Thị trường chứng khoán việt nam 2000 -2009, thực trạng và giải pháp hoàn thiện

8/9/2019 Th trng chng khon vit nam 2000 -2009, thc trng v gii php hon thin

1/50

Tiu lun L thuyt Ti chnh Tin t Ging vin hng dn: TS.Dip Gia Lut

CHNG I :C S LY LUAN TONG QUAN VE CHNG KHOAN

VA TH TRNG CHNG KHOAN

1.1. GII THIEU VE TH TRNG TAI CHNH.

1.1.1 Ban chat va chc nang cua th trng taichnh

a) Ban chat cua th trng tai chnh

Trong nen kinh te, nhu cau ve von e au t va cacnguon tiet kiem co the phat sinh t nhng chu the khacnhau trong nen kinh te. Nhieu ngi co c hoi e au t thlai thieu von, trai lai nhieu ngi co von nhan roi laikhong co c hoi au t. Do o hnh thanh mot c che

chuyen oi t nguon tiet kiem sang au t. C che oc thc hien trong khuon kho th trng tai chnh. Nhngngi thieu von huy ong von bang cach phat hanh racac cong cu tai chnh nh co phieu, trai phieu Nhngngi co von d tha, thay v au t vao may moc thietb, nha xng e san xuat hang hoa hay cung cap dchvu, se au t vao cac tai san tai chnh c phat hanhbi nhng ngi can huy ong von.

Co nhieu nh ngha ve th trng tai chnh. mot sokhai niem nh:

- Th trng tai chnh la ni dien ra cac s luan chuyenvon t nhng ngi co von nhan roi ti nhng ngithieu von.1

- Th trng tai chnh la tong hp cac moi quan hecung cau ve von, dien ra di hnh thc vay mn, mua banve von, tien te va cac chng t co gia nham chuyendch t ni cung cap en ni co nhu cau ve von cho hoatong kinh te. 2

Noi chung, xet ve ban chat, th trng tai chnh lamoi quan he kinh te tong hp cua 05 thanh to:

Hang hoa: Co phieu, trai phieu, cac loai giay t cogia

Cung, cau: Cung hang hoa la lng cac loai hnh hanghoa ma to chc can von phat hanh e huy ong; Cauhang hoa la lng von ma cac ca nhan hay to chc covon nhan roi mua cac loai hoang hoa cua to chc phathanh.

1 Trang 12. Gio trnh Nhng vn c bn v chng khon v th trng chng khon NXB Chnh tr Quc gia.2 Trang 11. Nhp mn Ti chnh Tin t - NXB Lao ng x hi - 2008

Nhm 1 K19 Ngy 3 Trang


2/50


Gia ca: c hnh thanh theo quy luat cung cau.

Phng thc giao dch: Tuy theo moi loai hnh ma cocac hnh thc giao dch khac nhau. V d nh qua au gia hayqua cac to chc ngan hang, hay qua th trng chngkhoan

a iem giao dch: La ni e co s ket noi cung cauve von, tuy nhien ngay nay do ieu kien cong nghe thongtin ngay cang phat trien nen a iem giao dch co the laco nh hay qua mang internet.

Co the ket luan th trng tai chnh mot mat la nidien ra cac quan he cung cau ve cac hang hoa tai chnhe dan von t ni tha von sang ni can von mat khacth trng tai chnh cung la ni mua, ban, trao oi caccong cu tai chnh thong qua cac quy luat khach quan cua

nn kinh te.b) Chc nngcua th trng tai chnh:

Dan von t nhng ni tha von sang nhngni thieu von:

ay la chc nang kinh te chu yeu cua th trng taichnh. chc nang nay cac chu the tha von khong trctiep cung ng von cho ngi thieu von ma gian tiep thongqua cac trung gian tai chnh nh cac ngan hang, cac to chcnhan tien gi tiet kiem va cho vay, cac cong ty bao hiem

hay cac to chc tai chnh tn dung khac. kenh tai chnh trc tiep, cac chu the d tha von

trc tiep chuyen von cho cac chu the thieu von bangcach mua cac tai san tai chnh trc tiep do cac chu thethieu von phat hanh thong qua cac th trng tai chnh.

Nh vay, th trng tai chnh a giup cho qua trnh giaolu von c nhanh chong va hieu qua.

Hnh thanh gia cua cac san pham tai chnh

Thong qua s tac ong qua lai gia ngi mua vangi ban, gia cua cac san pham tai chnh c xacnh. Yeu to thuc ay cac doanh nghiep goi von chnh lamc li tc ma cac nha au t mong muon va chnh aciem nay cua th trng tai chnh a phat tn hieu chobiet von trong nen kinh te can c phan bo nh the naogia cac san pham tai chnh.

Tao tnh thanh khoan cho tai san tai chnh

Th trng tai chnh tao ra mot c che e cac nha au t

co the ban tai san tai chnh cua mnh. Chnh nh ac iemnay ma tao cho cac san pham tai chnh co tnh thanh khoan.



3/50


Giam thieu chi ph tm kiem va chi ph thong tin

e cho cac giao dch co the dien ra, nhng ngi muava nhng ngi ban can phai tm c nhau, muon the hocan phai ton tien va thi gian cho viec quang cao nhucau cua mnh e tm kiem oi tac. Nh tnh tap trung,

khoi lng giao dch va gia tr giao dch ln, thong tin ccung cap ay u va nhanh chong, th trng tai chnh chophep giam thieu nhng chi ph nay.

On nh va ieu hoa lu thong tien te.

Thong qua viec mua ban cac trai phieu chnh phu, tnphieu chnh phu cua ngan hang trung ng tren th trngtai chnh, chnh phu co the bu ap tham hut ngan sachva kiem soat lam phat.

Ngan hang trung ng cung co the mua ban ngoai tetren th trng ngoai hoi e ieu chnh lng cung va caungoai te nham giup chnh phu on nh ty gia.

1.1.2 Cau truc th trng tai chnh

Tuy theo cac tieu thc khac nhau, ngi ta co thephan loai th trng tai chnh theo nhieu cach thc khacnhau.

Can c vao thi han luan chuyen von, th trng taichnh c chia thanh th trng tien te va th trng von.

a) Th trng tien teLa ni cac cong cu n ngan han c mua ban vi so

lng ln. Cac cong cu ngan han lu hanh tren th trngtien te la do Nha nc, cac ngan hang, cac cong ty lnphat hanh, co ac iem la tnh thanh khoan cao va rui rokhong thanh toan thap. Cac cong cu n cua th trngtien te bao gom cac giay t co gia ngan han nh thngphieu, ky phieu thng mai, tn phieu kho bac, cac cam ketmua lai, cac loai chng ch tien gi co the chuyen

nhng.Th trng tien te co mot so ac trng c ban sau:

Th nhat: Cac cong cu cua th trng tien te cothi gian ao han ngan (thng di 01 nam) nen co tnhthanh khoan cao, o rui ro thap va hoat ong tng oi onnh.

Th hai: Hoat ong cua th trng tien te dien ra chuyeu tren th trng tn dung do gia ca hnh thanh tren thtrng nay c bieu hien thong qua lai suat tn dung

ngan hang.



4/50


Th ba: Th trng tien te bao gom th trng lienngan hang, th trng chng khoan ngan han, th trngngoai hoi, th trng tn dung

b) Th trng von

La ni cac cong cu von, cong cu n trung va dai han

(thng t 01 nam tr len) c trao oi mua ban, chuyennhng theo quy nh cua phap luat. So vi cac cong cutren th trng tien te, cac cong cu tren th trng vonco tnh thanh khoan kem hn va o rui ro cao hn, do ochung co mc li tc cao hn.

Vai tro chu yeu cua th trng von la cung cap taichnh cho cac khoan au t dai han cua chnh phu, doanhnghiep va ho gia nh. Th trng von bao gom th trngchng khoan, th trng vay n dai han, th trng tn dung

thue mua, th trng cam co, th trng bat ong san1.1.3 Cac cong cu cua th trng tai chnh

a) Cac cong cu tren th trng tien te.

Do thi gian ao han ngan nen cac cong cu tai chnhgiao dch tren th trng tien te co ac iem chung la daoong gia thap va o rui ro thap.

Cac cong cu chu yeu cua th trng tien te bao gom:

Tn phieu kho bac: La mot cong cu vay n ngan

han cua chnh phu do kho bac nha nc phat hanh theonh ky 03 thang, 06 thang, hoac 09 thang. Lai suat cuatn phieu kho bac nha nc thng thap hn cac cong cun khac, tuy nhien no co tnh thanh khoan cao, de dangchuyen nhng tren th trng th cap.

Thng phieu: La mot loai giay ghi nhan n acbiet ngi gi no co quyen oi tien khi en han. Thngphieu bao gom: Hi phiu v lnh phiu.

Hoi phieu: La phieu ghi n do ngi ban hang tra

cham ky phat trao cho ngi mua hang tra cham trong oyeu cau ngi mua phai tra mot so tien nhat nh khien han cho ngi ban hoac bat c ngi nao xuat trnhhoi phieu.

Lenh phieu: La giay ghi nhan n do mua hang tracham ky phat trao cho ngi ban hang tra cham trong ongi mua cam ket tra mot so tien nhat nh khi en hancho ngi thu hng.

Chng ch lu kho: La giay do mot cong ty kinh

doanh kho bai ky phat, tha nhan co gi hang hoa chongi chu hang ky gi va cam ket giao hang cho chu



5/50


hang hay mot ngi nao o do chu hang ch nh bangcach ky hau.

Cac chng ch tien gi co the chuyennhng: La giay chng nhan ve viec gi tien va lamot cong cu vay n cua ngan hang oi vi ngi gi

tien. Chap phieu ngan hang: La giay do mot cong

ty phat hanh, bao am rang mot ngan hang se thanhtoan vo ieu kien mot khoan tien nhat nh vao motthi iem nhat nh trong tng lai cho ngi nam gi giaynay. Lai suat cua cong cu nay tng oi thap do tnh antoan cao.

b) Cac cong cu tren th trng von.

Cac cong cu tren th trng von thng co thi han

tren mot nam bao gom cac cong cu von va cac cong cun. Loai cong cu nay co bien ong gia manh, tnh thanhkhoan thap va thng kha rui ro.

Cac cong cu chu yeu bao gom:

Co phieu: Giay chng nhan quyen s hu vali ch hp phap oi vi thu nhap va tai san cua motcong ty co phan do mnh nam gi. Co phieu bao gom conhieu loai khac nhau nh co phieu thng, co phieu u aico tc, co phieu u ai bieu quyet

Trai phieu: La giay chng nhan viec vay voncua mot chu the oi vi mot chu the khac. Co nhieuloai trai phieu khac nhau nh trai phieu cong ty, trai phieuchnh phu, trai phieu o th, trai phieu co the chuyenoi

Cac khoan tn dung cam co: La cac khoancho vay oi vi cac doanh nghiep hoac cac ho gia nh emua nha , at ai, bat ong san va dung chnh cac taisan nay the chap cho khoan vay von.

Cac khoan tn dung thng mai: La cac khoancho vay trung, dai han cua ngan hang thng mai hoac caccong ty tai chnh cho ngi tieu dung hoac cac doanhnghiep co nhu cau vay von.

Chng ch quy au t: La mot loai chngkhoan do cong ty quan ly quy ai dien cho mot quy aut chng khoan phat hanh, xac nhan quyen hng li cuangi au t oi vi quy.

1.1.4 Cac nh che tai chnh



6/50


Trung gian tai chnh la nhng to chc lam cau noi gianhng ngi can von va nhng ngi cung cap von trenth trng. e thu hut von trung gian tai chnh phat hanhcac cong cu tai chnh. Mc chenh lenh ma ngi trung giannhan c gia lai suat cho vay vi lai huy ong von chnhla chi ph trung gian hay hoa hong trung gian.

Cac loai hnh trung gian tai chnh:

a) Cac to chc nhan tien gi:

Cac to chc nay huy ong von bang cach m taikhoan sec va tai khoan tiet kiem cho khach hang, ongthi s dung so von huy ong c e cho vay theo nhieuhnh thc khac nhau hoac au t tai chnh.

Cac to chc nay la: Cac ngan hang thng mai, cachiep hoi tiet kiem va cho vay, cac lien hiep tn dung

b) Cac to chc tiet kiem theo hp ong: Cacto chc nay huy ong von da tren c s hp ong theonh ky, cac to chc nay la:

Cong ty bao hiem: La trung gian tai chnh amnhan viec thc hien mot khoan thanh toan moi khi comot s kien xay ra, vi mot khoan ong gop trc ocua ngi muon thu hng quyen nay.

Quy hu tr: La quy c thanh lap t cac

doanh nghiep t nhan, cac c quan nha nc hoac aphng, cac oan nghiep lao ong nhan danh thanh viencua mnh va cac ca nhan co nhu cau. Muc ch la ethanh toan nhng khoan li ch cua nhng ngi lao ongkhi ho ve hu.

c) Cac trung gian au t :

Cac trung gian au t tai chnh bao gom cac cong ty taichnh, quy tng ho va quy tng ho th trng tai chnh.

Cong ty tai chnh: La to chc huy ong von

bang cach ban cac thng phieu hoac phat hanh cophieu, trai phieu. Sau o, cong ty s dung so von nay chongi tieu dung vay.

Quy tng ho: La to chc huy ong von bangcach ban chng ch quy cho cac ca nhan va dung vono e au t vao danh muc co phieu va trai phieu.

Quy tng ho th trng tien te: La to chctai chnh trung gian mang ac trng cua quy tng ho nhngc phep m tai khoan tien gi cho khach hang.

1.2. CAC KHAI NIEM VE CHNG KHOAN, PHAN LOAICHNG KHOAN



7/50


1.2.1. Cac khai niem ve chng khoan:

Chng khoan vi tnh chat la mot cong cu huy ongvon trc tiep, ong thi la hang hoa cua th trngchng khoan, chng khoan hnh thanh gan lien vi quatrnh phat trien cua nen kinh te va nhu cau giao dch von.

e ap ng nhu cau s dung von, cac cong ty trctiep huy ong von t cong chung, t cac cong ty co vonnhan roi. Hnh thc phap ly xac lap qua vay mn tren lachng th.

Co nhieu nh ngha ve chng khoan va tuy theo sphat trien cua nen kinh te, chng khoan cung co nhngbieu hien khac nhau.

Cac tai lieu nghien cu cua cac nha kinh te, luat giacho thay s xuat hien chng khoan sm hn nhieu so vi

s xuat hien cua th trng chng khoan, chng khoankhong han la san pham cua nen kinh te th trng mano la mot cong cu cua nen kinh te hang hoa noi chung.Luc o khai niem ve chng khoan c hieu theo nghala cac chng t co gia, hoac giay t co gia, hoacchng t thng mai

Theo Cac Mac chng t co gia la tieu e cua shu xac nhan di phng dien phap ly ve mot so vonau t hoac la mot lng hang hoa lu thong3. C.Mac con

cho rang cac chng t co gia nay la nhng ban sao cuanguon von song ong c am bao ve mat phap ly,quyen c nhan mot phan gia tr thang d trong san xuat.

Khai niem chng khoan c ghi nhan trong luat thcnh mot so quoc gia co th trng chng khoan phattrien.

Theo he thong luat cua Chau Au luc a, khai niemgiay t co gia, phu thuoc vao noi dung c the hien chnhno, ban chat cua quyen nay ton tai di cac loai hnh sau:

a) La mot chng th tien te, tc la tren chng thnay ghi nhan quyen yeu cau chi tra mot so tien, v du nhsec, thng phieu, trai phieu.

b)La mot chng th, xac nhan quyen tham gia vaocong ty co phan, tc la quyen c nhan mot khoan cotc.

c)Chng th chng nhan quyen s hu hang hoakhi hang hoa o ang cam co, ang tren ng vanchuyen hoac ang c bao quan.

3 Mark C. T bn



8/50


Theo ao Luat ve th trng chng khoan Hoa ky nam1934, khai niem chng khoan c liet ke nh sau: Thuatng chng khoan co ngha la bat ky giay n, co phan,chng khoan ton tai, trai phieu, giay vay n khong cobao am, chng ch ve quyen li hoac d phan trong batky thoa thuan phan chia li nhuan nao hoac trong bat kykhoan tien hoac hp ong thue mo dau, mo kh hay cacmo nao khac; bat ky chng ch uy thac the chap,chng ch ang ky mua chng khoan mi phat hanh, cophieu co the chuyen nhng; hp ong au t, chng chuy thac bo phieu, chng ch ky thac, bat ky hp ongchng ch mua ban chng ch theo chieu xuong, chieulen; hp ong mua ban hang hai hoac ac quyen trenbat ky chng khoan, chng ch ky thac, hoac nhom haych so chng khoan, bat ky phng tien nao c hieu

thong thng la chng khoan hoac bat ky chng ch vequyen li va d phan, chng ch tam thi, hoa n hoacgiay bao am hoac quyen ang ky mua hoac viec muabat ky nhng g a liet ke ben tren, nhng khong baogom tien, hoi phieu, thng phieu hoac s chap nhan cuangan hang co ky han thanh toan tai thi iem phat hanhkhong qua 09 thang, tr nhng ngay gia han hoac bat kys gia han nao ma ky han thanh toan cua no cung cgii han nh vay4

Theo t ien kinh te do Pham ang Bnh va Nguyen

ang Lap bien soan th chng khoan la nhng chng tmang lai li tc va cac loai chng t khac c mua ban S Giao dch chng khoan hoac th trng phi chnh thc.ac iem cua chng khoan co the ban c. Nhng loaichng khoan bao gom: chng khoan co lai suat co nhva chng khoan co lai suat thay oi5.

Theo PGS.TS Le Van Te bien soan th chng khoan lamot cong cu tai chnh phat sinh t cac cong ty, to chc taichnh va chnh phu nh la mot phng tien vay tien va tang

von mi. Cac chng khoan tai chnh thng dung nhat laco phan, co phieu, giay n, hoi phieu, cong kho phieu vacong trai. Moi khi c phat hanh cac chng khoan nay cothe ban hay mua tren th trng chng khoan hoac thtrng tien te6.

Trong phap luat chng khoan Viet Nam, khai niemchng khoan lan au tien c chnh thc quy nh trongNgh nh so 48/1998N-CP ngay 11/07/1998 cua Chnh phuve chng khoan va th trng chng khoan. Khai niem

4 Trang 11- K yu ti NCKH cp B - TS. Nguyn Thanh Bnh5 Trang 554 - T in kinh t - Phm ng Bnh, Nguyn Vn Lp bin dch, NXB Gio dc - 19956 Trang 312 - T in kinh t - PGS.TS L Vn T, NXB Chnh Tr Quc Gia - 1996



9/50


nay hau nh c gi nguyen khi Chnh phu ban hanh Nghnh so 144/2003/N-CP cua Chnh phu ngay 28/11/2003 vechng khoan va th trng chng khoan thay the ngh nhso 48/1998/N-CP.

Theo van ban phap luat nay chng khoan la chng

ch hoac but toan ghi so, xac nhan quyen va li ch hpphap cua ngi s hu chng khoan oi vi tai sanhoac von gop cua to chc phat hanh chng khoan.Chng khoan bao gom: Co phieu, trai phieu, chng chquy au t chng khoan, cac loai chng khoan khac theoquy nh cua phap luat.

1.2.2.Phan loai chng khoan:

Ngay 29/06/2006 Luat chng khoan so 70/2006/QH11 cQuoc hoi nc Cong hoa xa hoi chu ngha Viet Nam khoa

XI, ky hop th 9 thong qua va co hieu lc t ngay01/01/2007. Theo quy nh hien hanh ieu 06 trong Luat chngkhoan th chng khoan la bang chng xac nhan quyen vali ch hp phap cua ngi s hu oi vi tai san hoacphan von cua to chc phat hanh. Chng khoan c thehien di hnh thc chng ch, but toan ghi so hoac dlieu in t, bao gom cac loai sau ay:

a) Co phieu la loai chng khoan xac nhan quyen vali ch hp phap cua ngi s hu oi vi mot phan vonco phan cua to chc phat hanh.

b) Trai phieu la loai chng khoan xac nhan quyenva li ch hp phap cua ngi s hu oi vi mot phanvon n cua to chc phat hanh.

c) Chng ch quy la loai chng khoan xac nhanquyen s hu cua nha au t oi vi mot phan vongop cua quy ai chung.

d) Quyen mua co phan la loai chng khoan do congty co phan phat hanh kem theo t phat hanh co phieu

bo sung nham am bao cho co ong hien hu quyen muaco phieu mi theo nhng ieu kien a c xac nh.

e) Chng quyen la loai chng khoan c phat hanhcung vi viec phat hanh trai phieu hoac co phieu uai, cho phep ngi s hu chng khoan c quyen muamot so co phieu pho thong nhat nh theo mc gia ac xac nh trc trong thi ky nhat nh.

f) Quyen chon mua, quyen chon ban la quyen cghi trong hp ong cho phep ngi mua la chon quyen mua

hoac quyen ban mot so lng chng khoan c xac nhtrc trong mot khoang thi gian nhat nh vi mc giac xac nh trc.



10/50


g) Hp ong tng lai la cam ket mua hoac ban cacloai chng khoan, nhom chng khoan hoac ch so chngkhoan nhat nh vi mot so lng va mc gia nhat nhvao ngay xac nh trc trong tng lai.

Chng khoan la hang hoa cua th trng chng

khoan. o la nhng san pham tai chnh v no mang lai thunhap va khi can ngi s hu no co the ban no e thutien ve. Theo s phat trien cua th trng, hang hoachng khoan ngay cang phong phu, a dang. Ta co the chiachng khoan thanh cac nhom sau ay:

a.Co phieu

Co phieu la mot loai chng khoan c phat hanhdi dang chng ch hoac but toan ghi so. Khi mua cophieu ngi au t tr thanh chu s hu oi vi cong

ty. La chu s hu cac co ong cung nhau chia se moithanh qua cung nh ton that trong qua trnh hoat ongcua cong ty. Khi cong ty b pha san, co ong ch nhanc nhng g con lai sau khi cong ty a trang trai xong cackhoan ngha vu khac nh thue, n ngan hang, trai phieu.Co phieu la cong cu khong co thi han.

Co phieu c phan thanh cac loai sau:

Co phieu pho thong la loai co phieu ien hnhnhat ma neu cong ty ch c phep phat hanh mot loai

co phieu th no se phat hanh co phieu pho thong. Cophieu pho thong mang lai cho ngi nam gi no quyenhng co tc do hoi ong quan tr quyet nh thong quaai hoi ong co ong. Mc co tc tuy thuoc vao tnhhnh hoat ong cong ty va chnh sach cua cong ty nen nokhong quy nh mc toi thieu hay toi a ma co ongnhan c.

Khi cong ty phai thanh ly tai san, co ong pho thongla ngi cuoi cung c nhan nhng g con lai sau khicong ty trang trai xong cac ngha vu thue, n va co phieuu ai.

Khi cong ty phat hanh mot t co phieu mi e tangvon, cac co ong nam gi co phieu pho thong coquyen c mua trc co phieu mi, trc khi t phathanh c chao ban ra cong chung, trong thi han nhatnh. Moi co phieu pho thong ang nam gi mang lai choco ong so lng quyen can co e mua mot co phieumi se c quy nh cu the trong tng t chao ban,cung vi gia mua, thi han cua quyen va ngay phat

hanh co phieu mi.



11/50


Co ong pho thong co quyen bau c va ng cvao cac chc vu quan ly trong cong ty, co quyen tham giacac ai hoi co ong va bo phieu quyet nh cac van equan trong cua cong ty.

Co phieu u ai la co phieu danh cho ngi

nam gi no nhng u ai hn so vi co ong pho thong.Co phieu u ai co tc la co phieu c an nh

mot ty le co tc toi a so vi menh gia, hay mot mcco tc tuyet oi toi a. Tuy nhien co ong u ai khongc tham gia bo phieu quyet nh nhng van e quantrong cua cong ty.

Co phieu u ai mang lai cho co ong quyen cnhan lai von trc co ong pho thong khi cong ty thanhly tai san va khi cong ty khong tra co tc u ai th co

ong pho thong cung khong nhan c co tc.b.Trai phieu

Trai phieu la loai chng khoan quy nh ngha vu cuangi phat hanh phai tra cho ngi nam gi chngkhoan mot khoan tien nhat nh va phai hoan tra khoancho vay ban au khi en han.

Mot so ac trng cua trai phieu:

Ngi phat hanh la ngi can huy ong von nen

phat hanh cac loai trai phieu e vay ngi au t. Tuychu the phat hanh trong nen kinh te la chnh phu hay caccong ty ma mc o rui ro trong au t trai phieu co omanh yeu khac nhau.

Thi han cua trai phieu la so nam ghi tren traiphieu ma theo o ngi phat hanh phai co ngha vu thanhtoan von khi trai phieu en han cho ngi nam gi no.

Menh gia cua mot trai phieu la khoi lng tien intren mat trai phieu, la so tien ma ngi phat hanh se

hoan tra cho ngi nam gi trai phieu tai thi iem aohan.

Lai cuong phieu la lai suat ma ngi phat hanhtrai phieu cam ket tra cho ngi nam gi trai phieukhoan li tc bang mc lai cuong phieu nhan vi menhgia cua trai phieu.

Trai phieu thng c phan thanh cac loai sau:

Trai phieu vo danh la trai phieu khong mangten trai chu, ca tren chng ch cung nh so sach cua

ngi phat hanh. Nhng phieu tra lai nh theo t chngch, va khi en han tra lai ngi gi trai phieu xe ra va



12/50


mang ti ngan hang nhan lai, va khi ao han ngi namgi no mang ti ngan hang va nhan lai khoan cho vay.

Trai phieu ghi danh la loai trai phieu co ghi tenva a ch cua trai chu, tren chng ch va tren sosach cua ngi phat hanh.

Trai phieu chnh phu la trai phieu do chnh phuphat hanh.

Trai phieu cong ty la trai phieu do cac cong typhat hanh e vay von dai han.

c. Chng ch quy au t

La loai hnh chng khoan do cong ty quan ly quy phathanh e huy ong von. Viec cong ty huy ong von co thebang cach phat hanh co phan hay phat hanh chng ch

quy e ban cho nha au t. Tuy nhien viec phat hanh cophan se pha loang trong viec quan ly quy do ngi namgi co phan co ay u cac quyen do phap luat quy nh,con viec phat hanh chng ch quy th khi ngi au tnam gi chng ch quy khong c quyen tham gia vaoqua trnh ra quyet nh au t cua quy ma se uy thacviec quan ly quy cho cong ty, quy n thuan la motkhoan tien va khong co t cach phap nhan.

d.Chng khoan co the chuyen oi

Chng khoan co the chuyen oi la loai chng khoancho phep ngi nam gi no, tuy theo la chon va trongnhng ieu kien nhat nh, co the oi no lay motchng khoan khac.

e. Cac loai chng khoan phai sinh:

Quyen mua co phan la quyen c u tien muatrc danh cho cac co ong hien hu cua mot cong ty cophan c mua mot so lng co phan trong t phat hanhco phieu pho thong mi tng ng vi ty le co phan hien

co cua ho trong cong ty. Chng quyen la loai chng khoan trao cho ngi

nam gi no quyen c mua mot so lng xac nh motloai chng khoan khac, vi mot mc gia xac nh vatrong mot thi han nhat nh.

Hp ong ky han la mot thoa thuan trong o motngi mua va mot ngi ban chap thuan thc hien motgiao dch hang hoa vi khoi lng xac nh, tai mot thiiem xac nh trong tng lai vi mot mc gia c an nh

vao ngay hom nay.



13/50


Hp ong tng lai la mot thoa thuan oi hoi motben cua hp ong se mua hoac ban mot hang hoa naoo tai mot thi han xac nh trong tng lai theo mot mcgia a xac nh trc.

Quyen la chon la mot hp ong cho phep ngi

nam gi no c mua (neu la quyen chon mua) hoac ban(neu la quyen chon ban) mot khoi lng nhat nh hanghoa tai mot mc gia xac nh va trong mot thi hannhat nh.

1.3. TH TRNG CHNG KHOAN

1.3.1. Khai niem ve th trng chng khoan

Co nhieu nh ngha khac nhau ve th trng chngkhoan, cu the:

Th trng chng khoan theo tieng La tinh la BURSA, nghala cai v ng tien, con s giao dch chng khoan la motth trng co to chc va hoat ong co ieu khien.

Theo Longman Dictionary of business English 1985 la Anoganized market where securities are bought and sold under fixedrule tc la Mot th trng co to chc la ni cac chngkhoan c mua ban tuan theo nhng quy tac a c annh.

Theo Dowes Jand JF. Goodman, dictionary of Finance and

Investment, Barrons New York 1994 th Th trng chng khoanla thuat ng chung nhat e ch hoat ong mua ban coto chc oi vi cac loai chng khoan tai cac san giaodch khac nhau va th trng ban tap trung.

T nhng nh ngha tren chung ta co the rut ra khainiem th trng chng khoan nh sau: Th trng chngkhoan la ni dien ra viec mua ban cac loai chng khoantheo cac quy luat kinh te va c phap luat cong nhan.

1.3.2.S lc ve s hnh thanh va phat trien cua

th trng chng khoanVao gia the ky XV tai nhng trung tam buon ban

cua phng tay, cac thng gia thng tap trung tai cac quancafe e trao oi mua ban cac vat pham hang hoa luc aula mot nhom nho, sau o tang dan va hnh thanh mot khuch rieng. Cuoi the ky th XV, e thuan tien hn cho vieclam an, khu ch tr thanh th trng vi viec thong nhatcac quy c va dan dan cac quy c nay c sa oihoan chnh thanh nhng quy tac co gia tr bat buoc chungcho moi thanh vien tham gia th trng.

Phien ch au tien c dien ra vao cac nam 1453 taimot l iem cua gia nh Vanber Bruges (B), tai o co



14/50


mot bang hieu hnh ba tui da vi mot t tieng Phap laBourse tc la Mau dch th trng hay con goi la S giaodch. en gia the ky XVI mot quan chc ai than cua Anhquoc a en quan sat va thiet lap mot mau dch thtrng tai London, ni ma sau nay c goi la S giao dchchng khoan London. Cac mau dch th trng khac cunglan lt c thanh lap tai Phap, c va Bac Au.

S phat trien th trng ngay cang manh me ca velng va chat vi so thanh vien tham gia ong ao vanhieu noi dung khac nhau, v vay theo tnh chat t nhien nolai c phan ra nhieu th trng khac nhau, vi ac tnhrieng cua tng th trng thuan li cho giao dch cua ngitham gia trong o.

Cac phng thc giao dch ban au c dien ra ngoaitri vi nhng ky hieu giao dch bang tay va co th kynhan lenh cho khach hang. Cho en nam 1921, My, khuch ngoai tri mi c chuyen vao trong nha, S giaodch chng khoan chnh thc c thanh lap.

S phat trien cua th trng chng khoan cang ngaycang c cai tien cho phu hp vi tnh hnh phat trien cuamoi nc nham em lai hieu qua va chat lng cho giao dch.

Lch s phat trien cua th trng chng khoan thegii trai qua nhng bc thang tram luc len, luc xuong.Vao nhng nam 1875 1913, th trng chng khoan thegii phat trien huy hoang cung vi s tang trng cuanen kinh te the gii luc o, nhng roi en ngay 29/10/1929th trng chng khoan Tay Au, Bac Au, va Nhat Ban akhung hoang. Mai cho ti chien tranh the gii th hai ketthuc, cac th trng mi dan phuc hoi va phat trien. Vati nam 1987 mot lan na th trng chng khoan thegii lai ien ao do he thong thanh toan kem coi khongam ng c yeu cau giao dch, sut gia chng khoanmanh, gay mat long tin va phan ng day chuyen ma hau

qua cua no con nang hn cuoc khung hoang nam 1929.Va gan ay nhat nam 2007 2008 do cuoc khung

hoang suy thoai kinh te th trng chng khoan cac nctren the gii cung tuot doc manh me, mai cho ti gianam 2009 khi nen kinh te cac nc co dau hieu phuc hoith th trng chng khoan cung tng bc on nh vatang trng.

Cho en nay, cac nc tren the gii a co khoangtren 160 s giao dch chng khoan phan tan tren khap

cac chau luc, bao gom ca cac nc phat trien trong khuvc ong Nam A vao nhng nam 1960 1970 va nhng



15/50


nc nh Ba Lan, Hunggary, Sec, Nga, Trung Quoc vao nhngnam au 1990.

Qua trnh hnh thanh va phat trien th trng chngkhoan the gii cho thay giai oan au th trng hnh thanhmot cach t phat do nhu cau giao dch cua nen kinh te.

Dan dan ve sau vi s tham gia ong ao cua congchung au t th trng giao dch bat au phat sinh nhngtruc trac dan en phai thanh lap c quan quan ly nhanc va hnh thanh he thong phap ly e ieu chnh hoatong cua th trng.

Cho ti ngay nay, th trng chng khoan co the noila khong the thieu trong i song kinh te cua nhngnc theo c che th trng va nhat la nhng nc angphat trien ang can thu hut von au t dai han cho nenkinh te.

1.3.3. ac iem cua th trng chng khoan

Th trng chng khoan la mot bo phan cua thtrng tai chnh. Th trng chng khoan, th trng tiente va th trng ngoai hoi co moi lien he mat thiet vinhau, tac ong bo sung cho nhau, nhng gia chung cungco nhng ac thu rieng, co chu the tham gia va oitng thng mai khac biet. Th trng chng khoan comot so ac iem c ban sau:

a.Th trng chng khoan la ni tham gia vao quatrnh tch tu va tap trung von hieu qua cao.

b.Th trng chng khoan c coi la hnh thc vanong cac nguon tai chnh mot cach trc tiep.

c.Th trng chng khoan la mot th trng canhtranh hoan hao, o la th trng co vo so ngi mua vangi ban.

d.Khac vi th trng tien te va th trng ngoaihoi, th trng chng khoan la ni tap trung cac nguon

von trung va dai han.1.3.4. Chc nang cua th trng chng khoan

Th nhat: Huy ong von cho nen kinh te

Thong qua th trng chng khoan cac chu the co nhucau ve von phat hanh chng khoan e huy ong vontrc tiep t cac nha au t co von nhan roi au t vaochng khoan. V chng khoan c chia nho vi gia khathap nen huy ong c nhieu nha au t nho le cung

nh cac to chc au t tham gia gop phan tao von cho sphat trien kinh te.



16/50


Th hai: Cung cap moi trng au t a dang

Th trng chng khoan cung cap cho cong chung motmoi trng au t lanh manh vi cac c hoi la chonphong phu. Cac chng khoan tren th trng co tnh chat,thi gian va mc o rui ro, tnh thanh khoan khac nhau

Cac nha au t tuy vao ieu kien va ac tnh rieng cuamnh co the la chon cac loai chng khoan phu hp vikha nang, muc ch va s thch cua mnh.

Th ba: Tao tnh thanh khoan cho cac chng khoan

Thong qua th trng chng khoan cac nha au t cothe de dang chuyen oi cac chng khoan ma ho namgi thanh cac loai chng khoan khac hay tien mat.

Th t: anh gia hieu qua hoat ong cua cac doanhnghiep

Th trng chng khoan hoat ong theo nguyen taccong khai minh bach nen cac chu the tham gia th trngphai thng xuyen bao cao ket qua kinh doanh va minhbach cac hoat ong cua mnh. Chnh v vay khuyen khchcac doanh nghiep hoat ong hieu qua hn.

Th nam: ieu tiet v mo nen kinh te

Thong qua th trng chng khoan, Chnh phu huy ongvon e thc hien cac muc tieu kinh te xa hoi nh au

t vao c s ha tang, cac nganh nghe, lnh vc cua nenkinh t va bu ap cho cac tham hut ngan sach hoac ieutiet khoi lng tien te trong nen kinh te e kiem soat lamphat. Qua th trng, Chnh phu co the kiem soat cnguon von nc ngoai chay vao trong nc nhngnganh nghe, lnh vc nao, tren c s o ma co bienphap hoac chnh sach ieu tiet kp thi nhng tac ongtieu cc co the xay ra. Khong nhng the, th trngchng khoan cung gop phan vao tien trnh co phan hoadoanh nghiep nha nc, c cau lai von trong nen kinh te

theo hng s dung co hieu qua.1.3.5.Nguyen tac hoat ong cua th trng

chng khoan

a.Nguyen tac canh tranh

Gia ca chng khoan phan anh cung cau ve loaichng khoan o va moi tng quan canh tranh gia caccong ty. Gia ca tren th trng chng khoan c hnhthanh theo phng thc au gia, cong khai minh bach khongco s ap at ve gia.

b.Nguyen tac cong bang



17/50


Ngi tham gia th trng c oi x cong bang,khong phan biet thanh phan kinh te, von, Nhng ngitham gia th trng eu phai tuan thu nhng quy nhchung, nguyen tac hoat ong cua th trng, c bnhang trong viec chia s thong tin va ganh chu trach nhiemneu vi pham cac quy nh cua th trng.

c. Nguyen tac cong khai

Tat ca hoat ong cua th trng eu tien hanh congkhai, minh bach. Cong khai hoat ong cua nha phat hanh,cac loai chng khoan c chao ban, chao mua, gia ca,so lng chng khoan c mua ban.

d.Nguyen tac trung gian

Nguyen tac nay the hien viec giao dch chng khoanc thc hien qua moi gii, qua cong ty chng khoan, qua

S giao dch, qua Trung tam lu ky. Nguyen tac nay nhambao ve quyen li cua nha au t tranh cac rui ro, baoam cac chng khoan lu thong tren th trng eu lachng khoan hp phap, ap ng cac oi hoi cua c quanquan ly th trng.

e.Nguyen tac tap trung

Th trng chng khoan giao dch ch dien ra tren Sgiao dch chng khoan va th trng OTC hoat ong di skiem tra, giam sat cua c quan quan ly nha nc ve

chng khoan va th trng chng khoan.

CHNG IITM HIEU TH TRNG CHNG KHOAN MOT SO

NC TIEU BIEU TREN THE GII VA THTRNG CHNG KHOAN VIET NAM

2.1. TH TRNG CHNG KHOAN MOT SO NCTREN THE GII

2.1.1.Th trng chng khoan My

Cach ay khoang 250 nam, Wall Street ch la mot conng mon bui bam trai dai t nh oi nha th Trinityxuong en ben cang Manhattans East River. Tai ay thtrng chng khoan au tien cua Hoa Ky c hnh thanhtren nhng cau tau. Thi ky phoi thai o, nhng chngkhoan n thuan la nhng manh giay xac nhan s huchu hoac nhng t hoa n giao hang t nhng chuyentau cap ben t ben kia ai Tay Dng en. n v quoc

te giao dch luc o la nhng thoi bac, khi can thiet thoibac c cat ra thanh mot na, mot phan t, hoac mot



18/50


phan tam goi la doubloons e mua hang. o la ly do taisao thong le buon ban chng khoan theo loi le la 1/2, 1/4,1/8, 1/16 c lu truyen mai cho en tan nam 2001 mic chnh thc oi theo he thong thap phan nh bay gi.

Mua xuan nam 1792, 24 ngi au tien a ngoi lai

vi nhau tai ben cang e ky ket mot ban thoa c autien lam nen tang cho New York Stock Exchange (NYSE) saunay. Ban thoa c nay c hnh thanh di mot goccay bo ao tai a ch sau nay la so 68 Wall Street. Hothong nhat mot hnh thc gia ca le ph trao oi chung vaco nh, mot chnh sach a c ap dung mai cho tinam 1975.

Nam 1800 nhom NYSE nay don vao a ch so 40 WallStreet, cho en nam 1963 th don ve a iem hien nay laso 11 ng Wall Street, New York.

Nam 1971, NYSE c co phan hoa thanh mot doanhnghiep phi li nhuan va hoat ong nham muc ch v li chcua nha au t noi chung va e h tr cho s phat trienkinh te Hoa Ky noi rieng.

Vao thi ky Cach mang ky nghe, hoat ong Wall Streetbung no vi u loai chng khoan cua cac nganh nghekhac nhau, lam cho hoat ong cua NYSE b qua tai, va tatyeu nhom NYSE ch chon lay nhng chng khoan nao totnhat ma thoi. ieu kien e giao dch tai NYSE kho khanhn, va v vay phan chng khoan con lai b cac nha buongiao dch ngay ngoai ng pho va tham ch trao oi ngaytren va he. Cac nha buon nay goi la Curbstone brokersva ch tri va he c menh danh la The curb.

Vao au the ky 20, the curb phat trien manh en nicac nha buon phai thue mn van phong tai ngay chnhcon ng o. Vao au thap niem 1920, th trng thecurb c di han vao trong mot cho tot hn la so 86

Trinity Place, Manhattan. a ch nay van c gi cho ti

ngay nay va tru s c oi ten thanh American StockExchange (AMEX) la th trng ln th hai cua Hoa Ky sauNYSE.

Khi cac th trng tap trung (market places or exchanges)cung khong ap ng noi nhu cau giao dch co phieu ngaycang phat trien, s tat yeu phai xay ra la s phat sinhcua hoat ong ban chnh thc. Song song vi hoat ongchnh thc cua cac san giao dch la hoat ong cua thtrng phi tap trung OTC (over the counter stocks).

Sau cuoc khung hoang th trng tai chnh nam 1929,Quoc hoi My thong qua ao luat Securities Act thanh lap



19/50


bo phan Securities & Exchange Commission (SEC) nham quanly hoat ong cua th trng chng khoan. Nam 1934, tochc National Association of Securities Dealers (NASD) cthanh lap nham t quan hoat ong cua th trng OTCngay mot ln manh.

Nam 1971 anh dau bc tien quan trong cua thtrng OTC vi s ra i cua he thong NASDAQ hoacNational Association of Securities Dealers Automated QuotationSystem. T thi iem nay, mot so chng khoan OTC clen danh sach va giao dch qua he thong ien toan noilien cac moi gii chng khoan (brokers), nhan vien giaodch (traders) va chuyen vien lam gia (market makers) makhong can nam trong mot san giao dch.

NASDAQ ngay nay chia thanh hai phan chnh la: NASDAQNational Markets Issues bao gom khoang 2700 cong ty lnnhat va NASDAQ Small Cap Issues bao gom khoang 1500 congty nho hn.

Tuy nhien van con sot lai mot so ln cac cong tykhong u ieu kien e a vao danh sach giao dch hoache thong NASDAQ. Ho phai giao dch chng khoan qua hethong National Quotations Burau va niem yet nhng tgiay mau hong nen thng c goi la pink sheets stocks.Hien nay co khoang 11.000 cong ty thuoc dang nh vay.

Nh vay, th trng chng khoan My ban au phattrien mot cach t phat va t nhien v nhu cau trao oibuon ban cac giay t co gia. Sau o cac the che valuat phap c at ra nham bao am mot s minh bachva cong bang trong giao dch.

2.1.2. Th trng chng khoan Nhat Ban

Nhat Ban la mot trong nhng quoc gia Chau A xaydng th trng chng khoan sm nhat, vao nam 1878Nhat Ban thanh lap hai S giao dch chng khoan Tokyova Osaka. Trong buoi au thanh lap, th trng chngkhoan Nhat Ban vi so lng chng khoan han che vacac giao dch au c cua cac cong ty chng khoan la hoatong ac trng, th trng chng khoan cha phat huy tacdung la kenh huy ong von dai han cho nen kinh te. Cuockhung hoang kinh te toan cau giai oan 1929 1933, ieunay a khien cho th trng chng khoan Nhat Ban rivao thi ky en toi va en nam 1945 viec giao dchchng khoan b nh tre.

Nam 1948, Nhat Ban ban hanh Luat chng khoan va

giao dch chng khoan va en nam 1949 th trng chngkhoan hoat ong tr lai. Giai oan 1955 1961, th trng



20/50


chng khoan Nhat Ban co nhng bc phat trien manhme tren c s kinh te phuc hoi va he thong phap luatve chng khoan on nh.

Nam 1971, Nhat Ban ban hanh Luat cac cong ty chngkhoan nc ngoai, ieu nay rong ng cho viec quoc te

hoa th trng chng khoan. Bat au t nhng nam 1984,th trng chng khoan Nhat Ban co nhng bc phattrien vt bac do chnh sach t do hoa va quoc te hoa thtrng chng khoan, cho phep cac cong ty chng khoannc ngoai (16 cong ty) tham gia vi t cach thanh vien Sgiao dch chng khoan.

Nam 1992, Nhat Ban sa oi Luat chng khoan vagiao dch chng khoan. Uy ban giam sat chng khoan vagiao dch chng khoan c thanh lap nham thc thi tnhcong bang trong giao dch chng khoan va tang cng tnht quan cua Hiep hoi kinh doanh chng khoan.

Cac c quan quan ly hoat ong th trng chng khoanNhat Ban bao gom: Bo Tai chnh, Tong cuc chng khoan,Uy ban giam sat chng khoan va giao dch chng khoan,S giao dch chng khoan.

2.1.3. Th trng chng khoan Han Quoc

Th trng chng khoan Han Quoc c thanh lap vaonam 1956, ban au vi s gop mat cua 12 cong ty niem

yet va mot lng trai phieu Chnh phu, trong o traiphieu Chnh phu c giao dch soi ong nhat. en aunam 1962, Han Quoc ban hanh Luat giao dch chng khoanvi muc tieu thuc ay th trng chng khoan tangtrng nhanh chong. Mot nam sau, Luat giao dch chngkhoan c sa oi va viec to chc lai mo hnh S giaodch chng khoan t hnh thc cong ty co phan tr thanhc quan trc thuoc Chnh phu.

en nam 1968, Luat thuc ay th trng von ra ia thuc ay cac cong ty phat hanh chng khoan vakhuyen khch cong chung tham gia th trng.

Nam 1974, Han Quoc thanh lap Uy ban chng khoanquoc gia nham tang cng giam sat cac giao dch chngkhoan, va S giao dch chng khoan c to chc la nv phi li nhuan.

Theo Luat giao dch chng khoan Han Quoc, bat aut nam 1981 nha au t nc ngoai c tham gia au tvao th trng chng khoan Han Quoc vi ty le cophieu c phep s hu toi a la 10% cua cac cong tyniem yet, sau o ty le nay tang len la 12%, 15% va ennay th khong han che.



21/50


2.1.4. Th trng chng khoan Thai Lan

Th trng chng khoan Thai Lan co nguon goc tnhng nam 60. Ke hoach phat trien kinh te xa hoi 05 namlan th 2 (1967 - 1971) cua Thai Lan a e xuat viecthanh lap th trng chng khoan co trat t e huy ongvon them cho viec phat trien kinh te quoc gia.

Th trng von cua Thai Lan ve c ban c chia thanh02 giai oan, giai oan au vi s thanh lap S giao dchchng khoan Bangkok (BSE) do t nhan s hu vao nam1963, sau o la s thanh lap cua S giao dch chng khoan

Thai Lan (SET).

Mac du c thanh lap, nhng BSE hau nh khong hoatong c. Tr gia giao dch ch at 160 trieu balt trong nam1968, va 114 trieu balt trong nam 1969. Khoi lng giao dchtiep tuc sut giam sau o xuong con 46 trieu balt trong nam1970, va sau o la 28 trieu balt trong nam 1971. Tr gia giaodch trai phieu at 7 trieu balt vao nam 1972, nhng co

phieu tiep tuc hoat ong ngheo nan, vi gia tr giao dchat mc thap nhat ch con 26 trieu balt. Cuoi cung BSEphai dng hoat ong vao au nhng nam 1970.

Phai tha nhan, BSE that bai bi v thieu s ho trchnh thc cua chnh phu va thieu s hieu biet cua nhaau t ve th trng co phieu.

Nam 1969, Ngan hang Thai Lan cung thanh lap motnhom lam viec ve phat trien th trng von, nhom nayc giao nhiem vu thanh lap th trng chng khoan. Nam

1970, giao s Robbins, ngi c chnh phu Thai Lan thuelam co van a ra bao cao toan dien mang ten Th trng



22/50


von Thai Lan. Bao cao nay tr thanh mot ke hoach tongthe cho s phat trien trong tng lai cua th trng von ThaiLan.

Nam 1972, chnh phu Thai Lan a sa oi mot so ieucua Luat kiem soat cac giao dch thng mai co anh hng

en li ch cong cong. S thay oi nay a giup chnh phukiem soat hoat ong cua cac cong ty tai chnh va chngkhoan, ma cho ti thi iem o hoat ong rat t do. Tieptheo s sa oi nay, thang 5/1974, S giao dch chng khoan

Thai Lan c thanh lap, goi tat la SET. Sau o na la ssa oi ve ao luat cho phep au t nhng khoan tietkiem vao th trng von. Vao nam 1975, khung phap ly ac hoan thanh va vao ngay 30/04/1975 SET chnh thc giaodch.

Ke t nam 1986, S giao dch chng khoan Thai Lanphat trien manh va at hieu qua cao. Giai oan tnam1962 en nam 1986, S giao dch chng khoan ThaiLan chu s quan ly va giam sat song song cua hai c quanla Ngan hang Trung ng va Bo Tai chnh. Nam 1992, Uyban chng khoan c quan quan ly trc tiep th trngchng khoan Thai Lan mi c thanh lap.

SETINDEX tang theo thi gian va co luc a at 1.800iem vao nam 1993-1994 roi tut xuong con khoang 250 khixay ra khung hoang tai chnh chau A nam 1997. Nam 1997,

th trng bat ong san Thai Lan b v, mot so the chetai chnh pha san va ngi dan khong con tin vao khanang gi ty gia hoi oai co nh cua chnh phu, gii auc bat au tan cong ong Balt khien cac nha au t ncngoai ong loat rut von ra, khien cho Thai Lan ri vao cuockhung hoang tai chnh toan dien do mat kha nang tra nnc ngoai, th trng chng khoan Thai Lan ri xuong mcthap nhat. Sau khi nhan hai goi cu tr tr gia 19.9 ty USDt IMF, Thai Lan a t vach ra cac chnh sach nham tai xaydng lai nen kinh te va th trng tai chnh.

Sau giai oan khung hoang, SETINDEX dan dan phuc hoiva on nh tr lai. Tuy nhien, t thang 04/2008 en nay,SETINDEX lai giam manh do anh hng cua cuoc khunghoang tai chnh tren toan the gii.

2.2. TH TRNG CHNG KHOAN VIET NAM

2.2.1. S hnh thanh va phat trien cua th trngchng khoan Viet Nam

Vao nhng nam au thap ky 90 cua the ky 20, thc

hien chu trng xay dng nen kinh te th trng, hnhthanh ong bo hoa cac loai th trng c van hanh



23/50


theo c che th trng nh hng xa hoi chu ngha, Chnhphu a ch ao cac Bo nganh nh Bo Tai chnh, Nganhang Nha nc nghien cu e an xay dng va phattrien th trng chng khoan Viet Nam nham huy ongcac nguon von trung, dai han trong va ngoai nc vaoau t phat trien kinh te. ong thi, e tao nguon cungcho th trng chng khoan, nang cao hieu qua va lanhmanh hoa hoat ong cua cac doanh nghiep Nha nc,qua trnh co phan hoa cac doanh nghiep Nha nc cungc khi ong t nam 1992.

Mot trong nhng bc i au tien co y ngha khiau cho viec xay dng th trng chng khoan Viet Namla viec thanh lap Ban Nghien cu xay dng va phat trienth trng von thuoc Ngan hang Nha nc (Quyet nhso 207/Q-TCCB ngay 06/11/1993 cua thong oc Ngan hang

Nha nc) vi nhiem vu nghien cu, xay dng e an vachuan b cac ieu kien e thanh lap th trng chngkhoan theo bc i thch hp. Theo s uy quyen cua Chnhphu, Ngan hang Nha nc a phoi hp vi Bo tai chnhto chc nghien cu ve cac lnh vc lien quan en hoatong cua th trng chng khoan, e xuat vi Chnh phumo hnh th trng chng khoan Viet Nam, ao tao kienthc c ban ve chng khoan va th trng chng khoancho mot so bo phan nhan lc quan ly va van hanh thtrng trong tng lai; nghien cu, khao sat thc te mot

so th trng chng khoan cac nc trong khu vc va trenthe gii Tuy nhien, vi t cach la mot to chc thuocNgan hang Nha nc nen pham vi nghien cu, xay dnge an va mo hnh th trng chng khoan kho phat trientrong khi th trng chng khoan la mot lnh vc can co sphoi hp, lien ket cua nhieu nganh, nhieu to chc.

Thang 9/1994, Chnh phu quyet nh thanh lap Ban soanthao Phap lenh ve chng khoan va th trng chngkhoan. Tren c s e an cua Ban soan thao ket hp vi

e an cua Ngan hang Nha nc va y kien cua cac Bo,Nganh co lien quan, ngay 29/6/1995, Thu tng Chnh phua co quyet nh so 361/Q-TTG thanh lap Ban chuan bto chc th trng chng khoan giup Thu tng Chnhphu ch ao chuan b cac ieu kien can thiet cho viecxay dng th trng chng khoan Viet Nam. ay labc i co y ngha rat quan trong nham thuc ay quatrnh hnh thanh th trng chng khoan, lam tien e chos ra i cua c quan quan ly nha nc vi chc nanghoan chnh va ay u hn.

Ngay 28/11/1996 theo Ngh nh so 75/CP cua Chnh phu,Uy ban Chng khoan Nha nc (UBCKNN) c thanh lap, la



24/50


c quan thuoc Chnh phu thc hien chc nang to chc vaquan ly Nha nc ve chng khoan va th trng chngkhoan. Viec thanh lap c quan quan ly th trng chngkhoan trc khi th trng ra i la bc i phu hp vi chutrng xay dng va phat trien th trng chng khoan Viet Nam, co y ngha quyet nh cho s ra i cua th trngchng khoan sau o hn ba nam.

Vi v the la c quan quan ly chuyen nganh ve chngkhoan va th trng chng khoan, UBCKNN co vai tro ratquan trong trong viec trong viec chuan b cac ieu kien chos ra i cua th trng chng khoan. Di s ch aocua Chnh phu, UBCKNN tap trung xay dng khuon khophap ly cho th trng chng khoan, xay dng he thonggiao dch ban au cho Trung tam giao dch Chng khoan TP.HCM, phoi hp vi cac Bo, nganh xay dng e an thanh

lap cong ty chng khoan va hng dan cac doanh nghieplap ho s niem yet; to chc ao tao can bo cua UBCKNNcung nh cac nhan vien hanh nghe cua cac cong tychng khoan.

Ngay 05/12/1997 Thu tng Chnh phu ky Quyet nhso 1038/1997/Q-TTG thanh lap Trung tam Nghien cu vaboi dng nghiep vu ve chng khoan va th trngchng khoan nay la Trung tam nghien cu khoa hoc vaao tao chng khoan. Bc i quan trong nay la tien e

e ao tao cac kien thc chuyen mon va nghiep vu vechng khoan e tng bc chuan b cho s ra i cua thtrng va s phat trien cua th trng trong tng lai.

Vi no lc va quyet tam cao cua Chnh phu, ngay20/07/2000, Trung tam giao dch chng khoan TP. HCM a chnhthc khai trng va i vao hoat ong vi phien giao dchau tien vao ngay 28/07/2000 ban au ch vi 04 cong tychng khoan thanh vien va 02 cong ty niem yet vi giatr co phieu niem yet la 270 ty ong.

Ngay 08/03/2005 Trung tam giao dch chng khoan HaNoi chnh thc khai trng i vao hoat ong, anh dau bcphat trien mi cua th trng chng khoan Viet Nam. Cacnoi dung hoat ong chnh trong giai oan au la to chcau gia co phan cho cac doanh nghiep, cung cap cacphng tien e au gia co phan, ac biet la co phancua doanh nghiep Nha nc co phan hoa; to chc authau trai phieu; to chc giao dch chng khoan theo c cheang ky giao dch.

Ngay 11/05/2007, Chnh phu ky Quyet nh so 599/Q-

TTg chuyen oi Trung tam giao dch chng khoan TP. HCMthanh S giao dch chng khoan. Va ngay 08/08/2007, Trung



25/50


tam giao dch chng khoan TP. HCM chuyen thanh S giaodch chng khoan TP. HCM.

Ngay 02/01/2009, Thu tng Chnh phu ban hanh Quyetnh so 01/2009/Q-TTg ve viec thanh lap S giao dchchng khoan Ha Noi tren c s chuyen oi to chc lai

Trung tam giao dch chng khoan Ha Noi. Va ngay24/06/2009, S giao dch chng khoan Ha Noi chnh thc ramat cung vi s khai trng cua th trng UPCOM (thtrng giao dch chng khoan cua cong ty ai chung chaniem yet).

2.2.2. Cau truc va nguyen tac hoat ong cuath trng chng khoan Viet Nam

Tuy theo cac tieu ch cung nh s luan chuyen von,phng thc hoat ong cua th trng hay hang hoa tren

th trng ma ta co the phan th trng chng khoanthanh th trng s cap, th trng th cap, th trng cophieu, th trng trai phieu, th trng cac cong cu chngkhoan phai sinh. Trong khuon kho bai nay chung toi canc theo tieu ch s luan chuyen cac nguon von, th trngchng khoan chia thanh cac loai sau:

CAU TRUC TH TRNG CHNG KHOAN

a. Th trng chng khoan s cap (Primarymarket)

a.1 Khai niem.Th trng chng khoan s cap la th trng mua ban

lan au cac chng khoan mi phat hanh. Th trngchng khoan s cap hay con goi th trng cap mot hay thtrng phat hanh. th trng s cap, cac to chc phathanh thu c tien, con th trng th cap th khong.

S O LUAN CHUYEN


HOAT ONGTREN TH

TRNG SCAP

CHAOBAN

CHNGKHOAN

SGIAODCH

CHNGKHOAN

HOATONG

TREN THTRNG

TH CAP

THTRN

GCHNGKHOANPHI TAPTRUNG

BAO

GIAVATHOA

NIEM

YETVAKHP

CHAO

BAN RACONGCHUNG

PHAT

HANHRIENGLE

NHA AU


26/50


a.2 Chc nang

Th nhat: oi vi nen kinh te quoc dan

Th trng chng khoan s cap ong vai tro rat quan

trong trong nen kinh te la huy ong von cho nen kinh tebang viec tao ra nhieu c hoi au t cho nhng ngi cotien nhan roi. Khong nhng the, th trng s cap con lakenh phan bo nguon von vo cung hieu qua. Da tren cche th trng, cac nguon von se c phan bo chonhng d an au t co hieu qua nhat, tao ra nhieu giatr kinh te nhat.

oi vi Viet Nam, th trng s cap co mot y nghaln lao trong cong cuoc cong nghiep hoa, hien ai hoaat nc. Th trng s cap trc het se giai bai toan

ve huy ong von va phan bo von co hieu qua cho nenkinh te va co phan hoa cac doanh nghiep Nha nc.

Ngoai ra, thong qua c che cong bo thong tin tren thtrng, cac nha au t co c hoi anh gia c cong tyva nh the se giup cho cong ty phai hoat ong hieu qua,quan ly tot hn. Nh vay cac nguon lc xa hoi c phanbo va s dung co hieu qua tao ra nhieu gia tr mi choat nc.

Th hai: oi vi Chnh phu

Thong qua viec huy ong von t th trng se giupChnh phu giai quyet c cac van e thieu hut ngansach, co them von e thc hien cac d an xay dng cs ha tang ma khong phai phat hanh them tien tao rasc ep ve lam phat.

Thong qua viec phat hanh trai phieu cua mnh Chnhphu s dung nh la mot bien phap e on nh nen kinhte. Do lai suat cua trai phieu Chnh phu co anh hngvo cung ln oi vi lai suat th trng, nen viec phat

hanh trai phieu se anh hng en kha nang tiet kiem,au t va tong cung tien te cua nen kinh te.


NHA AUT

CK PHATHANH LAN

VO

DOANHNGHIEP

CHNG VO


27/50


Th ba: oi vi cac doanh nghiep

Th trng s cap la kenh huy ong von linh hoat vaco hieu qua hn cac loai hnh huy ong von khac. V ayla nguon von dai han va on nh, cac doanh nghiepkhong phai qua lo lang ve thi gian hoan tra nh khi i vay

von ngan hang.Ngc lai, khi doanh nghiep tnh trang d tha von

nhng cha co c hoi san xuat kinh doanh, cac doanh nghiepco the mua chng khoan nh la mot tai san kinh doanh vacac chng khoan nay co the de dang chuyen oi thanhtien mat. Qua c che quan ly cua th trng se giup chodoanh nghiep chuyen nghiep hn va hoat ong co hieuqua hn trong thi ai kinh te th trng.

Cac chu the tham gia th trng la cac to chc huy

ong von bang cach phat hanh chng khoan rong rai chonha au t o la Chnh phu, cac doanh nghiep va quy aut.

a.3 Cac phng thc phat hanh chngkhoan.

Co hai hnh thc phat hanh chng khoan tren thtrng s cap. o la phat hanh rieng le va phat hanh racong chung.

Th nhat: Phat hanh rieng le la viec phat hanh

trong o chng khoan c ban trong pham vi mot so nginhat nh (thong thng cho cac nha au t co to chc),vi nhng ieu kien han che va khong tien hanh motcach rong rai ra cong chung.

Cong ty thng la chon phat hanh rieng le bi motso nguyen nhan sau:

Cong ty khong u tieu chuan e phat hanh ra congchung.

So lng von can huy ong thapCong ty phat hanh co phieu nham muc ch duy tr cacmoi quan he cong ty.

Phat hanh cho can bo cong nhan vien chc cua congty.

Th hai: Phat hanh ra cong chung la ban chngkhoan rong rai cho mot so lng ln cong chung au t,trong o mot ty le nhat nh chng khoan phai cphan phoi cho cac nha au t nho. Tong gia tr chng

khoan phat hanh cung phai at mot mc nhat nh.



28/50


Chng khoan phat hanh ra cong chung c phepniem yet tren th trng chng khoan tap trung.

Viec phat hanh chng khoan ra cong chung c phanbiet gia phat hanh co phieu va phat hanh trai phieu.

Trng hp phat hanh co phieu ra cong chung, viec

phat hanh c thc hien theo mot trong hai phng thcsau:

- Phat hanh lan au ra cong chung (IPO7) la viec phathanh trong o co phieu cua cong ty lan au tien cban rong rai cho cong chung au t. Neu co phan cban lan au c ban cho cong chung nham muc ch tangvon th o la IPO s cap, con khi co phan c ban lanau t so co phan hien hu th o la IPO th cap.

- Chao ban s cap la t phat hanh co phieu bo

sung cua cong ty ai chung cho rong rai cong chung aut.

Trng hp phat hanh trai phieu ra cong chung, viecphat hanh c thc hien bang mot phng thc duy nhat,o la chao ban s cap.

Chao ban chng khoan ra cong chung la viec chaoban chng khoan theo mot trong cac tieu thc sau ay:

Thong qua phng tien thong tin ai chung, ke ca

internet.Chao ban chng khoan cho t mot tram nha au t

tr len, khong ke nha au t chng khoan chuyennghiep.

Chao ban cho mot so nha au t khong xac nh8

b. Th trng chng khoan th cap: la ni muaban cac loai chng khoan a phat hanh lan au thtrng chng khoan s cap. Tren th trng chng khoanth cap, hoat ong mua ban chng khoan khong lam

tang them quy mo von cho to chc phat hanh, khong thuhut them c nguon tai chnh mi. Th trng th capong vai tro lam tang tnh thanh khoan cho cac chngkhoan.

ac iem cua th trng th cap:

- Tren th trng th cap, von gia cac nha au tvi nhau.

- Gia chng khoan tren th trng th cap do cung cauve chng khoan quyet nh.

7 IPO Initial Public Offering8 Khon 12, iu 06 Lut Chng Khon 2006



29/50


Vai tro cua th trng th cap:

- Tao tnh thanh khoan cho cac loai chng khoan.

- Gop phan on nh va phat trien th trng s cap.

- Xac nh gia tr cua cong ty niem yet, nang cao v

the cua doanh nghiep.Th trng th cap bao gom hai loai th trng sau:

b.1 Th trng chng khoan tap trung

Th trng chng khoan tap trung la ni to chc chocac chu the tham gia th trng giao dch chng khoan thchien cac giao dch tren cac nguyen tac thong nhat. Nitap trung giao dch chng khoan o thng goi la S giaodch chng khoan. S giao dch chng khoan tao ieu kiencho viec giao dch chng khoan c tien hanh thuan li,

de dang, giam thieu thi gian va chi ph, am bao choviec mua ban chng khoan dien ra cong bang, ung phapluat.

b.2 Th trng chng khoan phi tap trung(OTC)9

Th trng chng khoan phi tap trung la th trng magiao dch chng khoan khong phai mot ni cu the nhS giao dch ma giao dch thng c tien hanh qua amphan trc tiep qua ien thoai hoac qua he thong may tnh

hoac qua moi gii. ieu kien cho viec chng khoan giaodch tren th trng nay khong khat khe nh th trngchng khoan tap trung.

2.2.3. Thc trang hoat ong cua th trngchng khoan Viet Nam

Nhn lai chang ng phat trien cua th trng chngkhoan Viet Nam t khi bat au hoat ong cho en nay aco nhng bc phat trien ang ke. Tuy con non tre nhngth trng chng khoan Viet Nam bc au a gop phan

hnh thanh mot mo hnh th trng von tng oi toandien, tao lap va van hanh kenh huy ong von trung vadai han cho nen kinh te.

a) Th trng chng khoan tap trung :Tren thtrng tap trung so lng cong ty niem yet, cac quy aut ngay cang gia tang ve so lng, quy mo va so lngnha au t cung gia tang ang ke, ieu nay gia tang tietkiem va au t cho nen kinh te.

a 1- . Cong ty niem yet

9 Over the counter Market



30/50


Ch so VNIDEX t ngay 28/7/2000 en 31/12/2009

Tnh t khi th trng chng khoan Viet Nam chnh thci vao hoat ong ch vi 2 co phieu REE va SAM, en nayso lng co phieu tham gia niem yet tren hai san hn 453loai, bao gom co phieu, chng ch quy cua cong ty thuocnhieu thanh phan, lnh vc kinh te khac nhau, ke ca caccong ty lien doanh, nc ngoai nh: Gach men Chen Yil, Fullpower, Taicera, Taya, Chng khoan niem yet tren san giaodch tap trung hien nay bao gom: Co phieu, chng ch quy

au t, trai phieu.S giao dch chng khoan TP. Ho Ch Minh vi vai tro

tien phong trong th trng chng khoan Viet Nam, ay lani giao dch co phieu cua cac cong ty co quy mo von lnvi von ieu le t nhat 80 ty ong.

Quy mo S giao dch cac nam qua the hien trongbang sau:

S GIAO DCH CHNG KHOAN TP. HCM CO PHIEU

Nam So cophieu So luyke KL niemyet

2000 5 5 179.535.198

2001 3 8 33.188.9602002 8 16 111.436.77

92003 0 16 02004 6 22 55.614.436

2005 6 28 258.213.6792006 56 84 1.850.529.



31/50


9292007 35 119 2.081.630.

5642008 33 152 1.372.358.

814

2009 44 196 3.602.246.588

Nguon: Uy ban chng khoan nha nc

Qua bang tren ta thay so lng co phieu niem yettren HOSE tang dan qua cac nam, ac biet so lng vachung loai tang manh t thi iem cuoi nam 2006 vaau 2007. Trong giai oan nay vi nhng thanh tu at ccua Viet Nam tren trng quoc te: Tr thanh thanh vienth 150 cua WTO, to chc thanh cong hoi ngh APEC, cung

vi nhng thanh tu ang khch le cua nen kinh te nhtang trng GDP mc tren 8.5%, lam phat mc 7.5%...Nhng thanh tu tren a thuc ay th trng chngkhoan phat trien.

S GIAO DCH CHNG KHOAN TP. HCM CHNG CH QUY

Nam So chngch

So luy ke KL niemyet

2004 1 1 100.000.000

2005 0 1 0

2006 1 2 50.000.000

2007 1 3 21.409.530

2008 1 4 80.646.000

2009 0 4 0


Th trng chng khoan Viet Nam qua hn 9 nam hoatong va gan 6 nam ke t khi chng ch quy au tien

VF1 tham gia niem yet tren HOSE th en nay co tong chngch quy niem yet ch dng lai con so 4, cho thay quyau t chng khoan con kha mi me oi vi nha au tcung nh th trng. Qua o cho thay hoat ong au tchng khoan mang tnh nho le nen th trng thieu tnhben vng.

S giao dch chng khoan Ha Noi HNX. Mac du sangiao dch chng khoan Ha Noi thanh lap va i vao hoatong trong khoang thi gian 5 nam, nhng so lng cong ty

niem yet san nay cung kha ln, ngoai ra con co motlng ln trai phieu, cac cong ty niem yet san nay ch cnc s vn tren 10 ty ong.



32/50


S GIAO DCH CHNG KHOAN HA NOI CO PHIEU

Nam So cophieu

So luyke

KL niemyet

2005 6 6 11.803.032

2006 74 80 1.404.867.542

2007 29 109 606.079.773

2008 58 167 503.202.858

2009 90 257 423.371.087


San giao dch chng khoan Ha Noi la ni to chc augia cac t phat hanh trai phieu Chnh phu va cac doanhnghiep, ay la trung tam giao dch cua cac loai trai phieu.

S GIAO DCH CHNG KHOAN HA NOI TRAI PHIEU

Nam So loai trai phieu KL niemyet

2005 7 12.000.000

2006 83 159.400.000

2007 161 465.410.000

2008 510 994.460.000

2009 508 1.663.140.000




33/50


Ch so HNX en ngay 31/12/2009

a 2- Cong ty chng khoan

Cong ty chng khoan la nh che tai chnh khong thethieu trong hoat ong th trng chng khoan, the hiennguyen tac trung gian trong hoat ong th trng. Tnh ennay so lng cong ty chng khoan tren th trng chngkhoan Viet Nam co khoang 105 cong ty, to chc hoat ong

theo hnh thc cong ty co phan chiem khoang 91% va cacngan hang thng mai thanh lap cac cong ty chng khoan hnh thc cong ty trach nhiem hu han chiem khoang9%.

Bang so lng cong ty chng khoan qua cacnam:

1

Nam

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

CTCK 3 8 9 11 13 14 55 80 102 105

Nguon Uy ban chng khoan Nha ncLnh vc hoat ong chnh cua cac cong ty chng khoan

Viet Nam:

Moi gii chng khoan

T doanh chng khoan

Bao lanh phat hanh

T van chng khoan

Lu ky chng khoan



34/50


Trong cac hoat ong tren th nghiep vu moi gii cxem la hap dan va t rui ro oi vi cong ty chng khoan,do vay giai oan th trng tang trng nong giai oan tcuoi nam 2006 au nam 2007 so lng cong ty chngkhoan tang nhanh (t 14 len 55 cong ty), trong khi o ieukien ve ha tang k thuat va nguon nhan lc cac cong tychng khoan cha ap ng cac yeu cau cua th trng.ieu nay cho thay viec tang so lng cong ty chngkhoan khong co tnh ben vng, chung ta cha hoach nhchien lc dai han trong viec phat trien cong ty chngkhoan phu hp vi quy mo th trng chng khoan VietNam.

Ve hoat ong nghiep vu cua cac cong ty chng khoantrong nam 2009, tong gia tr giao dch nam hn 1.085.265 tyong, bnh quan gia tr giao dch 1 thang la 108.526 ty

ong; tong ph moi gii hn 1.950.635 ty ong.a 3- Quy au t va cong ty quan ly quy

Quy au t la to chc au t tap the, hoat ong aut chuyen nghiep tren th trng chng khoan, quy au thoat ong di s quan ly cua cong ty quan ly quy vachu s giam sat cua cac ngan hang.

Theo bao cao cua cong ty chng khoan Barings (Anh) thtnh en cuoi nam 1996 co 8 quy au t a au t vaoViet Nam va ong Dng vi so von len en 400 trieu USD.Sau khi th trng chng khoan Viet Nam thanh lap cungvi s troi day cua nen kinh te Viet Nam, th Viet Nam atr thanh iem en kha hap dan oi vi cac nha au t,cac quy au t. Tnh en cuoi thang 10/2009, th trng aco 46 cong ty quan ly quy c cap phep hoat ong (01cong ty a giai the thang 7/2009) vi tong so von ieu legan 1.835 ty ong (nam 2009 ch co 4 cong ty c thanhlap mi); co 20 quy au t chng khoan (4 quy congchung va 16 quy thanh vien) vi tong so von huy ong

la 12.757 ty ong (1 quy giai the va 1 quy tang von); va29 van phong ai dien hoat ong. Co 4 chng ch quyniem yet tren S giao dch chng khoan TP. Ho Ch Minh laMAFPF1, PRUBF1, VFMVF1, VFMVF4.

a 4- Quy mo huy ong von qua th trngchng khoan

Qua 9 nam hnh thanh va phat trien, th trng chngkhoan Viet Nam ngay cang gi vai tro la kenh huy ongvon trung va dai han cho nen kinh te va khang nh vai

tro khong the thieu c trong s van hanh nen kinh te.Quy mo von huy ong qua th trng chng khoan c thequa bang sau:



35/50


Ch tieu Toan thtrng

Co phieu Trai phieu

Chngch

Upcom

HOSE

So CK NY (1 CK) 261 196 61 4

Ty trong (%) 100 75.09 23.37 1.54

Khoi lng CKNY

10.808.767.089

10.423.317.994 133.393.565

252.055.530

Ty trong (%) 100 96.43 1.23 2.33

GT NY (trieuong)

120.093.092 104.233.180 13.339.357 2.520.555

Ty trong (%) 100 86.79 11.11 2.10

HNX

So CK NY (1 CK) 799 257 508 34

Ty trong (%) 100 32.17 63.58 4.25

Khoi lng CK

NY

5.645.320.282 3.654.746.640 1.663.140.0

00

327.433.6

42Ty trong (%) 100 64.74 29.46 5.8

GT NY (trieuong)

205.699.553 36.547.466 166.314.000

2.838.086

Ty trong (%) 100 17.77 80.85 1.38

TONGCONG

So CK NY (1 CK) 1060 453 569 4 34

KL NY (ngan CK) 16.454.087.371

14.078.064.634 1.796.533.565

252.055.530

327.433.642

GT NY (trieuong)

325.792.645 140.780.646 179.653.357

2.520.555 2.838.086

Bang ty trong von hoa th trng vi GDP

Nam 2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

TT (%) 0.28 0.34 0.48 0.39 0.64 1.21 22.7 43 20 42

Qua bang ta thay huy ong von qua th trng chng

khoan chu yeu bang cac cong cu: Co phieu, trai phieu,va chng ch quy au t. ieu nay cho thay tnh a dangtrong viec huy ong von cua nen kinh te cha cao. Voncong cu huy ong chiem ty trong ln la co phieu, caccong cu tai chnh khac cha co s quan tam ung mccua nha au t.

Theo Uy ban Chng khoan Nha nc, tnh en ngay22/12/2009, lng von huy ong qua th trng chng khoan(theo ho s cap phep phat hanh) ke t au nam at

18.668 ty ong, au gia co phan hoa at 2.124 ty ong.



36/50


Nam 2008, Ban Quan ly phat hanh Uy ban Chngkhoan Nha nc x ly va trnh cap phep 92 ho s angky chao ban chng khoan ra cong chung; 22 trng hpchao ban rieng le, tong lng phat hanh at hn 12.000ty ong.

a 5- Thc trang hoat ong au t chng khoanSo vi nhng ngay au th trng mi thanh lap th

ngay nay hoat ong au t chng khoan a co nhngbc phat trien ca ve chieu rong lan chieu sau. So lngtai khoan tnh en cuoi thang 10/2009 vao khoang 766.725tai khoan (trong o nha au t co to chc la 3.147 taikhoan va nha au t ca nhan la 763.578 tai khoan).

Theo mot khao sat khoang 500 nha au t tai san giaodch chng khoan th o tuoi cac nha au t tham gia

chiem ty trong cao la 25-34 (chiem 36%), ieu nay cho thayth trng c tham gia chu yeu la thanh nien va trungnien, cha mang tnh quan chung. Ve trnh o hoc van thtrnh o t ai hoc tr len chiem hn 80%, cho thay lnhvc chng khoan ch tap trung vao thanh phan co hocvan cao ch cha nhan c s quan tam cua hau hettang lp dan c. Ve loai chng khoan la chon au t thket qua khao sat cho thay 75% nha au t la chon aut co phieu a niem yet, nh vay chng khoan niem yetco tnh thanh khoan cao luon la s la chon cua nha au

t. Ve quy mo au t, nha au t co so von au t vaochng khoan co mc di 100 trieu ong chiem gan 50%so lng nha au t tham gia khao sat. ieu nay cho thay,au t chng khoan con mang tnh nho le va cha that shap dan e nha au t manh dan tap trung von vao lnhvc nay. Ve thi han au t, th thi han au t ngan han(di 6 thang) chiem khoang 50% so lng nha au t,ieu nay de gay bat on cho th trng. Va ve nguon tinkhi tham gia th trng, qua khao sat cho thay 38% cthong tin qua Internet, ieu nay cho thay cong tac tuyen

truyen sau rong en nha au t la cha cao va v vay ratde gay s hoang loan khi ma thong tin thieu chnh xac,thieu c s cua mot vai trang tin la cai.

Qua khao sat nho tren cho thay th trng chngkhoan Viet Nam con nhieu bat cap trong viec tuyentruyen sau rong kien thc ve chng khoan cho moi tanglp dan c, nhat la cac tnh xa xoi th chng khoan lakhai niem con kha mi me.

b) Th trng chng khoan phi tap trung

Th trng giao dch chng khoan tap trung chnh thc ivao hoat ong t nam 2000, tuy nhien viec giao dch chng



37/50


khoan a phat sinh t trc o, ke t khi Viet Nam cophan hoa doanh nghiep nha nc t nam 1992. T thiiem trc khi th trng chng khoan tap trung hoat ong,viec giao dch chng khoan Viet Nam c thc hienthong qua hnh thc trao tay cac loai trai phieu, cong trai,phan hun va viec giao dch tram lang v so lng chngkhoan rat han che. en nay mac du th trng giao dchchng khoan tap trung a i vao hoat ong nhng viec giaodch chng khoan cha niem yet van dien ra thng xuyenv so lng cong ty co phan co hang ngan ma so lngchng khoan niem yet ch vai tram. Th trng chngkhoan phi tap trung hien nay ton tai cac hnh thc sau.

b1- Th trng trao tay

So lng doanh nghiep hien nay trong nen kinh te vaokhoang 500.000 doanh nghiep cac thanh phan kinh tekhac nhau va ton tai di nhieu hnh thc. Tuy nhien solng cong ty niem yet tren san giao dch chng khoan taptrung khong nhieu, v vay viec ton tai th trng nay lamot tat yeu cua nhu cau giao dch chng khoan. Th trngnay giao dch vi c che trao tay la chu yeu, cac giao dchchng khoan ch thc hien qua trung gian moi gii (goi dangian la co) la chu yeu, chnh v c che nay ma th trngnay hoat ong kha linh hoat ve thi gian, a iem giaodch, hnh thc thanh toan. ieu bat cap nhat cua loai hnh

th trng nay la tnh thanh khoan kem va thng giao dchvi khoi lng ln, ieu nay kho thuc ay th trng phattrien, do vay se han che kha nang huy ong von cho nenkinh te. Cho nen hng giao dch chng khoan cha niemyet vao quy ao la van e can thiet e tang tnh thanhkhoan va bao ve li ch cua nha au t va thuc ay khanang huy ong von cho nen kinh te.

b2- Th trng Upcom

Nam 2009 viec giao dch co phieu cua cong ty co phan

ai chung c thc hien mot cach co to chc la sanUpcom. ieu nay la tang tnh thanh khoan cua cac cophieu cua cac cong ty nay ong thi tien ti xay dngth trng OTC trong tng lai. San giao dch chng khoanUpcom ra i a giup cho viec giao dch co phieu cua congty co phan ai chung c thuan li va lam tang tnh minhbach cung nh nang cao hieu qua cong tac quan tr cuacac cong ty nay. Tuy nhien thi gian qua hoat ong trensan giao dch nay kha tram lang v cha at c s kyvong cua nha au t, doanh nghiep ke ca cac nha quan

ly th trng do so lng cong ty tham gia con han che nencha co s phong phu ve hang hoa va thi gian giao dch(t 10h 15h) cha hp ly.



38/50


Sau khi i vao hoat ong, th trng Upcom to ra kemhap dan va m nhat han so vi dien bien cua hai thtrng niem yet TP. Ho Ch Minh va Ha Noi. Giao dch cua34 co phieu qua moi phien ch vai tram nghn, vi gia trpho bien 1 4 ty ong.

Khoang 03 thang sau ngay th trng Upcom ra mat, thtrng chng khoan Viet Nam on nhan he thong giaodch trai phieu Chnh phu chuyen biet. Hn 500 loai traiphieu vi gia tr 166.000 ty ong c giao dch bang hethong cong nghe t xa va tach biet khoi co phieu, giupnha au t co them la chon au t t rui ro. ay c kyvong la kenh dan von cho nen kinh te, tao s a dang hoacac cong cu au t tren th trng von, tang cng soc lap trong ieu hanh chnh sach tien te cua nganhang trung ng.

CHNG IIINHNG THANH TU, CAC HAN CHE VA MOT SO

GIAI PHAPHOAN THIEN, PHAT TRIEN TH TRNG CHNG

KHOAN VIET NAM

3.1. Nhng thanh tu cua th trng chngkhoan Viet Nam

Qua hn 9 nam hnh thanh va phat trien, th trngchng khoan Viet Nam a at c nhng thanh quaang ghi nhan.

Th nhat: Th trng chng khoan Viet Nam a trthanh kenh huy ong von trung va dai han quan trong chonen kinh te. Viec tham gia th trng chng khoan a manglai cho doanh nghiep nhieu li the nh viec de huy ongvon e ap ng kp thi nhu cau von cho hoat ong sanxuat kinh doanh, chi ph s dung von re va de tiep can

cac nguon von, nang cao nang lc quan ly doanh nghiepva lam tang tnh minh bach cung nh hieu qua hoat ong



39/50


cua cac doanh nghiep. ong thi lam gia tang gia trdoanh nghiep nh tang gia tr tai san vo hnh nh thnghieu, nhan hieu, Chnh nh nhng li ch nay ma cacdoanh nghiep ngay cang quan tam nhieu hn en thtrng chng khoan. Ngoai ra, khong ch doanh nghiepchon hnh thc huy ong von qua th trng chng khoan,th trng chng khoan con giup Chnh phu thc hien huyong von thong qua cong cu trai phieu va at ket quakha quan e ap ng nhu cau von cho viec thc hien cacmuc tieu kinh te xa hoi va ieu hanh chnh sach tien teco hieu qua hn.

Th hai: Th trng chng khoan gop phan thuc aytien trnh co phan hoa doanh nghiep nha nc. Tien trnhco phan hoa doanh nghiep nha nc bat au thc hient nhng nam 1992, vao thi iem o ca nc co

khoang 12.000 doanh nghiep thuoc s hu nha nc, quasap xep, oi mi so lng doanh nghiep giam i mot na.Khoang thi gian 7 nam t 1992 en 1999 so lng doanhnghiep nha nc chuyen thanh cong ty co phan ch atcon so 370 doanh nghiep. Tuy ch 3 nam ke t khi thtrng chng khoan i vao hoat ong t nam 2000 en2002 so doanh nghiep chuyen oi la 402 doanh nghiep. Tnhen nay, ve c ban chung ta a at muc tieu co phanhoa vi khoang 4.000 doanh nghiep a c co phan hoa.

ieu nay cho thay, th trng chng khoan vi nhngtnh nang u viet cua no la ong lc thuc ay qua trnhco phan hoa doanh nghiep nha nc, nham c cau lai caclnh vc va thanh phan kinh te. Th trng chng khoangop phan a Viet Nam en gan hn vi cac th trngtai chnh ln tren the gii.

Th ba: T quy mo th trng kha nho be, ban auvi hai cong ty niem yet co von ieu le tong congkhoang 270 ty ong, en nay th trng co khoang 453cong ty niem yet vi von ieu le 98.560 ty ong. So

lng cac loai trai phieu ngay mot tang len, ti nay aco 508 loai trai phieu Chnh phu va cac doanh nghiep cniem yet tren th trng.

Th t: Th trng chng khoan a phat trien ca vequy mo va chat lng hoat ong. en nay th trng avan hanh vi hai S giao dch chng khoan vi s gopmat cua cac to chc tai chnh trung gian giup cho viec giaodch chng khoan ngay cang thuan li, thu hut mot lngln nha au t en vi th trng.

Th nam: Th trng chng khoan hoat ong theonguyen tac cong bang, cong khai, minh bach a giup cac



40/50


cong ty niem yet nang cao cong tac quan tr doanhnghiep, hieu qua kinh doanh va tnh minh bach trong hoatong san xuat kinh doanh Nh o ma nang cao uy tn vav the cua cac cong ty c nang len. Th trng chngkhoan van hanh co s tham gia cua cac chu the khac nhcong ty chng khoan, ngan hang thng mai, cac quy aut qua o nang cao tnh chuyen nghiep cua cac to chctrong he thong tai chnh quoc gia, gop phan hoan thien hethong tai chnh quoc gia va nang cao hoat ong cua hethong nay len mot tam cao mi.

Th sau: Th trng chng khoan a gop phan thuhut nguon von nc ngoai au t vao nc ta, va thongqua o cong tac quan tr doanh nghiep cua cac doanhnghiep trong nc cung c ngay moi cai tien do chungta tiep thu c trnh o quan ly tien tien tren the gii,

gop phan nang cao hieu qua hoat ong va tnh chuyennghiep cua cac doanh nghiep trong nc, nh vay matam anh hng va gia tr doanh nghiep c nang lentren trng quoc te.

Th bay: Ngoai viec gop phan thuc ay tien trnhco phan hoa doanh nghiep nha nc, qua c che cong bothong tin va cung cau chng khoan cua doanh nghiep trenth trng giup cac doanh nghiep nha nc sau khi cophan hoa lam an co hieu qua hn. Va qua cac t IPO

a giup Nha nc thu hoi von au t mot cach co hieuqua.

Th tam: Th trng chng khoan gop phan aynhanh qua trnh hoi nhap kinh te the gii. S ra i cuath trng chng khoan Viet Nam la ong lc thu hut cacnha tai chnh va au t nc ngoai en vi Viet Nam,cung vi o la cac nh che tai chnh nc ngoai cunghien dien Viet Nam e ho tr cho cac au t cua ho.

Thong qua cac nh che tai chnh nay se co s chu chuyenvon gia cac lnh vc, nganh nghe gia Viet Nam vi cac

nc tren the gii. Viec m ca th trng tai chnh VietNam trong tien trnh gia nhap WTO cung vi s phat triencua th trng chng khoan Viet Nam la ieu kien echung ta tiep can cac chuan mc tai chnh quoc te, giupkinh te Viet Nam nhanh chong hoi nhap vi cac nc.Ngoai ra Uy ban chng khoan Nha nc a ky ket hptac vi cac c quan quan ly th trng chng khoan cacnc va S giao dch chng khoan TP. HCM a tr thanhthanh vien cua Hiep hoi cac S giao dch chng khoanchau A Thai Bnh Dng vao thang 4/2008. ay la nhngthanh tu ang ghi nhan tren bc ng hoi nhap quoc



41/50


te cua th trng chng khoan Viet Nam noi rieng vanen kinh te Viet Nam noi chung.

3.2. Cac han che cua th trng chng khoan VietNam.

Tuy a at c mot so thanh tu ang ke, nhng thtrng chng khoan Viet Nam con non tre nen con comot so han che sau:

Th nhat: Cac hanh vi tieu cc xay ra trong cac hoatong kinh doanh au t chng khoan b x phat theo luatchng khoan la cha thch ang vi mc o gay hai cua no.

Theo thong ke cua S giao dch chng khoan TP. HCMtrong nam 2007 co cac hanh vi tieu cc sau:

Co 135 cong ty chng khoan vi pham khi at lenh: Huylenh trong cung t khp lenh, at mua vt qua ty le shu cua nha au t nc ngoai

Giao dch cua cac co ong ln khong bao cao.

Giao dch cua nhng ngi lien quan khong cong bothong tin.

Nhan vien cong ty chng khoan m tai khoan giaodch chng khoan tai cong ty chng khoan khac.

Mot ngi m nhieu tai khoan giao dch tai cac cong tychng khoan khac nhau.

Trong nam 2008 th so trng hp vi pham la 137.

Tnh en thi iem nay th so lng vi pham a coquyet nh x phat la 154 trng hp, trong o co 7 vuthao tung th trng va giao dch noi gian. ien hnh la vuthao tung th trng oi vi cac co phieu cua Cong ty kynghe khoang san Quang Nam (MIC), Cong ty co phanVincom (VIC), Cong ty co phan Vinpearland (VPL), vu thao tung

th trng oi vi co phieu cua cac cong ty co phan ximang Can Th (CCM), vu giao dch noi gian oi vi cophieu cua cac cong ty, Cong ty co phan xuat nhap khaulam thuy san Ben Tre (FBT), Cong ty co phan phat triennha Thu c (TDH), Cong ty co phan khoang san Ha Nam(KSH).

Tuy nhien mc x phat hien hanh theo Ngh nh36/2007/N-CP ch dng lai mc x phat hanh chnh toia la 70 trieu ong. ieu nay that s cha hp ly v ly doviec thu li t viec vi pham nhieu hn so vi mc ongphat hanh chnh. ieu nay cha u sc ran e.



42/50


Th hai: Hang hoa tren th trng tuy co tang ve solng nhng cha a dang ve chung loai. Th trng niem yethien nay ch co co phieu, trai phieu va chng ch quy,cha co cong cu phai sinh. ieu nay khong lam tang tnh adang trong hoat ong au t va thieu cong cu phong ngahan che rui ro khi th trng co bien ong ln.

Th ba: Cac cong ty niem yet phan ln la doanhnghiep va va nho, cha co s tham gia cua cac tap oankinh te ln nen kha nang canh tranh cha cao nen cha lamyen long cac nha au t. Ngoai ra cong tac quan tr, cheo ke toan cua cac cong ty niem yet co nhng iemcha phu hp vi thong le quoc te ieu nay gay tr ngaioi vi nha au t nc ngoai. Thong tin cha minh bach,chnh xac ieu nay gay mat niem tin oi vi nha au t.

Th t: Nguon nhan lc cho hoat ong cua th trngcon han che ca ve so lng va chat lng. Phan lnnhan lc trong lnh vc chng khoan cha c ao tao chnhquy va ung chuyen mon ma t cac lnh vc khac chuyensang nen con nhieu han che. Ben canh o, chng trnh aotao cung nh noi dung ao tao nguon nhan lc cho lnh vcchng khoan con rat nhieu han che. Hien tai, Uy banchng khoan nha nc la c quan duy nhat c phep aotao va cap chng ch hanh nghe chng khoan, do vayviec ao tao g, cap bang g, chat lng ra sao khong co ai

phan bien nen kho nang cao chat lng nguon nhan lcnay. Ngoai ra viec thanh tra, giam sat hoat ong cua congty chng khoan con long leo va cha triet e nen sai phamcua cac cong ty nay dien ra thng xuyen lam xoi monniem tin vao th trng.

Th nam: So lng cong ty chng khoan hien nay Viet Nam so vi quy mo th trng tng oi nhieu, tuynhien con thieu ve nhieu mat.

Phan ln nhan lc trong lnh vc hoat ong cua cac

cong ty chng khoan la khong ung chuyen mon. Hatang ky thuat cua cac cong ty chng khoan cha cau t ung mc, cho nen cac cong ty chng khoan tuynhieu nhng chat lng hoat ong cha cao, ha tang kythuat cha ap ng c yeu cau cua th trng. Tnchuyen nghiep cua th trng cha cao. ieu nay the hien th trng cha minh bach, kien thc chng khoan va thtrng chng khoan oi vi nha au t con han che,phap luat trong lnh vc chng khoan cha on nh

Th sau: Th trng chng khoan Viet Nam so lng

nha au t con han che so vi tiem lc dan so va tiemnang ve von cua nen kinh te, so lng nha au t nc



43/50


ngoai cha nhieu va nha au t co to chc con rat hanche.

Th bay: Ha tang ky thuat cua S giao dch chngkhoan a qua cu so vi quy mo giao dch cang ngay cangcao cua th trng. Phan mem Giao dch chng khoan tai

S giao dch chng khoan TP. HCM la phan mem chuyengiao t Thai Lan trc ay, khi co s co phai mi cacchuyen gia Thai Lan sang khac phuc, ieu nay gay tonnhieu chi ph va khong mang tnh chuyen nghiep mat nhieuthi gian e chuyen gia Thai Lan sa loi. Th trng chngkhoan Viet Nam a chng kien nhieu lan sap san do quymo giao dch tang ot bien nh nam 2007.

Th tam: Hien trung tam lu ky quan ly tai khoantrc tiep cua cong ty chng khoan ma cha quan ly cuthe en tng nha au t. ieu nay khong kiem soatc viec nha au t m mot luc nhieu tai khoan quanhieu cong ty chng khoan khac nhau, quan trong hn chnhvan e nay nhieu cong ty chng khoan co c hoi vi phamnh dung on bay tai chnh, ban chng khoan ngay T, T+1,

T+2, phan bo chng khoan cua cong ty chng khoan chonha au t khong chnh xac, ieu nay gay nen s nhungnhieu va bat li cho nha au t nho.

3.3. Cac giai phap cho th trng chng khoanViet Nam

e khac phuc cac han che va tiep tuc phat huy cacmat at c chung toi manh dan a ra mot so bienphap phat trien th trng chng khoan Viet Nam.

3.3.1. Giai phap ve ao tao va pho cap kienthc chng khoan

Trung tam Nghien cu khoa hoc va ao tao chngkhoan trc thuoc Uy ban chng khoan nha nc la cquan duy nhat c cap chng ch chuyen mon ve chngkhoan e u ieu kien tham gia thi sat hach cap giayphep hanh nghe trong lnh vc chng khoan do Uy banchng khoan Nha nc cap. Chnh v ly do nay se khongtao c s canh tranh trong lnh vc ao tao, kho nang caochat lng cung nh kien thc chuyen mon ve chngkhoan va tuyen truyen chng khoan en rong rai nhaau t cung nh moi tang lp dan c. Tuy gi a co motvai n v la cac trng ai hoc nh Trng ai hoc nganhang, Trng ai hoc kinh te,.. c phep ao tao nhngcung ch la ao tao au vao con au ra cung qua ky thi

cua Trung tam ao tao chng khoan, ieu nay se gaythat nut co chai trong viec cap chng ch chuyen mon.e giai quyet van e nay va nang cao chat lng ao



44/50


tao chng khoan nen cho phep cac trng ai hoc ln cochuyen mon lau nam ve chng khoan c cap chngch chuyen mon u ieu kien tham gia ky thi sat hachchung cua Uy ban chng khoan nha nc, nh vay lanang cao tnh canh tranh va qua o chat lng ao tao cnang len.

3.3.2.Giai phap ve cai tien cong nghe

Nh a trnh bay phan tren, phan mem hien ang sdung S giao dch chng khoan la phan mem cchuyen giao t Thai Lan cung a loi thi va khong ukha nang ap ng giao dch cng o cao gay nhieu khokhan cung nh bat li trong giao dch chng khoan. Canphai chu ong xay dng phan mem giao dch chngkhoan phu hp vi ieu kien tnh hnh th trng chngkhoan nc ta va chu ong e san sang khi co s coxay ra. Them vao o hien cac cong ty chng khoan ngaycang nang cap ha tang ky thuat th S giao dch chngkhoan phai nang cap e phu hp vi ieu kien congnghe hien tai va trong tng lai.

V ly do Trung tam lu ky chng khoan phai quan lytrc tiep tai khoan cua tng nha au t e khac phuccac sai pham th trng, can phai nhanh chong xay dngphan mem e nang cap quan ly, quan ly trc tiep entng nha au t.

Xay dng cac cong ty chng khoan phan mem tng thchvi S giao dch chng khoan.

Ha tang ky thuat mi cho phep x ly cac lenh muacua nha au t nc ngoai vt qua ty le s hu chophep. Trong trng hp o th cac lenh nay se b hethong giao dch t choi ch khong e nh tnh trang hiennay la lenh van thc hien, sau o cac giao dch mi phathien va x ly th qua muon.

Trong xu hng phat trien tat yeu, th trng chngkhoan Viet Nam se co nhieu loai hang hoa tham gia thtrng vi tnh chat phc tap va tnh a dang cua caccong cu tai chnh nay, chang han ch option, hp ong tnglai, Do vay ha tang ky thuat phai ap ng yeu cau giaodch cua cac cong cu nay. ay la ieu kien tien quyete a dang cac hnh thc au t cung nh phong nga vahan che rui ro trong hoat ong au t chng khoan.

3.3.3.Giai phap ve hoan thien khung phap ly

Luat chng khoan Viet Nam co hieu lc t ngay01/01/2007, tuy nhien co nhieu ieu bat cap va lo hongtrong x ly, Ngh nh x phat hanh chnh trong lnh vc



45/50


chng khoan cha u sc ran e. Can hoan thien cacbien phap x ly mang tnh ran e manh hn, va xem cac vipham trong lnh vc chng khoan cung la toi danh va avao giai quyet bang hnh s.

Luat chng khoan hien hanh gom 11 chng vi 136

ieu co quy mo kha o so nhng co nhieu ieu khoankhong phu hp trong giai oan hien nay, chang han:

Th nhat: oi tng ieu chnh la Trung tam giao dchchng khoan nay khong con ton tai na,

Thị trường chứng khoán việt nam 2000 -2009, thực trạng và giải pháp hoàn thiện

Documents

Transcript of Thị trường chứng khoán việt nam 2000 -2009, thực trạng và giải pháp hoàn thiện