. Slc v Chng khon v Th trng chng khon: ................................ 13

I.1.1. Khi nim Chng khon (Securities): ........................................................ 13

I.1.2. Slc v Th trng chng khon: ......................................................... 14

I.1.2.1. Lch shnh thnh v pht trin ca Th trng chng khon:

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

I.1.2.2. Th trng ti chnh v chc nng ca Th trng chng

khon: ................................................................................................... 16

I.1.2.3. Cc ch ththam gia Th trng chng khon: ...................... 18

I.2. Vai tr ca thng tin ti chnh trn Th trng chng khon: .................... 18

I.3. L thuyt bt cn xng thng tin (Ansymmetric Information): .................. 20

I.3.1. Gii thiu s lc v l thuyt bt cn xng thng tin (Asymmetric

Information: ......................................................................................................... 20

I.3.2. Cc khi nim v bt cn xng thng tin: .................................................. 21

I.3.3. Nhng nghin cu u tin v bt cn xng thng tin trn th gii : ........ 22

I.3.3.1. G.A. Akerlof (1970): Th trng nhng quchanh:............ 22

I.3.3.2. Michael Spence (1973): Pht tn hiu...................................... 22

I.3.3.3. Joseph Stiglitz (1975): Cchsng lc ................................... 23


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I.3.4. H qu ca bt cn xng thng tin trn Th trng chng khon ............. 24

I.3.4.1. La chn i nghch (Adverse Selection): ............................... 24

I.3.4.2. Ri ro o c (Moral Hazard): .............................................. 24

I.3.5. Nhng tc ng ca bt cn xng thng tin trn Th trng chng khon:

............................................................................................................................. 25

I.3.5.1. Tc ng n cc nh u t: .................................................. 25

I.3.5.2. Tc ng n cc Doanh nghip:............................................. 26

I.3.5.3. Tc ng n spht trin ca Th trng chng khon: ...... 26

I.3.6. Gii php l thuyt hn ch bt cn xng thng tin ................................... 26

I.3.6.1. Pht tn hiu (Signaling): ......................................................... 27

I.3.6.2. Sng lc (Screening): ............................................................... 27

I.3.6.3. Cchgim st:....................................................................... 28

CHNG II:THC TRNG V BT CN XNG THNG TIN TRN TH

TRNG CHNG KHON VIT NAM ........................................................... 29

II.1. Slc v TTCK Vit Nam: .......................................................................... 29

II.1.1. Cc thnh phn tham gia TTCK VN: ....................................................... 30

II.1.2. Bt cn xng thng tin trn TTCK Vit Nam: ......................................... 31

II.2. Khung php l quy nh v vic cng bthng tin i vi cc cng ty i

chng ti Vit Nam .................................................................................................. 32

II.2.1. Nhng vn bn php lut lin quan n quy nh cng b thng tin i

vi cc cng ty i chng ti Vit Nam .............................................................. 32


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II.2.2. nh gi chung v khung php l ............................................................ 35

II.3. Cng b thng tin ca cc cng ty i chng: .............................................. 37

II.3.1. Thc trng cng bthng tin theo quy nh: ............................................ 37

II.3.1.1. Thng tin nh k: ................................................................... 37

II.3.1.2. Thng tin bt thng: ............................................................. 40

II.3.1.3. Thng tin theo yu cu:........................................................... 40

II.3.1.4. Cng bthng tin vgiao dch ca cc cng ni b......... 41

II.3.2. Mt s nhng tn ti khc ........................................................................ 42

II.4. Thc trng p dng cc nguyn tc qun tr cng ty ( Corporate

Governance) nhm tng cng minh bch thng tin: ......................................... 43

II.4.1. Khi nim v nhng nguyn tc v qun tr cng ty: ............................... 43

II.4.2. Giai on hnh thnh v pht trin: ........................................................... 44

II.4.3. Thc trng v ch qun tr cng ty ca cc cng ty i chng Vit

Nam...................................................................................................................... 45

II.4.3.1. Hin cc doanh nghip t nhn Vit Nam vn thng p

dng theo kiu truyn thng: ................................................................ 46

II.4.3.2. Nhiu vi phm trong cng tc qun tr doanh nghip cn tnti: ......................................................................................................... 47

II.4.3.3. Vai tr ca Ban kim sot cha thc t, mi ch mang tnh

hnh thc: .............................................................................................. 47

II.4.3.4. Mt sv din hnh: ........................................................... 48

II.4.4. Nguyn nhn: ............................................................................................ 48


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II.5. Thc trng v hot ng k ton v kim ton ca cc cng ty i chng:

................................................................................................................................... 49

II.5.1. Thiu minh bch t t chc k ton ca DN: ........................................... 50

II.5.1.1. BCTC sai lch: ........................................................................ 50

II.5.1.2. Hp nht BCTC: ..................................................................... 53

II.5.2. Kim ton vn cha ng sai phm: ......................................................... 55

II.6. Thc trng sdng thng tin ca nh u t: ............................................ 56

II.6.1. Kin thc nh u t trn th trng Vit Nam qua cc giai on: .......... 56

II.6.2.Thc trng s dng thng tin chng khon trong vic ra quyt nh u t

Vit Nam: ......................................................................................................... 59

II.6.2.1. a s nh u t c nhn thng u t da trn nhng

ngun thng tin khng c ngun gc r rng, t da trn nhng thng

tin chnh thc: ....................................................................................... 59

II.6.2.2. Tm l by n v tm kim li nhun:................................... 60

II.6.2.3. a snh u tc nhn cha trnh v kin thc

phn tch cc ngun thng tin chnh thc u t: ........................... 61

CHNG III ........................................................................................................... 62

MT S GII PHP KIN NGH NHM HN CH BT CN XNG

THNG TIN V BO VNH U TTRN TTCK VIT NAM ............ 62

III.1. Kinh nghim hn ch bt cn xng thng tin v bo vnh u tca

TTCK M: ............................................................................................................... 62

III.2. Mt s kin ngh nhm nng cao tnh minh bch v hiu qu thng tin

trn TTCK Vit Nam: ............................................................................................. 67


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III.2.1. Hon thin khung php l v cng bthng tin. Tng cng cch gim

st v x l vi phm cng b thng tin: ............................................................. 67

III.2.1.1. Hon thin khung php l vcng bthng tin:................... 67

III.2.1.2. Tng cng cchgim st:................................................. 68

III.2.1.3. Xpht nghim khc cc vi phm vcng bthng tin:...... 70

III.2.2. Tng cng nhn thc v tnh t gic minh bch thng tin ca cc cng

ty i chng: ........................................................................................................ 72

III.2.3. Nng cao cht lng thng tin trn TTCK: ............................................. 74

III.2.4. Hon thin cch k ton, kim ton: .................................................... 74

III.2.5. Hon thin cc nguyn tc v qun tr cng ty (Corporate Governance)

trong cc cng ty i chng nhm tng cng minh bch thng tin: .................. 76

III.2.6. Nng cao cht lng ngun nhn lc v kin thc nh u t: .............. 78

KT LUN .............................................................................................................. 81

DANH MC TI LIU THAM KHO ............................................................... 82


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LI M U1. Tnh cp thit ca ti:

L thuyt thng tin bt cn xng c bit n ln u tin vo nhng nm

1970 (A.G.Akerlof) v c Micheal Spence (1973), Joseph Stiglitz (1975) b

sung v hon thin.Thng tin bt cn xng c th xy ra trc khi tin hnh k kt

hp ng. Cc bn tham gia giao dch c tnh che y thng tin, ngi mua khng

c thng tin xc thc, y v kp thi nn tr gi thp hn gi tr ch thc ca

hng ha khi dn n la chn bt li (adverse selection) cho nh u t. Mt

khc, thng tin bt cn xng cn gy ra ri ro o c (moral hazard) sau khi hp

ng c giao kt nhng mt bn c hnh ng che y thng tin m bn kia

kh lng kim sot, hoc mun kim sot th cng phi tn km chi ph. Trong cng

trnh nghin cu ni ting c cng b , ba nh kinh t hc cho rng bt cn

xng thng tin c th lm th trng dn bin mt.

i vi TTCK Vit Nam, s ra i v chnh thc i vo hot ng cch y hn

9 nm nh du mt bc pht trin mi c ngha quan trng trong qu trnh

hon thin h thng th trng ti chnh, nhm p ng nhu cu vn ca nn kinh t

ang khng ngng chuyn i vn hnh theo c ch th trng. C th ni TTCK

hin ti tuy khng tht s ln, nhng cng pht huy c vai tr l knh huy

ng vn tch cc ca Chnh ph. Ngoi ra, vic hnh thnh TTCK cng lm cn

cn li sut trn th trng tn dng iu chnh ngy cng ph hp hn vi tnh hnh

pht trin kinh t t nc.

Bn cnh nhng thun li do vic huy ng vn t TTCK em li cho cc doanh

nghip nim yt, cng to c hi u t cho cc c nhn, t chc trong v ngoi

nc. Tuy nhin nhng kh khn gn y phn no lm cho th trng chm

pht trin v cha pht huy c ht vai tr thc th l nhng vn nh h thng

lut php cha bao qut, chnh sch iu hnh cn mang tnh mnh lnh hnh

chnh, cht lng ca ngi iu hnh cn yuv l do quan trng nht l mc

minh bch thng tincn thp.C kin cho rng trn mt th trng cn mi nh


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Vit Nam, khi m cc ngun thng tin khng bt buc hay thng tin thay th khc

cha xut hin th ngi u t ch c th da vo thng tin bo co ti chnh m

doanh nghip nim yt cng b xc nh chin lc u t. Tuy nhin vi vi

cn nhiu bt cp trong vic cung cp thng tin ca cc doanh nghip nim yt s

gy nn tnh trng bt cn xng v thng tin s dn n vic cc nh u t a ra

cc quyt nh u t khng chnh xc, gy cung cu o, th trng bong bng v

tim n nguy c sp th trng.

Thc t, cc thc trng v bt cn xng thng tin trn TTCK Vit Nam hon

ton c th khc phc bng nhng gii php thch hp. Do , nhm tc gi la

chn v nghin cu ti: Bt cn xng thng tin trn Th trng chng

khon Vit Nam Thc trng v Gii php vi mong mun gp phn lm

TTCK Vit Nam cng khai v minh bch thng tin hn. T , TTCK Vit Nam s

pht trin nhanh chng v gp phn thc y nn kinh t quc dn ni chung.

2. Tng quan tnh hnh nghin cu:

Vn bt cn xng thng tin c cp n trong mt s nghin cu

trc c trn th gii. Tiu biu l cc cng trnh nghin cu ca G.A.Akerlof

(1970), M.Spence (1973) v J.Stiglitz (1975), y l nhng cng trnh t nn

mng cho l thuyt bt cn xng thng tin (Asymmetric Information) hin i. Gii

Nobel Kinh t 2001 dnh cho 3 hc giny khng nh v tr ca l thuyt bt

cn xng thng tin trong kinh t hc hin i.

Ti Vit Nam, cc hc gi bt u quan tm n l thuyt bt cn xng thng

tin v xut hin nhng ti mang tnh cht chuyn su. in hnh l ti

nghin cu khoa hc cp B nm 2008, m s B2007-08-23, Mi lin h gia

thng tin BCTC v gi c phiu trn TTCK VitNam, do TS. Nguyn Vit Dng

(H Ngoi Thng) ch nhim; hay lun vn thc s kinh t nm 2008, nh

hng ca thng tin bt cn xng n nh u t trn TTCK Tp. HCM, ca L An

Khang, H Kinh t Tp. HCM.


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Cc ti trn ch ra nhng mi lin h gia thng tin v thtrng, lng

ha nhng bt cp cn tn ti v a ra mt s gii php nhm pht trin thtrng.

Tuy nhin, do c th ca cc ti, cc tc gi mi ch tp trung vo cc kha cnh

chi tit, v dnh TS. Nguyn Vit Dng mi phn tch nhng tc ng ca thng

tin BCTC, L An Khang mi ch phn tch nhng tc ng n nh u t th

trng Tp. HCM.

Trong khi , Sinh vin Vit Nam cc ngnh kinh t - ti chnh vn cha c

ti no c tnh h thng khoa hc v vn bt cn xng thng tin.

3. i tng nghin cu

ti nghin cu tp trung vo 3 thnh phn tham gia TTCK Vit Nam: cc

cng ty i chng, cc c quan nh nc lin quan v nh u t. T, nhm tc

gi s ch r ra nhng thc trng v bt cn xng thng tin trn TTCK Vit Nam v

nhng nguyn nhn t3 i tng ny.

4. Phm vi nghin cu:

Nhm tc gi thc hin nghin cu nhng cng ty i chng v cc nh u t

hot ng trn TTCK Vit Nam. Trong , ti tp trung nhiu hn vo nhm cc

cng ty i chng ang nim yt trn SGDCK Tp. HCM v SGDCK H Ni.

V thi gian nghin cu, nhm tc gi tng hp, phn tch, nh gi k t khi

TTCK Vit Nam chnh thc giao dch nm 2000 n thng 7/2009.

5. Mc tiu nghin cu:

Trn c sphn tch nhng thc trng bt cn xng thng tin trn TTCK Vit

Nam, nhm tc gia ra nhng gii php vpha nh nc, doanh nghip v nh

u t nhm gp phn thc y s pht trin ca TTCK Vit Nam.


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6.Phng php nghin cu:

Trn c sca phng php duy vt bin chng v duy vt lch s, ti s

dng nhng phng php nghin cu truyn thng nh sau: din gii, quy np,phn tch, tng hp, so snh, rt ra nhng nhng lun c logic nht, t tng

hp v lun gii nhng i tng nghin cu.

7. Kt qu nghin cu dkin:

H thng ha c sl lun v bt cn xng thng tin trn TTCK;

Phn tch v lun gii thc trng bt cn xng thng tin trn TTCK VitNam;

xut nhng gii php c th, hiu qu v c tnh ng dng cao nhm hnch bt cn xng thng tin v thc y TTCK Vit Nam pht trin.

8. Kt cu ti:

Ngoi phn li mu v kt lun, ti gm 3 chng:

Chng I: C s l lun v Th trng chng khon v l thuyt Bt cnxng thng tin trn Thtrng chng khon

Chng II: Thc trng bt cn xng thng tin trn Thtrng chng khonVit Nam

Chng III: Mt s gii php kin ngh nhm hn ch bt cn xng thng tinv bo vnh u t trn Thtrng chng khon Vit Nam


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CHNG I:

C S L LUN V TH TRNG CHNG KHON V L THUYT

BT CN XNG THNG TIN TRN TH TRNG CHNG KHON

I.1. S lc v Chng khon v Th trng chng khon:

I.1.1. Khi nim Chng khon (Securities):

Theo Frederic S.Mishkin (1992), Chng khon (cn c gi l Cng c ti

chnhFinancial Instruments) l nhng tri quyn (quyn c hng) i vi thu

nhp tng lai ca ngi vay.

i vi ngi bn (cc t chc pht hnh nh cc doanh nghip, tp on,),

chng l ti sn n. i vi nhng ngi mua, chng l ti sn c.

Chng khon c thc chng nhn bng mt tchng ch (certificate), bng

mt bt ton ghi s (book-entry) hoc d liu in t.

Chng khon c 4 loi1

:

C phiu (Stock): l mt loi chng khon c pht hnh di dngchng ch hoc bt ton ghi s, xc nhn quyn s hu v li ch hp

php ca ngi shu c phiu vi ti sn hoc vn ca CTCP.

Tri phiu (Bond): l mt loi chng khon quy nh ngha v tr ncangi pht hnh (ngi vay tin) phi choc ho ngi nm gi chng

khon (ngi cho vay) mt khon tin xc nh, thng l trong nhng

khong thi gian c th, v phi hon tr khon cho vay ban u khi n

o hn.

Chng khon c th chuyn i (Conversational Securities): l nhngchng khon cho php ngi nm gi, ty theo la chn v nhng iu

kin nht nh, c thi n ly mt chng khon khc.

1TS. o L Minh (ch

bin), Gio trnh Nh

ng vn

c b

n v

Thtr

ng Ch

ng khon, UBCKNN 2002


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Chng khon phi sinh (Derivatives): l nhng cng c ti chnh c gigiao dch c da trn cc ti sn khc (c gi l Ti sn gc

Underlying assets). Bn loi chng khon phi sinh c bn l Hp ng

tng lai (Futures), Hp ng k hn (Forwards), Hp ng quyn chn

(Options) v Hp ng hon i (Swaps).

I.1.2. S lc v Th trng chng khon:

Theo TS. Nguyn nh Th (2008),ph trng khoa Ti chnh Ngn hng, H

Ngoi Thng, TTCK l mt c chthng qua ngi mua v ngi bn c th

tin hnh tm kim, giao dch, trao i v mua bn chng khon.

I.1.2.1. Lch s hnh thnh v pht trin ca Th trng chng khon:

Lch s ra i ca TTCK c thc coi l bt u t th k 12 Php khi

nhng nh mi gii chng khon u tin tin hnh giao dch chng khon ca

chnh ph.

TTCK phi chnh thc hnh thnh v pht trin khp chu u t th k XV cho

ti th k XVII v l tin cho sra i ca cc SGDCK Chu u. Hat ng

mi gii v giao dch chng khon thng c thc hin ti cc qun caf m cc

nh mi gii hn gp mt nhau.

Nm 1460, SGDCK u tin trn th gii c xy dng ti Antwerp, B. S

giao dch ny c xy mi li vo nm 1531 v tn ti sut t thi gian ti khi

bchy vo nm 1858. Sau v chy, Sgiao dch Antwerp c xy dng li vi

mt kin trc hon ton mi v tn ti t n nay.

Sau s ra i ca S giao dch Antwerp, cc s giao dch khc bt u chnh thnh t nm 1602 (Bng 1.1). V mc d ra i sau Antwerp, S GDCK

Amsterdam li c coi l SGDCK lu i nht trn th gii: y l ni nhng c

phiu v tri phiu doanh nghip u tin trn th gii c giao dch.


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Bng 1.1:S ra i ca cc TTCK trn Th gii

Nm Sgiao dch Ch thch

1460 SGDCK Antwerp (B) ra i S giao dch u tin trnth gii

1602 SGDCK Amsterdam (H Lan) ra i

Cng ty East India pht

hnh c phiu quy m ln

u tin trong lch s

1698 SGDCK London (Anh) ra i

1724 SGDCK Paris (Php) ra i

1769 SGDCK Lisbon (Bo Nha) ra i

1790 SGDCK Philadelphia (PHLX) ra i SGiao dch u tin M

1792 SGDCK New York (NYSE) ra i

1801 SGDCK Brussels ra i

1875 SGDCK Bombay ra iS Giao dch u tin

Chu

1878 SGDCK Tokyo ra i

2000SGiao dch xuyn lc a u tin Chu

u hnh thnh - Euronext

S GDCK Amsterdam sp

nhp vi Paris v Brussels

2007

Tp on Giao dch Chng khon xuyn lc

a v lin lc a ln nht th gii ra i

NYSE Euronext

NYSE sp nhp vi

Euronext


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Sau hng trm nm hot ng, TTCK hin nay trthnh mt thtrng ton

cu, hat ng khng ngng ngh. Thng k ca Lin on cac SGDCK Th gii

(World Federation Exchanges) cho thy gi tr thtrng ca cc sgiao dch ln

nht th gii vt hn 20000 t USD.

I.1.2.2. Th trng ti chnh v chc nng ca Th trng chng khon:

Theo TS. o L Minh (2002)2, Th trng ti chnh l ni din ra s lun

chuyn vn t nhng ngi c vn nhn ri ti nhng ngi thiu vn.

Thtrng ti chnh cng c thnh ngha l ni mua bn, trao i cc cng c

ti chnh.

S 1.1:Chc nng lun chuyn vn ca Th trng ti chnh

Ngun: Frederich S.Mishkin (1992)

2TS. o L Minh (ch

bin), Gio trnh Nh

ng vn

c b

n v

Thtr

ng Ch

ng khon, UBCKNN 2002

TI CHNH GIN TI P

TI CHNH TRC TIP

CC TRUNGGIAN TI

CHNH

THTRNG

TI

CHNH

Ngi cho vay vn:

1. Hgia nh

2. Doanh nghip

3. Chnh ph

Ngi i vay vn:

1. Hgia nh

2. Doanh nghip

3. Chnh ph

VN VN

VN

V N

VN


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Thng thng, thtrng ti chnh c chia thnh hai loi chnh l thtrng

tin t v thtrng vn.

Thtrng tin t l ni giao dch mua bn cc cng c nc thi hn ohn t hn 1 nm. Th trng tin t bao gm thtrng cho vay ngn hn,

thtrng lin ngn hng v thtrng hi oi;

Thtrng vn l ni din ra cc giao dch mua bn cc loi ti sn ti chnhhoc cng c ntrung v di hn (thi hn o hn trn 1 nm). Thtrng

vn bao gm TTCK, thtrng cho vay di hn v thtrng tn dng thu

mua. TTCK l mt b phn ca thtrng vn.

S 1.2:Quan h gia Th trng ti chnh v Th trng chng khon

Trn thtrng ti chnh, TTCK ng vai tr l mt b phn cc k quan trng.

Cc chc nng chnh ca TTCK:

Huy ng vn u t cho nn kinh t; Cung cp mi trng u t cho cng chng; To tnh thanh khon cho cc chng khon;


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nh gi hot ng ca doanh nghip; To mi trng gip chnh ph thc hin cc chnh sch kinh tv m.

I.1.2.3. Cc ch th tham gia Th trng chng khon:

Theo TS. o L Minh (2002), cc t chc v c nhn tham gia TTCK c th

chia thnh 3 nhm: Nh pht hnh, Nh u t v Cc t chc c lin quan n

chng khon.

Nh pht hnh: l cc t chc thc hin huy ng vn thng qua TTCK. Baogm cc doanh nghip, cc t chc ti chnh, chnh ph v chnh quyn a

phng;

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

chc.

Cc tchc c lin quan n chng khon bao gm:- Cc t chc kinh doanh trn TTCK: Cng ty chng khon, cc Ngn

hng thng mi,;

- Cc t chc qun l: C quan qun l nh nc, SGDCK, Hip hi ccnh kinh doanh chng khon, T chc lu k v thanh ton b tr chng

khon,;

- Cc t chc khc: Cng ty dch v my tnh chng khon, Cc t chc titrchng khon, Cc cng ty nh gi h s tn nhim,

I.2. Vai tr ca thng tin ti chnh trn Th trng chng khon:

Thng tin ti chnh l nhng thng tin c khnng tc ng n gi ti sn tichnh trn thtrng. C nhiu ngun thng tin khc nhau trc tip hoc gin tip

t doanh nghip hoc mi trng bn ngoi. S sau tm tt cc ngun thng tin

ti chnh:


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S 1.3:Cc ngun thng tin ti chnh c kh nng tc ng n gi ti sn tichnh do doanh nghip pht hnh

Ngun: TS. Nguyn Vit Dng (2008)

Vai tr ca thng tin trn TTCK c nhn mnh trong nhng nghin cu

ca Eugene Farma vo nm 1965, Farma c coi l cha ca l thuyt thtrng

hiu qu.

C th coi tnh hiu qu ca thtrng ti chnh l c sca ton b l thuyt

ti chnh hin i. Theo Farma (1965), mt thtrng ti chnh c coi l hiu qu

khi v chkhi ton b cc thng tin sn c vmt ti sn ti chnh c giao dch

trn thtrng c phn nh tc th vo gi ca n.


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20

Theo nhng nghin cu ca Bachelier (1900) v Graham & Dodd (1934)3,

Farma phn bit 3 loi thtrng hiu qu :

Hiu qu phn bngun lc (Allocative efficiency): khi cc ngun vn cu t c hiu qu nht v do vy ng gp v s pht trin kinh t;

Hiu qu vn hnh (Operational efficiency): khi chi ph giao dch ti thiunhm duy tr v vn hnh cc trung gian ti chnh;

Hiu qu thng tin (Information efficiency): khi gi chng khon trn thtrng vo mi thi im u phn nh tt c cc thng tin sn c v doanh

nghip pht hnh cng nh nh hng ca cc s kin ti hiu qu ti chnh

tng lai ca doanh nghip .

Nh vy, thng tin l mt trong ba yu t cu thnh nn tnh hiu qu ca th

trng. C th ni thng tin c vai tr quan trng nht v quyt nh n gi c

phiu trn thtrng. Thtrng c thng tin minh bch v cng khai s hnh thnh

nn gi chng khon hp l v thu ht nh u t tham gia, thc y s pht trin

ca TTCK ni ring v nn kinh t quc dn ni chung.

I.3. L thuyt bt cn xng thng tin (Ansymmetric Information):

I.3.1. Gii thiu s lc v l thuyt bt cn xng thng tin (Asymmetric

Information:

Cng vi L thuyt Th trng hon ho, L thuyt bt cn xng thng tin

(Ansymmetric Information) nu bt ln vai tr ca thng tin i vi Th trng

ti chnh.

L thuyt bt cn xng thng tin (Asymmetric Information) ln u tin xut

hin vo nhng nm 1970 v khng nh c v tr ca mnh trong nn kinh t

hc hin i bng s kin nm 2001, cc nh khoa hc nghin cu l thuyt ny l

George Akerlof, Michael Spence v Joseph Stiglitz cng vinh d nhn gii Nobel

kinh t.

3 TS. Nguyn Vit Dng (2008), Mi lin h gia thng tin t BCTC v gi c phiu trn TTCK Vit

Nam, ti nghin c

u khoa h

c, M s

B2007-08-23, B

Gio d

c v o to, trang 114-116


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21

Bt cn xng thng tin c th xy ra trc khi tin hnh k kt hp ng. Cc

bn tham gia giao dch c tnh che y thng tin, ngi mua khng c thng tin xc

thc, y v kp thi nn tr gi thp hn gi tr ch thc ca hng ha. Hu qu

l ngi bn cng khng cn ng lc sn xut hng c gi tr v c xu hng

cung cp nhng sn phm c cht lng thp hn cht lng trung bnh trn th

trng. Rt cuc trn th trng ch cn li nhng sn phm cht lng xu- nhng

tri chanh b i, hng tt b loi b, dn n la chn bt li (adverse selection)

cho c hai bn. Nh vy, hin tng la chn bt li cn tr vic giao dch trn

c s hai bn cng c li. Btcn xng thng tin cn gy ra hin tng tm l li

(moral hazard) sau khi hp ng c giao kt nhng mt bn c hnh ng chey thng tin m bn kia kh lng kim sot, hoc mun kim sot th cng phi

tn km chi ph.

I.3.2. Cc khi nim v bt cn xng thng tin:

1. Bt i xng thng tin l khi nim m t cc tnh hung trong nhngngi tham gia tng tc trn th trng nm c thng tin khc nhau v

gi tr hoc cht lng ca mt ti sn ang c giao dch (trao i) trn thtrng . Ni mt cch khc, nu nh khng tn ti tnh trng bt i xng

i vi vic tip cn cc thng tin v ti sn, th cc bn tham gia th trng

c hiu l "i xng" v thng tin.

2. Khoa hc thng tin chng minh s la o lin quan n bt i xng vthng tin. Bn la bit bn cht, gi tr ca mn hng nhng khng cung cp

thng tin cho ngi mua, ngi mua cng khng c kh nng kim chng

cht lng hng ha m mnh mua ti thi im mua hng. (Tin s L ng

Doanh, nguyn Vin trng Vin Qun l Kinh t).

3. Bt cn xng thng tin trn TTCK xy ra khi mt hoc nhiu nh u tshu c thng tin ring (Kyle, 1985 trch trong Ravi, 2005) hoc c nhiu

thng tin i chng hn vmt cng ty (Kim v Verrecchia, 1994 v 1997

trch trong Ravi, 2005).


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22

I.3.3. Nhng nghin cu u tin v bt cn xng thng tin trn th gii4:

I.3.3.1. G.A. Akerlof (1970): Th trng nhng qu chanh:

Theo Auronen (2003, tr.7), ngi u tin gii thiu v l thuyt bt cn xng

thng tin l G.A. Akerlof (1970). Nm 1970, ng cng b nghin cu ca mnh

trong bi "The Market for 'Lemons': Quality Uncertainty and the Market

Mechanism" trn tp ch Quarterly Journal of Economic. y c coi l nn mng

cho l thuyt bt cn xng thng tin.

Trong nghin cu ca mnh, Akerlof phn tch nhng th trng hng ha ti

ngi bn bit nhiu thng tin v cht lng hng ha hn ngi mua. V d in

hnh l th trng -t c, Akerlof dng t V chanh (Lemons) ch nhng

chic xe c c cht lng km, t ny tr nn ni ting v c a vo t in

kinh t nhm ch nhng sn phm cht lng km.

Trn th trng xe c, nhng ngi bn bit nhiu thng tin v cht lng sn

phm hn nhng ngi mua. Ngi bn bit n s tn ti ca vn thng tin phi

i xng nyv n kch thch anh ta mo him bn hng ha c mt cht lngm

vi gi nh hng ha cht lng cn tt. Ngi mua cng bit n s tn ti cavn thng tin phi i xng nn c gng khi b h bng cch chn mua cc

hng ha c gi trung bnh vi lp lun rng trong trng hp b mc la th cng

khng n ni thit hi lm. H qu l nhng ngi c xe c cht lng tt s

khng bn c gi cao v s rt khi th trng, dn dn th trng s ch cn li

nhng chic xe c cht lng km (nhng v chanh). iu ny l do ri ro la

chn i nghch (adverse selection), h qu u tin ca bt cn xng thng tin.

I.3.3.2. Michael Spence (1973): Pht tn hiu

Spence (1973) ch ra rng nhng ngi bn hng c cht lng cao c th

hn ch ri ro la chn i nghch bng c ch pht tn hiu (Signaling).

Tip tc pht trin nghin cu ca Akerlof (1970), trong mt bi bo cng b

4Information for public of The Nobel Foundation (2001), Markets with Asymmetric Information:

http://nobelprize.org/nobel_prizes/economics/laureates/2001/public.html
http://nobelprize.org/nobel_prizes/economics/laureates/2001/public.htmlhttp://nobelprize.org/nobel_prizes/economics/laureates/2001/public.htmlhttp://nobelprize.org/nobel_prizes/economics/laureates/2001/public.html


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vo nm 1973 (da trn lun vn tin s ca mnh), Spencer xt th trng lao

ng l mt th trng c bt cn xng thng tin gia nhng ngi xin vic v

ngi thu lao ng. Spence coi bng cp l mt c ch pht tn hiu vnng sut

ca ngi lao ng: nu nhng ngi km nng lc phi mt nhiu thi gian v n

lc hn nhng ngi c nng lc t c cng trnh hc vn th nhng

ngi c nng lc c th pht tn hiu bng cch t c nhng bng cp m

ngi km nng lc khng tht c.

V d khc vc ch pht tn hiu l t l tr c tc ca cc doanh nghip, c

thcoi y l tn hiu v li nhun trong tng lai ca cng ty l tt hay xu.

I.3.3.3. Joseph Stiglitz (1975): C ch sng lc

B sung cc nghin cu ca G.A.Akerlof (1970) v M.Spence (1973), J.Stiglitz

a ra c ch sng lc (Screening) vo nm 1973. Stiglitz t ra vn l bn

thn nhng ngi c t thng tin hn cng c th t ci thin tnh trng ca mnh

thng qua c ch sng lc. ng ch ra rng bn c t thng tin hn c th thu thp

thng tin t bn kia bng cch a ra cc iu kin giao dch hp ng khc nhau.

V din hnh l cc cng ty bo him thng cung cp nhng loi hp ng

bo him vi cc mc ph bo him khc nhau, tng ng vi mc bi thng khc

nhau. Cc khch hng s t la chn loi hp ng bo him ph hp vi mnh, do

t phn ha thnh cc loi khch hng khc nhau. Nhng khch hng c ri ro

thp thng thch loi hp ng c ph bo him thp trong khi khch hng c ri

ro cao li la chn hp ng c ph bo him cao.

Tri qua hn hai thp k, l thuyt v th trng c bt cn xng thng tin tr

nn v cng quan trng v l trng tm nghin cu ca kinh t hc hin i. Bt cn

xng thng tin cng tr nn ph bin v trm trng khi tnh minh bch ca thng

tin, kh nng tip cn thng tin v c s h tng thng tin yu km.


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I.3.4. H qu ca bt cn xng thng tin trn Th trng chng khon

Theo Frederic S.Mishkin (1992), bt cn xng thng tin s dn n hai h qu:

La chn i nghch (Adverse Selection) v Tm l li (hay cn gi l Ri ro oc Moral Hazard).

I.3.4.1. La chn i nghch (Adverse Selection):

La chn i nghch l ri ro do bt cn xng thng tin gy ra trc khi giao

dch c tin hnh. Ri ro la chn i nghch trn th trng ti chnh xy ra khi

mt ngi c ri ro tn dng ln li l ngi tch cc hn trong vic tm kim cc

khon vay v nh vy kh nng c cho vay cao hn. Chnh v vy, ngi cho vay(borrowers) c th quyt nh khng cho vay bt k khon tin no nhm trnh ri

ro v n, v nh vy loi tr c nhng ngi i vay (lenders) c kh nng tr n

tt.

V d ngi A (borrower) c mt khon tin 1.000 USD nhn ri. Trn th

trng c hai ngi vay tin (lenders): ngi B ch vay tin khi m bo chc chn

khon u t s em li li nhun; ngi C liu lnh hn v sn sng u t vi ri

ro ln nhm thu c li nhun ln, s ch ng tm kim cc khon vay v c kh

nng vay n cao hn. Do bt cn xng thng tin, A khng bit y thng tin v

B v C v c th quyt nh khng cho vay, mc d s c lc B (c kh nng tr n

chc chn) cn vay tin u t vo nhng d n gi tr.

I.3.4.2. Ri ro o c (Moral Hazard):

Ri ro o c l ri ro do bt cn xng thng tin gy ra sau khi giao dch c

tin hnh. Ri ro o c trn th trng ti chnh xy ra khi ngi i vay (lenders)

s dng cckhon tin vay vo nhng mc ch sai lch so vi cam kt khi i vay,

do dn n kh nng khng tr c n cao hn. Tng t ri ro la chn i

nghch, ngi cho vay (borrowers) c th quyt nh khng cho vay bt k khon

tin no.


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25

V d ngi A (borrower) c mt khon tin 1.000 USD nhn ri. Ngi B

(lenders) vay khon tin vi cam kt s u t vo nhng d n an ton v hp

php. Tuy nhin, B li cm tin i c bng vi mong mun thng c

100.000 USD. Nu thng, B s hon tr c khon vay v c khon li nhun ln

99.000 USD. Tuy nhin, kh nng thua cc ca B l rt cao, do khon vay s

khng c hon tr. Do bt cn xng thng tin, A khng bit chnh xc B s s

dng khon tin vay u t vo mc ch g v c th quyt nh khng cho vay.

Nh vy, bt cn xng thng tin cn tr s lu thng vn trn th trng ti

chnh, khin chc nng lun chuyn vn ca th trng ti chnh khng c thc

hin tt. iu ny gy tr ngi cho s pht trin ca th trng ti chnh, c bit ti

cc nc ang pht trin nh Vit Nam.

I.3.5. Nhng tc ng ca bt cn xng thng tin trn Th trng chng

khon:

I.3.5.1. Tc ng n cc nh u t:

Do bt cn xng thng tin khin gi c phiu khng phn nh c y vtc thi tnh hnh hotng ca doanh nghip nn cc nh u t khng th xc

nh c li nhun k vng mt cch chnh xc. iu ny gy ra mt s tc ng

n nh u t nh sau:

Mt s nh u t nm c nhiu thng tin s thu c li nhun c bitcao hn li nhun th trng: iu ny l do cc doanh nghip c nhng

ngun thng tin tt cha c cng b, do gi c phiu trn th trng

ca cc doanh nghip ny ang b nh gi thp hn gi tr thc

(undervalued). Tuy nhin, mt s nh u t, bng cch ny hay cch khc,

nm c nhng ngun thng tin v mua vo c phiu vi gi r, thu

c li nhun c bit cao hn li nhun ca th trng.

Mt s nh u t nm c t thng tin s phi b ra chi ph c bit caohn chi ph th trng:tri ngc vi iu trn, nhng nh u t nm c

t thng tin s mua phi nhng c phiu c gi th trng cao hn gi tr thc


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(overvalued) nn s phi chu chi ph cao hn chi ph th trng, thu li

nhun thp v c th thua l.

H qu l nhng nh u t c t thng tin s dn t b th trng. iu ny s

tc ng ngc tr li nhng nh u t c nhiu thng tin (khi khng c ngi

mua th h s khng bn c c phiu v thu v li nhun nh k vng) v nhng

ngi ny cng s chuyn hng u t sang nhng lnh vc khchp dn hn.

I.3.5.2. Tc ng n cc Doanh nghip:

Do tc ng ca bt cn xng thng tin, cc nh u t khng cn nim tin v

ng lc (v li nhun) tham gia TTCK. iu ny khin cho vic huy ng vn

thng qua c phn ha ca cc doanh nghip tr nn kh khn, h phi chuyn sang

nhng hnh thc huy ng vn khc nh vay vn ngn hng hay pht hnh tri

phiu, Nhng hnh thc ny lm tng chi ph huy ng vn ca doanh nghip v

tc ng n s pht trin ca nn kinh t quc dn. Ngoi ra, cc doanh nghip s

khng cn ng lc tham gia Th trng ti chnh ni chung v TTCK ni ring.

I.3.5.3. Tc ng n s pht trin ca Th trng chng khon:

Th nht, do nhng tc ng ca bt cn xng thng tin n nh u t v

doanh nghip khin cc thnh phn kinh t khng cn nim tin v ng lc tham

gia TTCK. iu ny ngn cn s pht trin ca TTCK ni ring v ton b nn kinh

t ni chung.

Thhai, nhiu nh u t c th li dng li th v thng tin ca mnh lm

gi mt s loi c phiu (thc t, iu ny thng xuyn din ra trn TTCK Vit

Nam, c bit l i vi cc c phiu trn SGDCK H Ni), to cung cu o trn

thtrng, to bong bng v khin thtrng tim n nguy c sp

I.3.6. Gii php l thuyt hn ch bt cn xng thng tin

Trong nhiu nghin cu v bt cn xng thng tin trn th gii (G.A.Akerlof -

1970, M.Spence - 1973 v J.Stiglitz1975), cng nh trong nc (L An Khang

2008, Nguyn Vit Dng - 2008), ba gii php nhm hn ch bt cn xng thng tin


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trn TTCK l: Pht tn hiu (Signaling); Sng lc (Screening) v C ch gim st .

I.3.6.1. Pht tn hiu (Signaling):

i vi thtrng ti chnh, giao dchc hiu qu th ngi i vay c th

vay c vn vi chi ph thp, ngi cho vay chc chn kh nng thu hi c n

hay ngi cho vay v i vay phi nm r quyn li v trch nhim ca ring

mnh.

Thng thng ngi i vay l ngi nm r thng tin v mnh nht th nn h

s c li nhiu hn trong giao dch. Tuy nhin, ngi cho vay s khng d

dng cho vay nu nh h khng bit r v khch hng ca mnh. Th nn, ngi

i vay phi pht tn hiurng mnh l ngi c kh nng trc n tt. Vn

pht tn hiu trong trng hp ny l: Uy tn ca cng ty, qui m v danh ting

cng ty, nng lc ti chnh, ti sn m bo, Ngclingi cho vay cng phi

pht tn hiu ngi i vay thc hin trch nhim ca mnh trong hp ng vay

nh cch x l ti sn, li sut cho vay,

Cng ging nh th trng ti chnh, nh u t khi mua c phiu ca mt

cng ty nim yt trn TTCK, t nhiu h cng cn bit cng ty hot ng rasao, sn xut ci g, V th cng ty mun nng cao v th, bn c phiu vi gi

cao v hp l, n phi cho nh ut thy c danh ting, hiu qu hot ng v

tim nng pht trin ca n.

I.3.6.2. Sng lc (Screening):

hn ch ri ro la chn i nghch ca mnh, cc ngn hng thng p

dng hn mc tn dng khc nhau i vi mi i tng vay, d n vay v thihn vay. i vi t chc bo him, cch sng lc c th hin qua vic chbo

him mt phn, iu ny cho thy ngay c i vi nhm bt cn cng phi c

trch nhim mt phn ca mnh trong s c bi thng c th xy ra.

TTCK, ngoi tr mt s nh u c, a phn nh u t mong mun mnh

s u t vo nhng cng ty c kh nng mang lihiu qu cao v bn vng. V

vycch sng lc i vi nh u t l u t vo cc cng ty c thng tin minh


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bch, uy tn, lm n hiu qu v c tim nng pht trin cao.

I.3.6.3. C ch gim st:

Cch gim st c p dng nhm mc ch kim sot ri ro o c. Cch

bao gm: gim st trc tip v gimst gin tip.

Gim st trc tip: nh u t s b ra ngun lc t c kim sotthng tin, cch gim st ny tn nhiu chi ph v sc lc, kh nng gim

st ca nh u t mun gim st cng ty nim yt s b hn ch.

Gim st gin tip: thng qua cc qui nh ca cc nh t chc th trng(UBCKNN, S GDCK), mc nhin cc cng ty nim yt phi c trch

nhim thng bo trc tip hoc gin tipn nh u t v nh u t cng

thng qua cc quyn li c qui nh m c th tip cn gim st gin

tip cng ty nim yt.

Ngoi ra cn c gim st thtrng:cncnh gi ca th trng bitnhiu thng tin hn v cc cng ty nim yt sau khi thc hin giao dch.

Cch gim st c thc hin rt cht ch trn TTCK. V nh u t khng

th b ra mt stin m khng bit stin c s dng nh th no.


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CHNG II:

THC TRNG V BT CN XNG THNG TINTRN TH TRNG

CHNG KHON VIT NAM

II.1. S lc v TTCK Vit Nam:

Nu so snh vi TTCK Th gii th TTCK Vit Nam cn rt non tr vi khng

y 10 nm hot ng chnh thc. Sra i ca TTCK Vit Nam c nh du

bng vic Thtng Chnh ph ra quyt nh 127/Q-TTg ngy 11/7/1998 v vic

thnh lp cc Trung tm Giao dch Chng khon ti H Ni v Tp. H Ch Minh.

S xut hin ca TTCK to nn nhng c hi u t mi cho cc ch th c

tin nhn ri trong nn kinh t. S lng nh u t khng ngng gia tng qua

nhng nm hot ng l minh chng r rang cho s quan tm ca cng chng u

t i vi TTCK Vit Nam.

Bng 2.1:S pht trin ca TTCK Vit Nam qua cc con s

Nm 2000 2001 2002 2003 2004 2005 2006 2007 2008

SCTNY

5 10 15 20 22 41 193 249 338

Vnho thtrngCP/GDP(%)

0,28 0,34 0,48 0,39 0,64 1,21 22,7 43 17,5

SCTCK

3 8 9 11 13 14 55 70 96

S tikhonkhchhng

2.908 8.774 13.520 15.735 21.616 31.316 95.000 300.000 350.000

(Ngun: UBCKNN)


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II.1.1. Cc thnh phn tham gia TTCK VN:

Trn TTCK Vit Nam, cc thnh phn tham gia khng c phn loi nh cc

loi nh u t trn cc TTCK pht trin do cc nh u t trn TTCK Vit Namcha c chin lc u t c th m chn thun chy theo li nhun. V vy, trn

TTCK Vit Nam, cc nh u t c phn ra theo t cch php l ca h:

Nh u t c nhn: l nhng ngi c vn nhn ri tm thi, tham giamua bn trn TTCK vi mc ch kim li.

i tng ny thng hn ch v hiu bit v cc kin thc v TTCK

Vit Nam ni ring v TTCK Th gii ni chung. Hu t vi mc ch

u t kim li trong di hn. Thnh phn ny chim n hn 97% slngNh u t trn TTCK Vit Nam

Nh u t tchc: l cc nh chu t thng xuyn mua bn chngkhon vi slng ln trn thtrng. Cc nh ch ny c th tn ti di

cc hnh thc sau: cng ty u t, cng ty bo him, Qulng hu, cng ty

ti chnh, ngn hng thng mi v cc cng ty chng khon.

i tng ny c hiu bit v kin thc su rng v TTCK Vit Nam ni

ring v TTCK Th gii ni chung. Hthng u t theo nhng chin lc

trung v di hn. y l ng lc chnh thc gp phn ln vo s pht trin

ca cc TTCK ang pht trin nh Vit Nam. Tuy nhin, h ch chim s t

trong slng Nh u t trn TTCK Vit Nam.

Cc thnh phn khc tham gia thtrng bao gm:

Nh pht hnh: L cc t chc thc hin huy ng vn thng qua TTCKdi hnh thc pht hnh cc chng khon.

Cc cng ty chng khon: L nhng cng ty hot ng trong lnh vcchng khon, c thm nhn mt hoc nhiu trong s cc nghip v chnh

l mi gii, qun l qu u t, bo lnh pht hnh, t vn u t chng

khon v t doanh.


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Cc tchc lin quan:- U ban chng khon Nh nc: l c quan thuc Chnh ph thc hin

chc nng qun l nh nc i vi TTCK Vit nam.

- SGDCK:l c quan thc hin vn hnh thtrng v ban hnh nhngquyt nh iu chnh cc hot ng giao dch chng khon trn Sph

hp vi cc quy nh ca lut php v UBCK.

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

- Cng ty nh gi h s tn nhim: l cng ty chuyn cung cp dch vnh gi nng lc thanh ton cc khon vn gc v li ng thi hn vtheo nhng iu khon cam kt ca cng ty pht hnh i vi mt t

pht hnh c th.

Ngoi ra, nu so snh vi cc TTCK pht trin ni chung th TTCK Vit Nam

khng c market maker ( ngi to lp thtrng). y l mt c im ring ca

TTCK Vit Nam do c quy nh gi trn v gi sn khi mua bn chng khon.

II.1.2. Bt cn xng thng tin trn TTCK Vit Nam:Sau gn hn 9 nm hnh thnh v pht trin, TTCK Vit Nam ang dn dn

hon thin thc hin vai tr l mt knh huy ng vn cho nn kinh t. TTCK

Vit Nam t c nhng thnh tu ht sc ng khch l, c th hin thng

qua nhng con s pht trin hng nm ni trn. Mi trng php l cho hot

ng ca thtrng ngy mt c ci thin c v phm vi iu chnh v tnh hiu

lc php l. Qu trnh hi nhp ca TTCK Vit Nam vo TTCK Khu vc v Th

gii c thc y ngy mt mnh m.

Bn cnh , hot ng ca TTCK Vit Nam vn cn mt s hn chnh c

cu hng ha trn thtrng mt cn i do cc nh u t ch yu quan tm vo

vic pht hnh v kinh doanh CK vn (c phiu) hn l CK n (tri phiu); Hot

ng trn cc b phn ca thtrng th cp cha m bo c tnh ng b v n

nh cn thit. c bit l vn v thng tin bt cn xng trn TTCK Vit Nam

ang l mt vn ni bt.


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Thng tin trn TTCK Vit Nam ni chung cha m bo c tnh minh bch

v hiu qu. Nhng ngun thng tin chnh thc (cng b t S Giao dch,

UBCKNN,) ngy c hon thin m bo tnh chnh xc, cng bng v

kp thi nhng cha p ng c nhu cu thng tin ca th trng. Hot ng

cng khai thng tin ca cc cng ty i chng cn nhiu bt cp. Nh u t nhiu

lc khng c thng tin, khng c cung cp thng tin mt cch y v kp thi

nn gnh chu nhiu thit hi. Nguyn nhn ca hn ch ny l do h thng cng b

thng tin trn TTCK cn th s, mang tnh hnh thc; Cc quy nh v cng b

thng tin vn cn nhiu k h, cha cht ch, cha tnh rn e v thc cng

khai thng tin ca cc nh pht hnh cn thp.

II.2. Khung php l quy nh v vic cng b thng tin i vi cc cng ty i

chng ti Vit Nam

II.2.1. Nhng vn bn php lut lin quann quy nh cng b thng tin i

vi cc cng ty i chng ti Vit Nam

Tnm 1998 ti nay, chnh ph ban hnh hn 130 vn bn quy nh v cc

hot ng trn TTCK, xy dng nn mt khung php l cho hot ng kinh doanh

chng khon ti Vit Nam. Trong , vn "cng b thng tin" trn TTCK

c quy nh c th trong nhiu vn bn, bao gm cc vn bn di y:

Ngh nh s 48/1998/N-CP ngy 11/07/1998 ca Chnh ph v chngkhon v TTCK:y l vn bn php quy t nn mng cho vic iu chnh

cc hot ng v chng khon v TTCK. Ti cc chng II, III, IV v V ca

nghnh ny u cp ti vic minh bch ho cc thng tin kinh t trn

TTCK. iu 70 v iu 71 ca nghnh ny nu r cc hnh vi mua bn ni

gin v thng tin sai s tht l b nghim cm. Tuy nhin nghnh ny cha

nu c ch ti x pht c thi vi tng hnh vi b nghim cm.

Quy chthnh vin, nim yt, cng bthng tin v giao dch chng khon,ban hnh km theo Quyt nh s79/2001/Q-UBCK ca Ch tch UBCK

Nh nc ngy 29/12/2000:vn bn c th ha quyn hn v trch nhim


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trong hot ng ca cc thnh vin, nim yt, cng b thng tin v giao dch

chng khon. Trong , cc quy nh chi tit v hat ng cng b thng tin

i vi tng i tng c th c nu ti chng IV. iu 39 chng IV

c 4 mc nhquy nh v cc nghim cm ca php lut trong hot ng

cng b thng tin ca t chc qun l qu, cng ty nim yt, v ngi c lin

quan. 4 mc ny cha c thho v bao qut c cc hnh vi c th gy

mt cn bng thng tin trn th trng. Quy chkhng a ra quy nh x

pht i vi cc hnh vi ny.

Nghnh 144/2003/N-CP ngy 28/11/2003: y l vn bn thay thchoNghnh 48/1998/N-CP. Trong nghnh ny, hot ng cng b thng

tin c quy nh chi tit v c th hn so vi ngh nh s 48/1998/N

trong chng sVI. Chng sVI quy nh vi tng, ni dung, phng

tin cng b thng tin cng nh cch thc cng b thng tin trong nhiu

trng hp khc nhau i vi t chc pht hnh, t chc nim yt. Ti

chng XI - Cc hnh vi b cm, cc hnh vi gy bt cn xng thng tin trn

thtrng c quy nh ti iu 103, iu 105, iu 106 iu 103, cchnh vi mua bn ni gin c chi tit ho hn tuy nhin iu 105 -

Thng tin sai s tht, 106 - Bn khng, vn cn cha r rng. Mc x pht

i vi cc hnh vi vi phm ch dng li mc x pht hnh chnh hoc truy

cu trch nhim hnh sv n b thit hi, khng nu mc x pht c th

nn khng mang tnh rn e.

Lut chng khon 70/2006/QH11 ban hnh ngy 29/06/2006: y l olut u tin, k tc v pht trin cc vn bn quy phm php lut trc

v cc hot ng lin quan ti chng khon ti Vit Nam. Trong o lut

ny, bn cnh yu cu i vi bo co ti chnh v cng b thng tin xuyn

sut cc chng, chng VIII quy nh chi tit v c th v hot ng

cng b thng tin trn TTCK. Cc quy nh ny chi tit v c h thng

hn so vi nghnh 144/2003/N-CP, c bit 7 iu tiu 100 ti iu

107 nu ra ngha v cng b thng tin c thi vi tng nhm i tng


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tham gia vo hat ng trn TTCK. S chi tit v c thho ny to mt

nn tng tt cc thnh vin ca TTCK c th thc hin quy trnh cng b

thng tin mt cch hp php v hiu qu. i vi cc hnh vi vi phm lut

php trong hot ng bo co v cng b thng tin, mc x pht ch dng li

mc pht cnh co v pht tin v khng nu ra mc x pht c th.

Thng t hng dn vvic cng b thng tin trn TTCK s 38/2007/TT-BTC ban hnh ngy 18/04/2007:y l quy nh quan trng, t nn tng

cho mi hot ng cng b thng tin ca tt c cc thnh vin tham gia vo

TTCK ti sgiao dch. Bn cnh vic hng dn c thcc bc tin hnh

cng b thng tin, thi hn v hnh thc cng b, thng t cn c ban

hnh km cc mu vn bn quy chun phc v vic cng b thng tin.

Quy ch gim st giao dch chng khon trn TTCK ban hnh km theoquyt nh s 127/2008/Q-BTC ngy 32/12/2008 ca b trng B ti

chnh: Quy chquy nh nguyn tc v ni dung c bn lin quan n hot

ng gim st giao dch chng khon i vi cc thtrng giao dch chng

khon tp trung, th trng giao dch chng khon cng ty i chng cha

nim yt, nhm m bo ngn nga v chn chnh cc vi phm php lut,

duy tr s cng bng, cng khai ca TTCK, bo v quyn v li ch hp php

ca cc nh u t. Quy chquy nh tng i c th v quyn hn v trch

nhim ca b my gim st gm c UBCKNN, SGD chng khon, TTGD

chng khon v cc ngha v ca i tng gim st. y l mt bc tin

quan trng trong vic minh bch ho thng tin trn TTCK, ph hp vi k

hoch pht trin TTCK nm 2006-2010 ca thtng chnh ph.

Thng t hng dn giao dch in ttrn TTCK 50/2009/TT-BTC do B tichnh ban hnh ngy 16/03/2009:y l vn bn hng dn v quy nh v

giao dch in t trn TTCK, c thho lnh vc hot ng ny trong Ngh

nh v giao dch in t trong hot ng ti chnh 27/2007/N-CP ban hnh

ngy 23/02/2007. Quy nh v hot ng giao dch in t l mt c sh


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tng quan trng cho vic pht trin h thng thng tin cn xng trn TTCK

do giao dch in t l giao dch c tnh phn hi nhanh v lin tc. Tuy cha

th bao qut ht cc hot ng giao dch in t, c bit l trn TTCK cha

c nim yt (OTC market - Over the counter market), nhng thng t

50/2009/TT-BTC t nn mng cho vic quy chun ho v kim sot

thng tin i vi giao dch in t trn TTCK. Mc x pht i vi cc hnh

vi vi phm vn bn php quy ny c quy nh trong ngh nh

27/2007/N-CP l pht hnh chnh hoc truy cu trch nhim hnh s. Mc

pht ny cn cha c thv c dn chiu ti cc vn bn php lut khc.

Nghnh 161/2004/N-CP ca Chnh ph vxpht vi phm hnh chnhtrong lnh vc chng khon v TTCK:y l vn bn quy phm php lut

quy nh c th v cc mc x pht i vi cc trng hp vi phm trong

lnh vc chng khon v TTCK, h trcc vn bn php quy khc trong vic

thc hin ch ti x pht. Trong , mc x pht i vi cc hnh vi vi phm

php lut trong hot ng cng b thng tin ca cc i tng tham gia vo

TTCK cng c quy nh c th. Mc pht tin ti a theo nghnh ny l70.000.000 VN, y l con scha c tnh rn e khi t trong mi tng

quan vi thu nhp t hat ng chng khon v thit hi m cc hnh vi vi

phm gy ra. Tuy ra i tnm 2004, ti nay nghnh c thc

hin trong gn 5 nm nhng s trng hp b tc giy php hnh ngh l

rt t.

II.2.2. nh gi chung v khung php lKhi qut chung, khung php l ca Vit Nam i vi cc hat ng cng b

thng tin trn TTCK c hnh thnh tng i ng b.

Da trn nn tng php lut quc t vlnh vc ny, nh nc ta ang tch cc

hon chnh cc vn bn quy phm php lut v vn ny. H thng php lut i

vi hot ng cng b thng tin trn TTCK ngy cng c nh nc quan tm


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hn, iu ny c th hin mc chi tit tng ln trong cc quy inh i vi

hot ng ny ti cc vn bn php quy.

c bit, trong qu I nm 2009, vic xy dng c sh tng v lut php ivi hot ng cng b thng tin c xc tin khng ngng, trong phi k ti

Quy ch gim st giao dch chng khon trn TTCK v Thng t hng dn giao

dch in t trn TTCK. Hnh ng ny th hin quyt tm ca nh nc trong vic

xy dng mt mi trng thng tin hiu qu cho hot ng ca TTCK.

Tuy nhin, trn thc t, cc quy nh ca php lut i vi hot ng nhy cm

ny cn cha c tnh hiu lc cao.

Nguyn nhn chnh ca thc trng ny l do tnh thiu hon chnh ca h thng

php lut. Trong nhiu vn bn lut, cc quy nh cn chng cho, cha bao qut

c ht cc quan h pht sinh trn TTCK, gy kh khn cho cc thnh vin tham

gia vo TTCK. Quy trnh xy dng v sa i lut php tn rt nhiu thi gian

khng ph hp vi s pht trin nhanh v tnh bin ng ca th trng hin nay.

Sau mt thi gian bin ng mnh m ca TTCK, mt squy nh t ra khng

cn ph hp nhng li kh sa i, gy nn hin tng lch lut ca cc doanh

nghip.

Ch ti x pht i vi cc hnh vi vi phm cn thiu linh hot v cha tho

ng xt trong mi tng quan vi thu nhp t chng khon, hu qu m bt cn

xng thng tin gy ra v mc pht ti a ca cc nc trn th gii. i vi mt

cng ty chng khon, v dnh cng ty SSI, li nhun sau thunm 2007 l 864 t

ng, nm 2008 l 250 tng, th s tin pht 70.000.000 cha sc rn e. i

vi cc hnh vi mua bn ni gian, bn khng, hay cng b thng tin sai s tht, thit

hi thtrng phi gnh chu c th ln hn con s 70.000.000 nhiu ln. Mc pht

ti a trong lut chng khon ca nc Nht l 500 triu Yn Nht, tng ng

vi 95 tng.


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II.3. Cng b thng tin ca cc cng ty i chng:

II.3.1. Thc trngcng b thng tin theo quy nh:

Theo mc IV ca Thng t s 38/2007/TT-BTC ban hnh ngy 18/07/2007 ca

B Ti Chnh v vic Hng dn v vic cng b thng tin trn TTCK, cc cng

ty i chng c ngha v cng b thng tin theo 4 nhm sau:

II.3.1.1. Thng tin nh k:

y l nhng thng tin c cp nht lin tc nh bo co ti chnh qu, bo

co ti chnh cnm, bo co thng nin.

Thnht, nhiu cng ty thng xuyn cng bthng tin chm hn quy nh:

Theo quy nh trong Thng t 38/2007/TT-BTC, thi hn cng b bo co ti

chnh nm l 10 ngy k t khi c bo co ti chnh kim ton, thi hn cng b bo

co qu l 5 ngy k t khi c bo co ti chnh (khng cn kim ton).

Hin nay, a scc cng ty i chng u cng b thng tin chm hn quy nh

v dng nh thnh thng l.c bit l cc cng ty i chng cha nim yt(OTC), nh u t ch yu tm thng tin qua cc din n, qua cc mi quan h c

sn hoc qua tin n.

Ti hi ngh cng ty nim yt 2009 din ra ti TP.HCM ngy 10/04/2009, ng

Nguyn Th Th, trng ban qun l pht hnh cho bit, tnh n 31.3.2009, c

72/177 cng ty chim hn 41% trn sn H Ni v 91/181 vi gn 50% trn sn

TP.HCM cha cng b bo co ti chnh c kim ton. Cn cng b bo cothng nin, mi ch c 33/177 sn H Ni v 32/181 cng ty sn TP.HCM lm

vic ny.5Ngc li v nhng ma bo co trc, slng cng ty chm cng b

bo co ti chnh qu 4/2008 chm ti S GDCK H Ni (HNX) l 37/168, ti

HoSE l 66/170.6

5MGiang, Cn nhiu bt cp trong qun trcng ty, Si Gn Tip Th 13/04/2009

6Minh

c,Cng b

thng tin: Chuy

n c lun mi, Thi bo Kinh t

Vi

t Nam s

09/04/2009


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i vi cc cng ty i chng cha nim yt, vn ny cn nghim trng hn

khi m cc nh u t ch c th tm hiu thng tin qua cc mi quan h sn c, qua

cc din n chng khon hoc tin n.

Thhai, bo co ti chnh qu ca nhiu cng ty i chng cha y ni

dung theo quy nh:

Theo Thng t 38/2007/TT-BTC, ni dung cng b thng tin bo co ti chnh

qu bao gm: Bng cn i k ton, Bo co kt qu hot ng kinh doanh, Bo co

lu chuyn tin t, Bn thuyt minh bo co ti chnh. Tuy vy, trong bo co ti

chnh qu ca nhiu cng ty, c bit l cc doanh nghip nim yt trn SGDCKH Ni (HaSTC, nay l HNX), mi ch gm Bng cn i k ton v Bo co kt

qu hot ng kinh doanh.

Thba, bo co ti chnh ca nhiu cng ty i chng cha chnh xc, thm ch

l sai lch, bin li thnh l:

C mt hin tng trn TTCK Vit Nam l cc cng ty i chng thng s

dng cc nghip v kton dn s l vo BCTC qu IV, vic ny gip cho ktqu kinh doanh ca cc qu I, II, III trnn n tng hn, y gi c phiu ca

doanh nghip ln cao. Thc cht, c thcoi y l mt hnh ng nh la nh u

t khi khng phn nh ng tnh trng kinh doanh ca doanh nghip trong BCTC.

a s bo co ti chnh cnm ca cc doanh nghip sau khi kim ton khc

bit so vi khc bit so vi cng btrc . Theo thng k, gn 200 doanh nghip

trn tng s 357 doanh nghip nim yt c BCTC cnm 2008 kim ton sai lchso vi BCTC cha kim ton.7Trong , nhiu doanh nghip c mc chnh lch

cc khon mc trng yu ln ti hng trm tng, bin li thnh l.

Minh chng r nt cho thc t ny l trng hp ca CTCP Bng Bch Tuyt

(M CK: BBT). Sau khi kim ton BCTC cnm 2007, cng ty kim ton AISC

7Minh c, C h

i ln

minh bch ha thng tin ti chnh, Th

i bo Kinh t

Vit Nam s

27/04/2009


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iu chnh hi t v kt qu kinh doanh 2006 ca BBT t li 2,3 t thnh l 8,5

t.8 Sau v vic ny, c phiu ca BBT ba vo din b kim sot v b hn

ch giao dch, gy thit hi ln cho nhiu nh u t. Ngoi ra, BBT cng ng

trc nhiu rc ri nh thay i bmy lnh o, b thanh tra v pht hin nhng

sai phm, mt lng tin ca nh u t, v.v.

Hay nh trng hp ca CTCP Mai Linh cng b bo co ti chnh cnm 2007

kim ton c li, nhng thc t li ngc li khi kt qu hot ng kinh doanh

ca cng ty ny t nm 2005 n nm 2007 b l v c nhiu khon b loi tr.

Cng ty gii thch l do cng b nhm BCTC cnm hp nht v cha hp

nht, y thc s l mt l l rt km thuyt phc. UBCKNN c thng bo

khng cho Cng ty C phn Mai Linh c pht hnh c phiu thng.

Nhng nguyn nhn ch yu l do cc doanh nghip cha t thc c quyn

li v trch nhim trong vic cng b thng tin. Ngoi ra, vic x pht cc doanh

nghip chm cng bthng tin nh k cn qu nh(10.000.000 n 20.000.000

theo mc 3b, iu 10 Nghnh 36/2007/N-CP; hay nh trng hp ca CTCP

Bng Bch Tuyt sau khi b thanh tra, mc pht chl 90.000.0009), cha sc

rn e.

Thm vo , cc nh u t cha nm nhng hiu bit v php lut, v

chng khon thc c quyn li ca mnh trong vic yu cu cc cng ty i

chng cung cp y thng tin trong bo co ti chnh nhm phc v cho mc

ch u t ca mnh. Cng khng th khng kn trch nhim ca nhng c quan

qun l khi cha ban hnh nhng o lut nhm bo vnh u t c tnh php lcao (o lut SarbanesOxley 2002 ca M l mt tham kho hu ch).

8 BCTC cnm 2006 v 2007 ca CTCP Bng Bch Tuyt (Ph lc 4)

9 HongV, Bng B

ch Tuyt b

ph

t 90 tri

u ng, Thi bo Kinh t

Vi

t Nam ngy 13/12/2008.


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II.3.1.2. Thng tin bt thng:

y l nhng thng tin bt buc cng b trong vng 24 gihoc 72 gity theo

ni dung thng tin nh ti khon ca cng ty ti ngn hng b phong to hoc tikhon c php hot ng tr li sau khi b phong to; Tm ngng kinh doanh;

Quyt nh vay hoc pht hnh tri phiu c gi tr tba mi phn trm (30%) vn

thc c trln; Quyt nh ca Hi ng qun tr v chin lc, k hoch pht trin

trung hn v k hoch kinh doanh hng nm ca cng ty; Quyt nh thay i

phng php k ton p dng; v.v. (Thng t 38/2007/TT-BTC)

Nhn chung cc thng tin bt thng ny cha ph bin ti TTCK Vit Nam nn

thi gian qua slng cc cng ty i chng vi phm cc quy nh ny cn t. Tuy

nhin, cc cng ty vn cha ch ng trong vic cng b nhng thng tin bt

thng. Theo b Trn Anh o, Gim c qun l v thm nh nim yt HoSE:

Ni ng hn l cc cng ty ch t gic cng b thng tin tt, cn thng tin xu th

phi i n khi HoSE gi in nhc nhmi chu cng b10.

II.3.1.3. Thng tin theo yu cu:

L cc thng tin phi cng b trong thi hn 24 gi, k t khi nhn c yu cu

ca UBCKNN, bao gm cc thng tin lin quan n cng ty i chng nh hng

nghim trng n li ch hp php ca nh u t v thng tin lin quan n cng

ty i chng nh hng ln n gi chng khon v cn phi xc nhn thng tin .

a scc cng ty thng xuyn vi phm hoc l l khng cng b nhng thng

tin xu gy nh hng n gi c phiu ca cng ty. Nguyn nhn l do quy nh

cng b vlnh vc ny vn cha r rng, vn cn chung chung, v dnh gy nh

hng nghim trng n li ch nh u t hoc gy nh hng ln n gi

chng khon. y l khe h cc cng ty i chng li dng nhm che y

nhng thng tin bt li. iu cn thit l phi lng ha mt cch cht ch nhng

nh hng nghim trng, nh hng ln trong quy nh.

10 Hunh Duy,

Vn cha ch

ng cng b

thng tin bt thng, CafeF.vn ngy 18/11/2008.


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II.3.1.4. Cng b thng tin v giao dch ca cc c ng ni b

Thnh vin Hi ng qun tr; Ban kim sot; Gim c hoc Tng gim c;

Ph Gim c hoc Ph Tng gim c; Kton trng ca t chc nim yt; Cng ln; v ngi c lin quan khi c nh giao dch c phiu ca t chc nim

yt bt buc phi cng b thng tin giao dch trc khi giao dch.

Thc t, cc cng ni b v nhng ngi c lin quan, k cnh u t c

nhn hay nh u t c t chc, u pht lquy nh ny. Hin tng cc nh u

t giao dch xong ri mi bo co cho UBCKNN, S GDCK vn xy ra thng

xuyn. Theo thng k trn HoSE v HNX, trong 10 thng u nm 2008 trong tng

s 279 giao dch c lin quan n cng ni b c 95 giao dch vi phm quy nh

cng b thng tin, chim 34% tng s giao dch. y mi chl phn ni ca tng

bng chm, nu tnh n nhng vi phm cha b pht hin th con s thc t c th

cn ng ngi hn nhiu.

Mt in hnh cho nhng vi phm ny l v vic vi phm ca cc cng ni b

ca CTCP Xut nhp khu Lm thy sn Bn Tre (FBT): Li dng thng tin ni

gin, 5 cng ni b ca cng ty mua vo slng c phiu ln n 1.424.410

c phiu (tng ng 10,56% s lng c phiu lu hnh thi im). Ngay sau

khi hon tt vic mua vo c phiu FBT, cc c nhn ni trn ng k bn ra

trong thi gian rt ngn. S vic b UBCKNN pht gic v x pht vi tng s

tin pht 190 triu ng.11

Nguyn nhn ca thc trng ny l do cc quy ch minh bch thng tin ca cc

cng ty i chng cha tht s r rng, cc cng ni bcng ban lnh o cng

cha t gic trong vic cng b thng tin v nhng giao dch ca mnh. Thm na,

mc x pht cc trng hp vi phm vn ca qu nh, cha sc rn e. Ngay

trong v d v FBT trn, tnh tthng 7/2009 n thi im cc cng bn ra c

phiu, gi c phiu FBT tng gp i, c chng li nhun thu c ca cc c

ng trn t nht cng gp 10 ln s tin pht.11

11Mai Phng, Giao d

ch n

i gin, x

pht qu nh

, Thanh Nin Online 25/03/2009 (Ph

lc 3)


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II.3.2. Mt s nhng tn ti khc

II.3.2.1. BCTC ca cc cng ty con bhp nhtcha c cng brng ri

Khi cng khai thng tin v BCTC hp nht cui nin cc cng ty i chng

u ch cng b ni dung ca BCTC hp nht cng BCTC ca cng ty m m

khng a ra BCTC ca cc cng ty con c hp nht. iu lm gim

ngha v tnh minh bch s liu ca mt s chtiu nhy cm lin quan n doanh

thu, li nhun,... trn BCTC.

y cng l mt thiu st trong quy nh ca nh nc khi Thng t

38/2007/TT-BTC chquy nh ni dung BCTC hp nht bao gm BCTC hp nhtcui nin v BCTC ca cng ty m.

II.3.2.2. Bo co ti chnh song ngcha c ch trng

Nh u t nc ngoi l mt trong nhng lc lng quan trng v nhy cm

i vi s pht trin ca mt TTCK mi ni nh Vit Nam. Tuy vy, cc cng ty

i chng vn cha ch trng vic cng b bo co ti chnh song ng, trong khi

nhu cu v BCTC song ng ca cc t chc nc ngoi vi doanh nghip l rt ln.

Mt s cng ty nim yt trn TTCK cng quan tm n vic lp BCTC dnh

ring cho nh u t nc ngoi (CTCP chng khon Si Gn SSI, Ngn hng CP

Si Gn Thng tn Sacombank, CTCP pht trin u t cng nghFPT,...). Nhng

y ch l thiu s trong tng shn 350 doanh nghip nim yt trn TTCK Vit

Nam.

II.3.2.3. Cc thng tin cha c cng bmt cch minh bch, cng bng n

cc nh u t

Mt s doanh nghip nim yt c s phn bit trong vic cung cp thng tin cho

nh u t. Cc nh u t th ch, cc cng chin lc thng c u tin

cung cp thng tin ch doanh nghip khng tin hnh cng b rng ri. Hin tng


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ny to tm l bt an cho nh u t c nhn khi nhng thng tin chnh thc h c

cha chc l nhng thng tin y .

Trn th trng Vit Nam, thng tin c bo mt khng cht ch, v vy chin tng r rcc thng tin cha c hay khng c php cng b. Cc thng

tin ny c nh hng trc tip n hot ng mua bn ca nh u t v v vy, nh

u t khi nm c lng thng tin ny s c li th rt ln so vi nhng nh u

t cn li.

Chnh iu ny dn n hin tng xut hin tin n tht thit lin quan ti

doanh nghip hay ngi ng u doanh nghip, gy tc ng xu ti gi c phiuca cc doanh nghip, thm ch khin cc nh u t mt lng tin vo doanh

nghip.

II.4. Thc trng p dng cc nguyn tc qun tr cng ty ( Corporate

Governance) nhm tng cng minh bch thng tin:

II.4.1. Khi nim v nhng nguyn tc v qun tr cng ty:

Qun tr cng ty l khi nim ra i t khong nm 1985 n nay. y l mt h

thng cc quy tc m bo cho cng ty c iu hnh mt cch c nh hng v

c kim sot mt cch c hiu qu v quyn li ca cng v nhng ngi lin

quan n cng ty.

Trn th gii, trc nm 2000, vic qun tr cng ty c phn nhiu quc gia,

ngay cnc c TTCK pht trin mnh mcng u da trn ba nguyn tc:

Th nht, s dng cc thnh vin Hi ng Qun tr (HQT) c lp(independent directors) hn ch vic lm quyn ca ban gim c, ng

thi bo v quyn li ca cc cng.

Thhai, s dng v tn nhim i ng kton lp nhng bo co ti chnhc tnh xc thc nhm gip cng c thng tiny khi u t vo cng

ty.


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Thba, s dng v tn nhim cc nh phn tch ti chnh xem xt v phntch cc trin vng kinh doanh cng nh mc lnh mnh v ti chnh ca

cc cng ty d kin pht hnh hay ang pht hnh chng khon ra cng

chng, nhm cung cp y thng tin cho cng chng mun u t.

Mt trong nhng ni dung quan trng trong qun tr cng ty l s cng khai v

minh bch ha thng tin cng nh ra c cc c ch cho php kim sot vic

cng b thng tin ca lnh o cng ty. Tuy nhin, sau mt lot nhng v b bi

xy ra ti cc cng ty, tp on ln lin quan n vn qun trcng ty nh v

Enron ( 2001), Worldcom ( 2002), Tyco ( 2002) M, hay v Vivendi Universal (

2002) Php, nhiu cu hi v bn cht thc s ca qun trcng ty c t ra.

Qun trcng ty tr thnh mt vn cp thit mang tnh ton cu ha, ko

theo s quan tm ca khng ch cc nh qun lv m hay cc doanh nghip m

cn ccc nh u t v gii nghin cu.

II.4.2. Giai on hnh thnh v pht trin:

Nm 2002, y ban Chng khon a cc iu khon lin quan n qun trcng ty ( corporate governance) vo bn iu l mu dnh cho cc cng ty nim

yt, mc d vn cha c mt khi nim r rng.

Nm 2003, Vin Nghin cu qun l kinh tTrung ng dch bn bo co

v cc nguyn tc qun trcng ty c cng b ln u vo thng 5 nm 1999 ca

t chc OECD.

Nm 2007, B Ti Chnh ban hnh quyt nh s 12/2007/Q-BTC ngy

13/3/2007 v nhng quy ch qun tr cng ty p dng cho cc cng ty nim yt trn

SGDCK/ Trung tm Giao dch Chng khon. Tuy nhin, quy nh vn cn chung

chung, cha c th, r rng theo 1 chun mc nht nh no; quy nh cha tp

trung m cn ri rc khi c rt nhiu nhng quy nh hng dn khc km theo;

cha c quy nh v x pht c th.


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Cng trong nm 2007, Hi Cc nh qun tr doanh nghip Vit Nam (VACD)

ra i. Theo ng Hn Mnh Tin, Ch tch VACD, mt trong 5 mc ch ln nht

ca VACD l tp trung xy dng h thng chun mc v nguyn tc qun tr doanh

nghip Vit Nam, t "tng bc xy dng h thng chun mc cng nh

phng php qun tr mang sc thi ring ca Vit Nam12.

Ngy 24/10/2008, Dn Nng cao cht lng qun trcng ty ti Vit Nam ra

mt cng vi l k kt bin bn ghi nhgia Tp on ti chnh quc t IFC (thnh

vin ca nhm Ngn hng th gii) v U ban chng khon Nh nc. Qua , IFC

s hp tc vi cc c quan nh nc lin quan v cc cng ty trong nc hng ti

vic to dng mt nn vn ho qun tr cng ty tt, cng c nim tin ca cc nh

u t v gp phn pht trin mt khu vc kinh tt nhn ln mnh v c tnh cnh

tranh hn Vit Nam.

II.4.3. Thc trng v ch qun tr cng ty ca cc cng ty i chng Vit

Nam

H thng qun tr cng ty Vit Nam nhn mt cch tng quan c nhiu tin

b so vi nhng thp ktrc. Mt s doanh nghip bit p dng m hnh qun

tr cng ty theo hng hin i, linh hot. V d nh CTCP Khoan v Dch v

khoan du kh (PVD) thu hn mt cng ty t vn nc ngoi xy dng Bo

co thng nin. Hay mt s cng ty cng bt u xy dng c ch thnh vin

c lp nh trng hp Ngn hng TMCP Chu (ACB) mi ng Trn Xun Gi,

nguyn Btrng B K hoch v u t v lm ch tch hi ng qun tr th

nghim vic thu cng c lp lm Ch tch v u vin HQT.iu ny thhin rt r nhng n lc ca cc doanh nghip trong vic tin ti hon thin cc quy

tc qun tr cng ty cho ring mnh.

Tuy nhin, s doanh nghip nh vy li cha nhiu, v vn cn nhiu tn ti

trong cch thc qun tr doanh nghip ca cc cng ty i chng.

12ng Nguyn, Ra mt Hi cc nh qun tr Doanh nghip Vit Nam, Thi bo Kinh t Vit Nam23/10/2007


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Theo thng k, n qu II/2009, vn cn nhiu cng ty cha ban hnh quy ch

qun trcng ty, trong sn H Ni c n 109/168 cng ty, chim 64,88% v sn

TP.HCM l 68/177 cng ty, chim 38,42%13.

C th ni ch qun tr cng ty ca cc cng ty i chng Vit Nam hin nay

thuc dng yu km nht th gii, c bit v mt bo vnh u t. Trong Bo co

Mi trng kinh doanh 2008 ca World Bank, Vit Nam xp th170/181 nc v

Ch s bo vnh u t.

Bng 2.2: nh gi vCh s bo v u t ca Vit Nam qua mt s ch tiu

Ch tiu im

Khnng tin cy ca thng tin cng b 4/10

Ngha v ca ngi qun l 0/10

Khnng khi kin ca cng 2/10

Bo v quyn cng 2/10

Xp hng 170/181

(Ngun:Bo co Mi trng kinh doanh 2008 ca World Bank)

II.4.3.1. Hin cc doanh nghip t nhn Vit Nam vn thng p dng theo

kiu truyn thng:

l ly m hnh qun l gia nh p dng vo trong qun l cc cng ty t

nhn d m hnh ny li thi v km hiu qu so vi s thay i v pht trinnhanh chng ca nn kinh t th trng. iu ny lm hn ch rt nhiu tnh

nng ng cng nh hiu qu ca cng tc qun tr.

Trong cc doanh nghip nh nc, vic qun tr vn btc ng bi hin tng

b phi, a s t thiu s.

13 MGiang, Cn nhi

u bt c

p trong qu

n tr

cng ty, Si Gn Ti

p Th

13/04/2009


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S khc bit d nhn thy nht gia qun tr cng ty truyn thng v qun tr

cng ty kiu mi l tnh lin kt gia li ch ca hi ng qun tr v li ch ca cc

cng trong khi y c coi l mt trong nhng mc tiu chnh ca quy tc qun

tr cng ty. Vi kiu qun tr truyn thng, li ch ca cng ln v nhng ngi

iu hnh cng ty thng ln hn li ch ca cc cng nh trong khi vi m hnh

qun l doanh nghip hin i th song song vi vic ti a ha gi tr cng ty, s

cn bng li ch gia cc cng l mt yu t then cht dn n s thnh cng v

pht trin bn vng ca doanh nghip

II.4.3.2. Nhiu vi phm trong cng tc qun tr doanh nghip cn tn ti:

in hnh l vic ban qun trv ban gim c cng b thng tin bo co ti

chnh sai lch, che giu cng v nh u t v tnh hnh hot ng ca cng ty

cho n vic ch tch HQT b qua kin ca cng, i di cng c t

chc qua loa, hnh thc; hay c vic nhng ngi iu hnh qun l cp cao ca

cng ty lin kt vi nhau gian ln ti sn, rt qu cng ty, ly tin ca cng ty

chi dng ring, u t vo nhng d n c li cho c nhn; cha thc hin chnh

sch phi c 1/3 thnh vin HQT l thnh vin c lp khng iu hnh; trngban kim sot khng c chuyn mn v kton

II.4.3.3. Vai tr ca Ban kim sot cha thc t, mi ch mang tnh hnh thc:

Ban kim sot ra i nhm gim st hot ng qun l v iu hnh cng ty.

Chnh v vy, trong mt doanh nghip, Ban kim sot thng phi c v th cao v

c lp. Tuy nhin trn thc t, Vit Nam hin nay, vic Ban kim sot hu ht l

do Hi ng qun tr bu ra ch khng phi do i hi cng bu nh thng l hn ch rt nhiu quyn hn cng nh chc nng ca Ban ny. Ban kim sot do

khng c tnh c lp tng i vi cc thnh vin ban gim c nn nhng yu

km trong cng tc iu hnh v qun trcng ty cng v thm khng c cng

khai r rng.


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II.4.3.4. Mt s v d in hnh:

Vit Nam, cch thc hp i hi cng v HQT cng nh cch thc lu

trcc vn bn quan trng c lin quan n cc cuc hp ln ca doanh nghip vncn nhiu vn khng r rng, minh bch v cha theo mt chun mc nht nh

no.in hnh nhi hi ng Cng nm 2009 ca Tng CTCP Bo Minh

gy xn xao cho cc cng khi ch tch HQT li khng iu hnh cuc hp nh

thng l, m thay vo l mt thnh vin khc ca HQT.

Hay nh vic trn bn ch ta cng khng c bin tn, chc danh ca tng

ngi trong ban qun tr khin khng t cng khng phn bit c u l v c

tch HQT v ai ang l ngi iu hnh i hi.

Vic biu quyt cng l mt vn khng r rng. Thng thng th s c ba

phng n l ng , khng ng v kin khc biu quyt ti i hi c

ng. Nhng ti mt s cng ty ln, ch ta ch hi duy nht mt phng n ai

ng ? , hoc c hi hai phng n ai ng ? v ai khng ng ? khin

nhng cng c kin khc nh phi gi tay biu quyt khng ng m

khng c c hi a ra kin xut ring.

Hay nh trng hp ca cng ty Bng Bch Tuyt 2008, HQT mi ca cng

ty khi ln nhm chc thiu trung thc v khng cng khai cc thng tin v bo

co ti chnh mt cch minh bch, thm ch cn chm tr trong vic np bc co ti

chnh nh k dn n hu qu l c phiu cng ty b SGDCK TP.HCM ra quyt

nh ngng giao dch trong mt thi gian.

II.4.4. Nguyn nhn:

Nghin cu v vn ny TS. Nguyn nh Cung, Trng ban Kinh tv m

(Vin Nghin cu qun l Trung ng) cho rng h qu ca mt thc trng kh ph

bin ti Vit Nam vi a sthnh vin HQT vn l nhng cng ln, v trong

nhiu cng ty th ch tch HQT cn kim nhim c v tr tng gim c l s dn

n s xut hin ca mt h thng qun tr tp quyn b cc cng ln thu tm.


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V c mt thc t thy r l a s cc cng ln vn cha c c nhng hnh

x hp l trong cng tc qun tr v nhng li ch chung v v s pht trin bn

vng ca cng ty.

Theo Tin s Phm Tr Hng (2008), mu thun c bn trong qun tr cng ty

i chng nc ta hin nay l mu thun v li ch gia ngi i din cho ton

b cng (ch tch hi ng qun tr, cc thnh vin hi ng qun tr, tng gim

c) vi chnh cc cng trong cng ty.14 Nhng ngi i din cho ton b c

ng ny c thhnh ng v li ch c nhn hay v li ch ca mt b phn c

ng c th lc no m phng hi n quyn li ca cc cng cn li trong

cng ty.

Cng theo ng Hng, Vit Nam php lut hin hnh hu nh cha c mt iu

lut no quy nh r rng v ch ti i vi cc hnh vi vi phm v qun tr, vi

phm li ch ca cc cng m tt c ch mi dng li hnh thc vn bn rt

chung chung.

II.5. Thc trng v hot ng k ton v kim ton ca cc cng ty i chng:TTCK Vit Nam va pht trin trong mt thi gian ngn nhng tc pht trin

li rt nhanh, cha ng nhiu ri ro trong . Cc qui nh v k ton v kim ton

mi c chuyn i trong thi gian 20 nm gn y. Do , ch k ton v

kim ton Vit Nam, cha ng u v gy nhiu tranh lun.

Cc quy nh mi dng li vic hng dn chung chung, ri rc, khng c quy

nh c th nht qun trong chun mc, quyt nh v vic p dng cc ch tiu kton, kim ton gy nn hin tng lch lut v s bt ng kin trong vic lp

cc BCTC hin nay. Thc t cho thy c mt lng ln cc DN vn v tnh hay c

lm sai vi cc quy nh v chun mc nh hng ti thng tin trn BCTC.

14 TS. Phm Tr Hng, 2008, Qun trcng ty i chng : Vn v khuyn ngh, u t chng khonngy 5/6/2008.


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II.5.1. Thiu minh bch t t chc k ton ca DN:

II.5.1.1. BCTC sai lch:

Do nhiu nguyn nhn khch quan v chquan nh trnh nng lc v tnh

lim khit ca h thng kim sot ni b, trong qu trnh k ton v lp cc BCTC

thng tin b phn nh sai lch gia tng li nhun thu ht nh u t. Nu

khng c quy nh bt buc v kim ton vi cc cng ty i chng th mt lng

ln cc doanh nghip vi BCTC o d dng qua mt c UBCKNN v nh

u t15.

Trong t chc k ton th vic hch ton cc c tnh k ton gy nhiu tranh civ bt ng gia k ton v kim ton. c tnh k ton l mt gi tr gn ng ca

mt ch tiu lin quan n BCTC c c tnh trong trng hp thc t pht

snh nhng cha c s liu chnh xc hoc cha c phng php tnh ton chnh xc

hn, hoc mt ch tiu thc tcha pht sinh nhng c c tnh lp BCTC.

Hch ton k ton cc c tnh l vic mang nng tnh ch quan. Trong chun

mc k ton Vit Nam s29 v Thng t s 13/2006/TT-BTC ngy 27/2/2006 quy nh r vcc c tnh k ton v mc trch lp. Cc cng ty i chng c xu

hng tnh gim cc c tnh gia tng li nhun, cn cc cng ty khi kim ton

li c mt ci nhn nng nhn v vic trch lp qu t nh vy. Do vy sau khi kt

qu kim ton c cng b, vic chuyn li thnh l lm mt i lng tin ca

nh u t vo cc BCTC v t chc k ton, trnh v tnh lim khit ca ban

qun tr cng ty.

Mt skthut m cc cng ty thng sdng thi li nhun bao gm:

gim t l khu hao, gim mc d phng gim gi hng tn kho, gim t l d

phng phi thu kh i, gim mc dphng u t ti chnh, tng cng khuyn

mi thi doanh thu, y mnh sn xut cao hn mc cng sut bnh thng

15 Nguyn Cng Phng, V tnh trung thc ca ch tiu li nhun, Hip hi k ton v kim ton VitNam 11/09/2008


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gim gi thnh sn phm, tr hon vic thc hin mt s d n, tr hon vic ghi

gim gi tr nhng ti sn m gi tr thp hn gi tr thun, bn cc khon u t

chng khon nhm tng li nhun16

Cc phng php ny nu c p dng trong khun kh cho php ca cc quy

nh php l th l mt knh a n nh u t thng tin lc quan v DN,

nhng trn thc tcc DN vn dng sai cc quy nh ny lp ra cc mc d

phng, khu hao thp qu mc cho php khin cho li nhun trc v sau khi kim

ton chnh nhau n hng tng.

Vi cc cng ty nim yt trn sn chng khon, khon trch lp v hon nhp dphng u t ti chnh l mc nhy cm nht.

C nhiu cng ty trch lp d phng gim gi hng tn kho, gim gi cc khon

u t ni chung qu ln, vt qu mc cn thit gim bt s li thc t, gim

bt thu thu nhp doanh nghip phi np hoc qu thn trng vi cc din bin ca

thtrng.

Ngc li, nhiu cng ty trch lp d phng gim gi qu t so vi mc gimgi thc t ca cc khon u t che du tnh trng lm n yu km, to ra bc

tranh gi to v thc trng hot ng ca cng ty.

Theo Thng t 13/2006/TT-BTC do Bti chnh ban hnh theo , ti thi im

lp d phng nu cc chng khon do doanh nghip u t b gim gi so vi gi

ang hch ton trn s k ton th phi trch lp d phng tn tht cc u t ti

chnh theo quy nh.

Nu s d phng tn tht u t ti chnh phi trch lp bng sd khon dphng, th doanh nghip khng phi trch lp khon d phng tn tht u t

ti chnh.

16 Trn c Nam, Thng tin ti chnh minh bchHiu sao cho ng, Doanh nhn Si Gn cui tun s204 ngy 29/06/2007


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Nu s d phng phi trch lp cao hn sd khon d phng, th doanhnghip trch thm vo chi ph ti chnh ca doanh nghip phn chnh lch.

Nu s d phng phi trch lp thp hn sd khon d phng, th doanhnghip phi hon nhp phn chnh lch vo doanh thu hot ng ti chnh.

Cng theo Thng t hng dn v quy nh c 2 cng thc trch lp d

phng gim gi u t vi nhng khon cn lp. Trong cc loi chng khon u

t v c t do mua bn trn th trng, mc trch lp dphng c tnh theo

cng thc:

Cng thc 2.1:

Mc d phng

gim gi u t

CK

=

S lng CK

b gim gi ti

thi im lp

BCTC

x [

Gi CK hoch

ton trn s k

ton

-Gi CK thc t

trn thtrng]

i vi cc khon u t vo cc cng ty con, cng ty lin kt v cc khon u

t ti chnh di hn khc, phi trch lp d phng nu t chc kinh t m cng ty

ang u t b l (trtrng hp l theo k hoch c xc nh trong phng

n kinh doanh trc khi u t) mc trch ti a cho mi khon u t ti chnh

bng s vn u t v c tnh theo cng thc:

Cng thc 2.2:

Mc d

phng tn

tht cc

khon u

t ti chnh

= [

Vn gp

thc t ca

cc bn ti

t chc kinh

t

-Vn ch s

hu thc c] x

Vn u t ca

doanh nghip

Tng gp thc t

ca cc bn ti t

chc kinh t


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Tuy nhin, 3 quy nh khng r rng nn xy ra nhiu bt cp trong vic thc

hin v tun theo nhng yu cu v trch lp d phng gim gi u t, nh vic kt

qu kim ton ca cc cng ty sai lch so vi s liu do chnh cng ty thc hin

(nh ni phn thc trng cng b thng tin ca cc cng ty i chng).

V dnh trng hp ca Ngn hng thng mi c phn Si Gn Thng Tn

(m STB), li nhun trc thu ca c tp on t 1.243 tng. Tuy nhin, sau

khi kim ton li, ch cn gn 1.110 tng, chnh lch n 133 tng, tng

ng 10,7%. Nguyn nhn ch yu do s khc bit vphng php trch lp d

phng gim gi i vi cc loi c phiu cha nim yt gia STB v pha kim

ton.17

Theo , STB xc nh gi tr ca c phiu da trn nguyn tc chit khu dng

c tc d kin thu c trong tng lai. Sau , so snh gia gi tr hp l vi gi

s sch, nu gi tr hp l thp hn gi s sch, STB trch lp d phng. Trong khi

, Cng ty kim ton PWC da trn gi th trng (xc nh t bng gi tham

chiu ca cc cng ty chng khon ang nim yt hoc xc nh theo xu hng ca

c phiu nim yt cng ngnh) so snh vi gi s sch.

II.5.1.2. Hp nht BCTC:

Vic hp nht BCTC ca cc cng ty, tp on ln cng l mt vn nan gii

v qui trnh hp nht cc BCTC cn mi m vi khi lng cng vic ln, cc tp

on mt nhiu thi gian hn. Hin nay cc quy nh v BCTC hp nht cn ri rc

ti nhiu chun mc, thng t hng dn, cha i vo c thgy kh khn cho c

k ton vin v kim ton vin x l thng tin. Mt khc, trn thc t cng l

mt im m cc doanh nghip s dng ph php cc BCTC.

C ba cp sai phm trong cng bbo ci ti chnh hp nht ca cc tp

on, tng cng ty. l sai lch hon ton so vi tnh hnh thc t, thiu chnh

xc, v chm chtrong bo co ln cc c quan chc nng. Cc cng ty thc hin

17 Thu Hng, B

t nht t

vi

c thi

u chu

n l

p d

phng, u t Ch

ng khon 31/03/2009


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vic ny nhm vo 3 mc ch chnh: t hng kt qukinh doanh thu ht cc

nh u t, to nim tin cho cc t chc tn dng m doanh nghip ang quan h v

du i thc trng kinh doanh bi t mnh ang tri qua.

Khi hp nht BCTC, doanh nghip phn nh thiu chnh xc v trung thc

vn ti sn v tnh hnh hot ng. Khi qut nhng yu t dn ti sai lch ny l

cc nguyn nhn nh khng tnh phn gp vn bng thng hiu, hay li phn

vn u t vo cc cng ty c phn, cng ty trch nhim hu hn, u t ra bn

ngoi18 C nhng trng hp c xc nh l tnh trng, tnh sai. Mt th

thut kton c nhiu doanh nghip p dng s dng l chuyn chi ph sang k

hch ton sau tng li nhun cho k ny.

C mt cch lch luti vi yu cu minh bch, c cc tp on, tng

cng ty s dng kh nhun nhuyn l tng hp bo co ca tt ccc n v

trc thuc thnh bo co hp nht, bt chp quy nh phi s dng bt ton loi

tri vi cc khon u t, li nhun pht sinh trong ni b tp on, tng cng

ty. iu ny gy nn tnh trng tnh trng, khng phn nh chnh xc hot ng ca

tp on, tng cng ty.

Khi m cc tp on, tng cng ty bnh trng v cquy m v lnh vc hot

ng, vic a ra cc bo co ti chnh cng phc tp hn. V nhng bn bo co

ti chnh hp nht dng nh li c che y k hn. Cc bn BCTC cng

thng xuyn xin gia hn nhiu ln trong 1 thi gian di gy ra kh khn cho cc

nh u t trong vic nh gi v chn la. Thm ch, cho n nm 2009 vn c cc

cng ty nim yt trn sn chng khon cha gi c BCTC c kim ton n.

18Anh Qun, Bo co ti chnh ca tng cng ty, tp on: 3 cp sai phm, Thi bo Kinh t Vit Namonline ngy 23/03/2009


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II.5.2. Kim ton vn cha ng sai phm:

Hin nay s lng cc cng ty kim ton ngy cng gia tng. C mt cu hi

t ra l, liu cc cng ty kim ton ny c cht lng v trnh kim tonc 1 BCTC khng cn cha cc sai phm trng yu?

Trn thc t nhng nm va qua, chnh vic kim ton thiu nng lc v lim

khit gp phn vo vic lm gim tnh minh bch ca cc BCTC.

Thnht, vkim ton bo co ti chnh ca cc cng ty pht hnh v nim yt

chng khon.i vi mt s nghip v k ton quan trng ca doanh nghip cha

c phn nh y do thiu cc chun mc k ton v kim ton ph hp trongquy nh ch k ton hin hnh nh vic tng vn iu l, c phiu qu, cc bin

ng bt thng... nhiu cng ty cha thn trng khi kim ton cc loi nghip v

ny, c khi cn b qua sai st r rng ca doanh nghip c kim ton. C trng

hp cng ty kim ton vn dng chun mc nc ngoi xc nhn vn cn c vo

s c phiu cha pht hnh nhng khng lu ngi c trong bo co kim

ton.

Hn na, mt s bo co ti chnh ca cng ty pht hnh v nim yt c kim

ton c phn thuyt minh cn s si, gy kh khn cho UBCKNN cng nh cc nh

u t trong vic theo di v nh gi tnh hnh hot nh ca cc cng ty ny trn

TTCK, c bit l nhng ch tiu c bin ng ln, nhng thng tin v tnh hnh sn

xut kinh doanh, tnh hnh ti chnh ca doanh nghip m cha c y trong cc

bo co ti chnh.

Thhai, vcht lng kim ton bo co ti chnh ca cc cng ty chng khon

cng cn mt s sai st nh trnh by cu th, khng kim sot k cc thng tin

trong bo co ti chnh, thng tin trong thuyt minh bo co ti chnh cn s si,

vic hch ton ca mt s cng ty chng khon cn cha tun th ch k ton

cng ty chng khon nhng trong bo co ti chnh kim ton khng nu kin.


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Trc tnh hnh , nm 2007 cc c quan qun l v chng khon c quy

nh bo co ti chnh hng nm ca cc cng ty nim yt c phiu trn sn chng

khon phi s dng dch v kim ton ca cc doanh nghip kim ton c c

quan qun l v chng khon chp thun. Quyt nh s89/2007/Q-BTC v vic

ban hnh Quy ch la chn doanh nghip kim ton (DNKT) c chp thun kim

ton cho t chc pht hnh, t chc nim yt v t chc kinh doanh chng khon

cng quy nh vcc iu kin bt buc vi cc cng ty kim ton c chp

thun kim ton cho cc cng ty nim yt trn sn chng khon. Ti Quyt nh s

781/Q-UBCK ngy 27/11/2008 ca UBCKNN cng c quy nh c th danh

sch cc cng ty kim ton iu kin kim ton cho cng ty nim yt.

Do tnh trng thiu minh bch trong BCTC c nguyn nhn xut pht t cng

ty kim ton c gim xung ng k. y cng l 1 bin php pht hin

hiu qu cc sai phm trng yu trong BCTC pht sinh t t chc k ton.

II.6. Thc trng s dng thng tin ca nh u t:

II.6.1. Kin thc nh u t trn th trng Vit Nam qua cc giai on:TTCK Vit Nam mi hnh thnh tnm 2000 v cn kh non tr so vi th gii.

Tm thi c th chia thtrng Vit Nam thnh 3 giai on theo tnh cht ca giao

dch trn thtrng:


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Bng 2.3: TTCK Vit Nam qua cc giai on v c im ca Nh u t

Thigian

c im thtrng c im nh u t

GiaionI

T 2000n2005

Giai on thnh lp cath trng; giao dch kmsi ng

S lng cng ty nimyt: t

S lng ti khon giaodch: khong 30.000 tikhon

Slng nh u t thamgia: t

Nh u t giai on ny lnhng ngi c kin thc vkinh nghim trong lnh vc tichnh.

Trnh ca nh u t tngi cao; cc hnh vi trn thtrng t bnh hng bi ccyu t bn ngoi.

Mt s nh u t l nhngngi c th gy nh hngln ti thtrng.

GiaionII

T 2005n2008

Giai on th trng khing; giao dch cc k sing.

S lng cng ty nimyt: tng nhanh c v slng, quy m ln ngnhngh

S ti khon giao dchtng nhanh, hn 300.000ti khon.

Slng nh u t thamgia: ng, bao gm nhiuthnh phn trong x hi

Nh u t c nhn giai onny tham gia a dng hn;gm nhiu thnh phn x hi.

Trnh ca nh u t thphn trc do slng nh ut tng nhanh nhng kin thcv kinh nghim kinh doanhcn hn ch.

Hin tng chng khon tngim hng lot giai on nylm ny sinh tm l ch quantrong nh u t; lm ny sinhxu hng mua bn ngn hn,sm hin thc ha li nhun.

Cc hnh vi mua bn ch yutheo cm tnh, d b nhhng bi cc yu t bnngoi nh tin n hay bo coca cc t chc.


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GiaionIII

T 2008n nay

Giai on th trng iuchnh; giao dch km phnsi ng hn trc.

S lng cng ty nimyt: tip tc tng nhngkhng si ng nh trc.

S lng ti khon giaodch: c iu chnh gim;a phn l cc ti khongiao dch c nhn

Slng nh u t thamgia: t hn trc; tch cctham gia hn.

Khng hong kinh t ko theosuy thoi ti chnh khin slng nh u t lt snggim ng k so vi nm2007.

Trnh nh u t cao hndo c s tham gia tch cc cakhi ngoi ng thi nh ssng lc mnh m ca thtrng trong khng hong tichnh.

Xu hng giao dch vn tiptc l ngn hn v b l do longi v tnh n nh ca thtrng trong tng lai gn.

Bng di y tng hp nh gi trnh nh u t trong cc giai on qua

mt stiu ch. Cc nh gi cho thy trnh ca nh u t c nhn trn TTCK

Vit Nam hin nay mc tng i thp.

Bng 2.4:nh gi trnh nh u t c nhn trn TTCK Vit Nam

STT Tiu ch nh giim

2000-2005 2005-nay

1 Kin thc ti chnh 4 2

2Cc mi quan htrong lnh vcti chnh

5 1

3 Hiu bit v TTCK Vit Nam 5 2

4 Hiu bit v TTCK Th gii 3 1

5 Tim lc ti chnh c nhn 2 1

Tng 27 10

Ngun: TS. Nguyn Vit Dng (2008)


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II.6.2.Thc trng s dng thng tin chng khon trong vic ra quyt nh u

t Vit Nam:

II.6.2.1. a s nh u t c nhn thng u t da trn nhng ngun thng

tin khng c ngun gc r rng, t da trn nhng thng tin chnh thc :

thtrng Vit Nam hin nay, khi cha c cc t chc nh gi tn dng uy

tn nh Standard & Poor, Moody hay Goldman Sach th r rng vic da vo cc

thng tin chnh thc nh bo co ti chnh hay bn co bch ca cng ty s l xu

hng tip cn thng tin chnh ca cc nh u t.

Tuy nhin, cc nh u t nh l li khng th yn tm vo ngun thng tinchnh thng ny do cc cng ty bng mt cch no , sa sang li bo co ti

chnh ca cng ty mnh cho p . Nguyn tc ca bo co ti chnh l cng

minh bch cng tt nhng Vit Nam, rt nhiu doanh nghip tm n l do

m bo cc b mt thng mi v b quyt duy tr khnng cnh tranh ch

phi cng b thng tin mc ti thiu, gy bn khon v s mt lng tin cho nh

u t.

Chnh s bt cn xng thng tin gia doanh nghip v nh u t khin nh

u t b mt phng hng cng nh mt lng tin vo cc thng tin chnh thc ca

[yrc]-bat can xung thong tin tren ttck

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