thực trạng chứng khoán1

7/30/2019 thc trng chng khon1

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TI THC TRANG V TH TRNG CHNG KHON VIT NAM T NM2008 N NM 2011

1. S cn thit ca ti.

Th trng chng khon Vit Nam mi ra i u nm 2000. Thut ng Thtrng chng khon cn kh mi m i vi cng chng Vit Nam. Trong khi nhiu nc trn th gii, th trng chng khon pht trin rt si ng. u t voth trng chng khon tr nn quan trng i vi mi ngi.

tham gia vo th trng chng khon, mi ngi u phi c cc kin thc nhtnh v th trng chng khon. Th trng chng khon ch c th pht trin cnu c s tham gia ngy cng ng ca nhng ngi c y kin thc v thtrng chng khon. Do , kin thc ca mi ngi dn v th trng chng khon Vit Nam cn c nng cao. Th trng chng khon c s hp dn vn c ca n.

N khng ch quan trng i vi nn kinh t ca mt nc m n cn quan trng ivi mi ngi bi v kh nng u t sinh li ca n. V vy, mi ngi tu theo iukin, kh nng ca mnh m cn phi tip cn tht nhanh tham gia u t c hiuqu vo th trng chng khon. Chnh cc hot ng s gp phn a thtrng chng khon Vit Nam pht trin. V vy em chn thc trng v thtrng chng khon Vit Nam nm 2008 n 2011 lm n cho mnh.2. Phm vi nghin cu ca ti.

Do qui m ca bi vit v thi gian lm bi b hn ch, cho nn bi vit ny ch tp

trung cp vo nhng ni dung c bn nht ca th trng chng khon. Kin thc vth trng chng khon rt ln nhng nhng kin thc trong bi vit ny cng tngi hiu v th trng chng khon.

V phn ni v thc trng v mt s gii php cho th trng chng khon VitNam, cng do c nhiu hn ch. V vy, bi vit ny cng ch tp trung vo nhngvn c bn nht, quan trng nht i vi th trng chng khon Vit Nam3. i tng nghin cu

i tng nghin cu ca n l th trng chng khon. Phm vi nghin cu l

Vit Nam trong giai on nm 2008 n 20114.Phng php nghin cu ti ny c thc hin trn c s vn dng phng php lun ca ch ngha duy

vt bin chng v ch ngha duy vt lch s v cc quan im ca cc nh kinh t hini ca nc ngoi v Vit Nam, cc quan im, , l gii cc ch s v xut cc gii

php can thip qua cc phng php.Phng php nghin cu l phng php logic hc v phng php thi gian trong

cc cng c phn tch thng k v phn tch nh lng c s dng gii quytvn . Nghin cu h thng l thuyt v thc tin v vn th trng chng khon vi ccgii php ph hp cho vic thc trng v th trng chng khon Vit Nam t nm


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ti bao gm cc ni dung sau:- Li m u- Chng I. C s l lun v th trng chng khon- Chng II. Thc trng th trng chng khon Vit Nam hin nay

- Chng III. Mt s gii php pht trin th trng chng khon VitNam.

Li kt lun.


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CHNG I:C S LY LUN V TH TRNG CHNG KHON1.1.Khi nim v th trng chng khon1.1.1 Khi nim chng khon:

Chng khon l nhng giy t c gi xc nh s vn u t v n xc nhn quyn

i n hay quyn s hu v ti sn, bao gm nhng iu kin v thu nhp trong mtkhong thi gian no v c kh nng chuyn nhng.1.1.2 Khi nim th Trng chng khon:

Th trng chng khon l ni din ra hot ng giao dch, mua bn cc loi chngkhon c tin hnh bi nhng i tng khc nhau theo quy nh ca php lut.1.1.3 c im th trng chng khon:

L mi trng u t cho cng chng gip chuyn tit kim s hu thnh vn u t.L knh dn vn trc tip ti tr cc d n pht trin kinh t quc gia.

L ni cung cp thng tin h tr qun l kinh t v m cng nh qun l kinh t vm.1.2. Phn loi th trng chng khon1.2.1 Cn c vo tnh cht php ly:

Th trng chng khon chnh thc hay cn gi l S giao dch chng khon l nimua bn loi chng khon c nim yt c a im v thi biu mua bn r rt, gi cc xc nh theo hnh thc u gi hoc u lnh.

Th trng chng khon phi chnh thc hay cn gi l th trng OTC l ni muabn chng khon bn ngoi S giao dch, khng c ngy gi ngh hay th tc quytnh m do tho thun gia ngi mua v ngi bn.

Th trng chng khon chnh thc c gi tr nh b mt th trng chng khonquc gia, cc b phn th trng khc th hin s a dng ca cc giao dch c th lachn. Hng ho ca th trng tp trung cng l nhng hng ho c th nh gi c chtlng hn so vi hng ho ca th trng khc, do tnh c t chc ca n; iu cngc ngha s an ton hay ri ro, c hi kim li l khc nhau trong cc giao dch trn thtrng.1.2.2. Cn c vo qu trnh lun chuyn:

Th trng pht hnh hay cn gi l th trng s cp l ni cc chng khon cpht hnh ln u bi cc nh pht hnh c bn cho cc nh u t.

Th trng th cp l ni giao dch cc chng khon c pht hnh trn thtrng s cp. B phn th trng ny khng lm tng ngun vn mi cho nn kinh t,nhng c th hot ng lin tc, to ra kh nng thanh khon cho chng khon phthnh. Th trng th cp phc v cho hai mc ch chnh: thc y s to vn cho ccdoanh nghip, chnh ph v to ra cc cng c u t c kh nng sinh li cho cc nhu t

1.2.3. Cn c vo phng thc giao dch:Th trng giao ngay l th trng mua bn chng khon theo gi ca ngy giao dch


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Th trng tng lai l th trng mua bn chng khon theo mt lot hp ng nhsn, gi c c tho thun trong ngy giao dch nhng vic thanh ton v chuyn giaochng khon s din ra trong mt ngy k hn nht nh trong tng lai.1.2.4. Cn c vo c im hng ha:

Th trng tri phiu l ni mua bn cc tri phiu: l th trng giao dch v muabn cc tri phiu c pht hnh, cc tri phiu ny bao gm cc tri phiu cng ty,tri phiu th v tri phiu chnh ph.

Th trng c phiu l ni mua bn cc c phiu: l th trng giao dch v mua bncc loi c phiu, bao gm c phiu thng, c phiu u i.

Th trng phi sinh l th trng pht hnh v mua i bn li cc chng t ti chnhkhc nh: quyn mua c phiu, chng quyn, hp ng quyn chn...

Hnh1.1. : s phn loi th trng chng khon

1.3. Chc nng ca th trng chng khon.1.3.1. Huy ng vn u t cho nn kinh t:

Khi cc nh u t mua chng khon do cc cng ty pht hnh, s tin nhn ri cah c a vo hot ng sn xut kinh doanh v qua gp phn m rng sn xutx hi. Thng qua TTCK, Chnh ph v chnh quyn cc a phng cng huy ngc cc ngun vn cho mc ch s dng v u t pht trin h tng kinh t, phc v

cc nhu cu chung ca x hi.1.3.2. Cung cp mi trng u t cho cng chng

Tnh cht php l

Qu trnh lun chuyn

Phng Thc Giao Dch

c im hng ha

TTCK chnh thc

TTCK OTC

TT pht hnh

TT giao dch

TT giao ngay

TT tng lai

C Phiu

Tri Phiu

Th trng phi sinh


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hn v ri ro, cho php cc nh u t c th la chn loi hng ho ph hp vi khnng, mc tiu v s thch ca mnh.1.3.3. To tnh thanh khon cho cc chng khon

Nh c TTCK cc nh u t c th chuyn i cc chng khon h s hu thnh

tin mt hoc cc loi chng khon khc khi h mun. Kh nng thanh khon l mttrong nhng c tnh hp dn ca chng khon i vi ngi u t. y l yu t chothy tnh linh hot, an ton ca vn u t. TTCK hot ng cng nng ng v c hiuqu th tnh thanh khon ca cc chng khon giao dch trn th trng cng cao.1.3.4. nh gi hot ng ca doanh nghip

Thng qua chng khon, hot ng ca cc doanh nghip c phn nh mt cchtng hp v chnh xc, gip cho vic nh gi v so snh hot ng ca doanh nghipc nhanh chng v thun tin, t cng to ra mt mi trng cnh tranh lnh

mnh nhm nng cao hiu qu s dng vn, kch thch p dng cng ngh mi, ci tinsn phm.1.3.5. To mi trng gip Chnh ph thc hin cc chnh sch kinh t v m

Cc ch bo ca TTCK phn nh ng thi ca nn kinh t mt cch nhy bn vchnh xc. Gi cc chng khon tng ln cho thy u t ang m rng, nn kinh t tngtrng; ngc li gi chng khon gim s cho thy cc du hiu tiu cc ca nn kinht. V th, TTCK l mt cng c quan trng gip Chnh ph thc hin cc chnh schkinh t v m. Thng qua TTCK, Chnh ph c th mua v bn tri phiu Chnh ph to ra ngun thu b p thm ht ngn sch v qun l lm pht. Ngoi ra, Chnh phcng c th s dng mt s chnh sch, bin php tc ng vo TTCK nhm nh hngu t m bo cho s pht trin cn i ca nn kinh t.1.4. Nguyn tc hot ng ca th trng chng khon:1.4.1 Nguyn tc cnh tranh:

Theo nguyn tc ny, gi c trn TTCK phn nh quan h cung cu v chng khonv th hin tng quan cnh tranh gia cc cng ty. Trn th trng s cp, cc nh phthnh cnh tranh vi nhau bn chng khon ca mnh cho cc nh u t, cc nh ut c t do la chn cc chng khon theo cc mc tiu ca mnh. Trn th trng

th cp, cc nh u t cng cnh tranh t do tm kim cho mnh mt li nhun caonht, v gi c c hnh thnh theo phng thc u gi.1.4.2 Nguyn tc cng bng:

Cng bng c ngha l mi ngi tham gia th trng u phi tun th nhng quinh chung, c bnh ng trong vic chia s thng tin v trong vic gnh chu cchnh thc x pht nu vi phm vo nhng qui nh .1.4.3 Nguyn tc cng khai:

Chng khon l loi hng ho tru tng nn TTCK phi c xy dng trn c s

h thng cng b thng tin tt. Theo lut nh, cc t chc pht hnh c ngha v phicung cp thng tin y theo ch thng xuyn v t xut thng qua cc phng


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1.4.4 Nguyn tc trung gian:Nguyn tc ny c ngha l cc giao dch chng khon c thc hin thng qua t

chc trung gian l cc cng ty chng khon. Trn th trng s cp, cc nh u t

khng mua trc tip ca nh pht hnh m mua t cc nh bo lnh pht hnh. Trn thtrng th cp, thng qua cc nghip v mi gii, kinh doanh, cc cng ty chng khonmua, bn chng khon gip cc khch hng, hoc kt ni cc khch hng vi nhau quavic thc hin cc giao dch mua bn chng khon trn ti khon ca mnh.1.4.5 Nguyn tc tp trung:

Cc giao dch chng khon ch din ra trn s giao dch v trn th trng OTC dis kim tra gim st ca c quan qun l nh nc v cc t chc t qun.1.5. Hng ha ca th trng chng khon:

1.5.1 Tri phiuTri phiu l giy t c gi xc nh s vn u t v xc nhn quyn i n baogm nhng iu kin v thu nhp trong mt khong thi gian no v c kh nngchuyn nhng.

T khi nim trn ta thy tri phiu c c im l c thu nhp n nh, c kh nngchuyn nhng, c thi gian o hn. ng thi tri ch khng c quyn tham gia buc, ng c vo Hi ng qun tr. Nhng tri phiu em li cho tri ch quyn c utin trong phn chia li nhun cng nh thanh l ti sn khi cng ty ph sn.1.5.1.1.Tri phiu ca Chnh ph

p ng nhu cu chi tiu ca Chnh ph, chnh ph pht hnh tri phiu huy ngtin nhn ri trong dn v cc t chc kinh t, x hi. Chnh ph lun c coi l Nh

pht hnh c uy tn nht trn th trng; V vy, Tri phiu Chnh ph c coi l loichng khon c t ri ro nht.1.5.1.2 Tri phiu ca cng ty:

L nhng tri phiu do doanh nghip nh nc, cng ty c phn v cng ty trchnhim hu hn, ngn hng v cc t chc ti chnh pht hnh tng vn hot ng.Tri phiu doanh nghip c nhiu loi v rt a dng.

1.5.2. C phiuC phiu l nhng giy t c gi xc nh s vn u t v n xc nhn quyn s

hu v ti sn v nhng iu kin v thu nhp trong mt khong thi gian no v ckh nng chuyn nhng. C hai loi c phiu l c phiu thng v c phiu u i.1.5.2.1 C phiu thng

C phiu thng l c phiu khng c thi gian o hn, khng c thu nhp n nhm thu nhp ca n ph thuc vo kt qu sn xut kinh doanh hay chnh sch chi tr ctc ca cng ty. C phiu thng c kh nng chuyn nhng d dng. Ngi nm gi

c phiu thng c quyn tham gia bu c vo Hi ng qun tr nhng khng c utin trong phn chia li nhun cng nh thanh l ti sn khi cng ty ph sn. Ngoi ra
http://vi.wikipedia.org/wiki/Tr%C3%A1i_phi%E1%BA%BFu_ch%C3%ADnh_ph%E1%BB%A7http://vi.wikipedia.org/wiki/Tr%C3%A1i_phi%E1%BA%BFu_ch%C3%ADnh_ph%E1%BB%A7http://vi.wikipedia.org/wiki/Tr%C3%A1i_phi%E1%BA%BFu_ch%C3%ADnh_ph%E1%BB%A7


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1.5.2.2 C phiu u iC phiu u i l loi c phiu c s u tin hn c phiu thng trong vic phn

chia li nhun cng nh chi tr c tc v thanh l ti sn khi cng ty ph sn.C phiu u i cng nh c phiu thng l n khng c thi gian o hn. N tn

ti s tn ti ca cng ty. N cng c kh nng chuyn nhng nhng phi thm mts iu kin nht nh. C tc ca c phiu u i ln c phiu thng u khng phil n ca cng ty do khng c thu nhp n nh trong iu kin bnh thng v n cth c mua li bi nh pht hnh.

C phiu u i cn c mt s iu khon km theo. Th nht, c phiu u i ctnh cht tham d trong phn chia li nhun khi cng ty lm n c li, vt mt mcno . Th hai, c phiu u i c tnh cht b phiu. Trong iu kin bnh thng, c

phiu u i khng c tnh cht b phiu. Nhng khi cng ty lm n thua l, c phiu

u i s c tnh cht b phiu. Th ba, c phiu u i c tnh cht tch lu hay khngtch lu tc l do cgn ty lm n khng hiu qu, cng ty s khng tr c tc. Nhng khicng ty lm n c li cng ty c th tr c tc cho nhng nm b thua l trc hockhng tr c tc ca nhng nm cha tr c1.5.3 Chng khon phi sinh v chng ch qu1.5.3.1 Chng khon phi sinh:

Chng khon phi sinh: l nhng chng khon c pht hnh trn c s nhngchng khon c nh c phiu, tri phiu.* Chng khon phi sinh gm:- Quyn mua c phn: l chng khon do cng ty c phn pht hnh km theo t pht

hnh c phiu b sung nhm bo m cho c ng hin hu quyn mua c phiu mitheo nhng iu kin c xc nh.( mua mt s lng c phn mi tng ng vit l c phn hin c ca h trong cng ty, ti mt mc gi xc nh thp hn mc gicho mi ra cng chng v trong mt thi hn nht nh).- Chng quyn: l chng khon cho php ngi s hu c quyn mua mt s lng

xc nh mt loi chng khon khc (thng l c phiu thng) vi mt mc gi xcnh v trong mt thi hn nht nh.

Chng quyn thng c pht hnh khi t chc li cng ty, hoc khi cng ty munkhuyn khch cc nh u t mua cc tri phiu hoc c phiu u i c nhng iukin km thun li.- Quyn la chn: l quyn c ghi trong hp ng cho php ngi nm gi n c

mua (nu l quyn chn mua) hoc bn (nu l quyn chn bn) mt s lng chngkhon xc nh vi mt mc gi xc nh v trong mt thi gian nht nh.- Hp ng tng lai: l cam kt mua hoc bn cc loi chng khon, nhm chng

khon hoc ch s chng khon nht nh vi mt s lng v mc gi nht nh vo

ngy xc nh trc trong tng lai.1.5.3.2 Chng ch qu:


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- Quyn ca nh u t tham gia qu: hng li t hot ng ca qu hoc t ti sn c chiatng ng vi t l gp vn. Yu cu cng ty qun l qu hoc ngn hng gim st mua lichng ch qu m. Tham d quyt nh ti i hi nh u t. Chuyn nhng chng ch qu.

1.6. Cc ch th ca th trng chng khon:

Cc t chc v c nhn tham gia th trng chng khon c th c chia thnh ccnhm sau: nh pht hnh, nh u t v cc t chc c lin quan n chng khon.1.6.1 Nh pht hnh

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

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

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

chng ch th hng... phc v cho hot ng ca h.1.6.2 Nh u t

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

- Cc nh u t c nhn: l nhng ngi c vn nhn ri tm thi, tham gia mua bntrn th trng chng khon vi mc ch tm kim li nhun.

- Cc nh u t c t chc:l cc t chc thng xuyn mua bn chng khon vis lng ln trn th trng. Cc t chc ny c th l: cng ty u t, cng ty bohim, qu u t, cng ty ti chnh, cng ty cho thu ti chnh, ngn hng thng miv cc cng ty chng khon.1.6.3 Cc t chc kinh doanh trn th trng chng khon

- Cng ty chng khon: CTCK l t chc ti chnh trung gian thc hin mt hocmt s nghip v kinh doanh chng khon bao gm: mi gii, t doanh, bo lnh phthnh, lu k chng khon.

- Ngn hng thng mi: ngn hng thng mi c th u t kinh doanh chngkhon v thc hin nghip v bo lnh pht hnh.1.6.4 Cc t chc c lin quan n th trng chng khon

- C quan qun l Nh nc : UBCKNN thc hin chc nng qun l nh nc vchng khon v th trng chng khon

- S giao dch chng khon: S giao dch chng khon l c quan thc hin vn hnhth trng v ban hnh nhng quyt nh iu chnh cc hot ng giao dch chngkhon trn S ph hp vi cc quy nh ca lut php v UBCKNN

- Hip hi cc nh kinh doanh chng khon- T chc lu k v thanh ton b tr chng khonCng ty dch v my tnh chng khon:


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- Cng ty nh gi h s tn nhim: l cng ty chuyn cung cp dch v nh ginng lc thanh ton cc khon vn gc v li ng thi hn v theo nhng iu khon cam kt ca cng ty pht hnh i vi mt t pht hnh c th.1.7. C ch giao dch trn th trng chng khon

1.7.1. Cc loi giao dch trn th trng chng khonCho n nay, c nm loi hnh giao dch v ang c s dng ph bin trn th

trng chng khon cc nc.1.7.1.1. Giao dch bng tin mt sn c

Theo loi hnh giao dch ny, nh u t c yu cu phi thanh ton s chngkhon mua c bng ngun tin ring c vo ngay hoc trc ngy thanh ton cc

giao dch. i vi phn ln cc giao dch, ngy thanh ton ri vo 2-5 ngy lm vicsau ngy giao dch.

1.7.1.2. Giao dch bng ngun tin vay mnKhc vi loi hnh giao dch bng tin mt sn c, trong loi hnh giao dch bngngun tin vay mn (giao dch bng tn dng), mua mt s lng chng khon nhtnh, nh u t ch phi t cc trc mt phn tin ti thiu theo mt t l k qu bt

buc so vi tng tr gi tnh theo gi th trng ca cc chng khon nh mua (Lut ccnc quy nh t l ny l 30 - 50%) v vay t cc cng ty chng khon phn tin cnli.

Theo loi hnh giao dch ny, tt c cc chng khon c mua bng ngun tin vaymn u phi c gi ti cc cng ty chng khon v c ng k di tn ca cccng ty chng khon (cng gi l street name) bi v chnh nhng chng khon ny lic s dng nh vt th chp. Mc d loi hnh giao dch bng tn dng cho php nhu t c th mua nhiu hn kh nng hin c, ngha l to ra mt n by ti chnh,nhng loi hnh giao dch my c k thut kh phc tp v khng phi l loi hnh thchhp vi mi nh u t. V mt k thut, nu th gi ca chng khon st gim nhanhv t l tin k qu so vi tng gi tr chng khon thp so vi t l k qu bt buc,cng ty chng khon s yu cu nh u t thm tin v ti khon duy tr t l k quti thiu, nu nh u t t thm tin vo ti khon s bn s c phiu v tin thu

c hon tr khon vay ny.1.7.1.3. Bn khng

Loi hnh giao dch ny cho php nh u t bn cc chng khon khng thuc shu ca mnh (chng khon vay mn) thi im bn vi k vng l s mua li ccchng khon gi thp hn trong mt thi im no trong tng lai hon trli cho ngi s hu.1.7.1.4. Giao dch khi

Giao dch khi (giao dch l ln) l giao dch gn lin vi hot ng u t chng

khon ca cc t chc u t. l giao dch vi s lng ln mt loi chng khonnht nh.


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dch bng chng trnh. l loi giao dch s dng cc chng trnh vi tnh phc tp,c th ra quyt nh mua bn mt cch t ng.1.7.2. Cc loi lnh c s dng trong giao dch

Vic mua bn chng khon trn cc th trng chng khon da vo cc nh mi

gii v nh kinh doanh chng khon. thc hin vic giao dch, nh u t phi cungcp cho nh mi gii nhng thng tin nht nh. Mt trong nhng thng s m nh ut phi cung cp cho nh mi gii l cc loi lnh mua bn. Trn thc t, mc d c rtnhiu loi lnh c s dng trn th trng chng khon cc nc nhng lnh thtrng, lnh gii hn, lnh dng vn l 3 loi lnh c bn c p dng ph bin ti ccs giao dch chng khon.1.7.2.1. Lnh th trng

Lnh th trng (lnh mua bn theo gi th trng) l lnh ch th cho nh mi gii

mua hoc bn mt chng khon theo gi tt nht c th c c trn th trng (gi caonht i vi lnh bn hoc gi thp nht i vi lnh mua).Lnh th trng l loi lnh ph bin nht c p dng trong mua bn chng khon.

Hu ht cc lnh thc hin trn th trng chng khon l lnh th trng.1.7.2.2. Lnh gii hn

Lnh gii hn l ch nh mi gii khng c mua mt chng khon qu mc gi nnh trc hoc bn mt chng khon thp hn mc gi ch nh. Lnh gii hn lmt lnh c iu kin: khi nhn c lnh ny ngi mi gii phi mua v bn mt slng chng khon nht nh theo gi c n nh hoc tt hn.

Mt lnh mua c gii hn ch c th c ngi mi gii thc hin mc gi c n nh hoc thp hn. Ngc li, mt lnh bn c gii hn ch c thc hin mc gi c n nh hoc mc gi cao hn. Khi thc hin lnh ny, trong mitrung hp, ngi mi gii c trch nhim tm kim gi tt hn so vi gi c n nhcho khch hng ca mnh.1.7.2.3. Lnh dng

Mt loi lnh c iu kin khc l lnh dng. Lnh dng l lnh ch cho ngi migii khng c thc hin vic mua bn cho n khi gi th trng ln xung ph hp

vi gi n nh. C hai loi lnh dng mua khi gi cha ln n gi n nh v lnhdng bn khi gi cha tt xung ti mc n nh.

Lnh dng mua khi gi cha n mc n nh ch nh rng lnh s khng c thchin cho n khi gi th trng ln ti hoc cao hn mc gi c n nh. Ngcli, lnh dng bn khi gi cha tt xung ti mc n nh hoc thp hn.

Nh vy, v bn cht, c hai loi lnh dng u l loi lnh th trng c iu kin. l loi lnh mua bn theo thi gi c tm thi hon thc hin. Lnh ny ch chiu lc thc hin khi gi chng khon trt n hoc vt qua mt mc gi n nh.

Mt khi gi n nh trong lnh dng c tho mn, lnh dng tr thnh lnh thtrng.


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u t c th t lnh mua bn theo nhiu phng thc khc nhau. Phng thc c innht c l l trc tip n cng ty chng khon t lnh. Cng vi nhng tin b cak thut, lnh c th c t thng qua in thoi, qua h thng my vi tnh c nhnvqua mng internet. Mc d lnh c th c thc hin thng qua nhiu phng thc

khc nhau, chu trnh thc mt lnh giao dch cc h thng giao dch u tng tnhau.

Tt c cc lnh c thc hin trn c s giao dch phi c thanh ton trong tng nngy nht nh. Yu cu ny thng c gi l T + n, tc l ngy giao dch (T) cngthm n ngy. Tu thuc vo s pht trin ca h thng giao dch m n c th thay ikhc nhau trong th trng chng khon ca cc nc. Trong khi th trng chngkhon Hng Kng p dng h thng thanh ton T + 2 th M, i Loan, Thi Lan... sdng h thng T + n, ngi mua phi chuyn tin mua chng khon n cc cng ty

chng khon v cng ty chng khon phc v ngi bn chuyn tin bn chng khonvo ti khon ngi giao chng khon. Cc thng tin giao dch cng c thng bo ticc cng ty thanh ton b tr

Hnh 1.2. L trnh thc hin mt lnh mua bn qua cc h thng giao dch


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Nh u t

Cng ty mi gi i

My i n ton c a

Cng ty mi gi i

Th tr ng OTC

S giao d ch ch ngkhon qu cgia

S giao d ch ch ngkhon qu ct

Kh pl nhi n t

Nhnvinkinhdoanh

Kh pl nhi n t

Kh pl nhi n t

Nhnvinkinhdoanh

Nhnvinkinhdoanh


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CHNG II : THC TRANG V TH TRNG CHNG KHON VIT NAM2.1.. M hnh chng khon Vit Nam.2.1.1. V c quan qun l th trng chng khon.

i vi Vit Nam, U ban chng khon Nh nc c thnh lp qun l vgim st thc y cho th trng pht trin theo nh hng XHCN v bo v quyn licho cc nh u t. y l bc i ng ph hp vi iu kin ca Vit Nam v xuhng quc t.2.2.2. V trung tm giao dch chng khon.

Trung tm giao dch chng khon ti thnh ph H Ch Minh c thnh lp.Cn trung tm giao dch chng khon ti H Ni ang c xem xt thnh lp. Hthng giao dch ca trung tm t ng ho vi trm lm vic c cng sut nh.

2.2.3. V s giao dch chng khon.2.2.3.1 Hnh th c s h u.i vi Vit Nam, S giao dch chng khon s do Nh nc s hu,

m bo an ton, cng bng theo nh hng x hi ch ngha.Vic thnh lp, nh ch hot ng hoc gii th S giao dch chng khon do Th

tng chnh ph quyt nh theo ngh ca U ban chng khon Nh nc. S giaodch chng khon Vit Nam l mt t chc hot ng khng v li nhun t dis qun l trc tip ca U ban chng khon Nh nc.2.2.3.2. S l ng S giao d ch c h ng khon.

trnh nhng bt li ca vic tn ti nhiu S giao dch chng khon m ccnc ang gp phi, chng ta cng ch nn xy dng mt S giao dichj chngkhon thng nht vi cc sn giao dch ti mt, hai thnh ph c ni mng vi nhau.2.2.3.3. a i m th i t lp S giao dch c h ng khon.S giao dch chng khon c t thnh ph H Ch Minh v hin nay thnh

ph H Ch Minh l trung tm thng mi ti chnh ln nht trongnc v cho Sgiao dch pht trin. Vi h thng giao dch in t, cc cng ty mi gii ti H Nivn c th d dng s c tip cn th trng.

2.2.3.4.Giao d ch ngoi S .i vi Vit Nam, cng khai ho tt c cc hot ng giao dch, Nh nc ang

xem xt thnh lp S giao dch chng khon tp trung cho tt c cc chng khon(k c cng ty v v nh) c iu kin nim yt, hay khng iu kin nim ytc mua bn ti S giao dch chng khon. Tuy nhin, vic giao dch nhng chngkhon ca cng ty ln ( iu kin nim yt) tch bit vi khu vc giao dch nhngchng khon ca nhng cng ty va v nh khng iu kin nim yt.2.2.3.5. H th nggiao d c h .

Vit Nam p dng h thng ghp lnh. H thng ny n gin cho php c cgi c, cnh tranh tt nht nn ang c nhiu nc mi ni p dng. Vit Nam


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Trong iu kin chi ph cho h thng t ng ho ngy cng c xu hnggim th Vit Nam cn thit v s dng chng trnh t ng ho ngay t u. Nu

bt u bng giao dch th cng, sau li thay th bng h thng t ng th stn km. tit kim chi ph cho thi gian u Vit Nam ch lp t thit b vi

cng sut x l thp. Cc thit b lp t trng thi m khi khi lng giao dchtng ln c th lp t thm nhm m rng cng sut x l ca h thng.2.3.4. V lnh vc ng k, thanh ton - b tr v lu gi chng khon.

H thng ng k, thanh ton - b tr v lu gi chng khon. Cc chc nng ngk, thanh ton, b tr v lu gi c kt hp vo mt trung tm duy nht trong cnc. Cc cng ty chng khon v cc ngn hng c cho php tr thnh cng ty luk.2.3.5. V cc t chc trung gian.

Vit Nam, cc ngn hng ch c php kinh doanh chng khon di hnh thcthnh lp cc cng ty c lp, hot ng tch ri vi kinh doanh tin t. Bn cnh, Nh nc cng cho php c cc cng ty chng khon c lp hnh thnh t cccng ty ti chnh, cc tng cng ty ln.

Vit Nam cc cng ty chng khon c php thc hin tt c cc hnh thcnh : bo lnh pht hnh chng khon, mi gii chng khon, t doanh chng khon,t vn chng khon v qun l qu u t. Ring hnh thc qun l qu u t, yucu phi hot ng tch ri di hnh thc mt cng ty c lp nhm bo v li ch canhng c ng ca qu.

Ngoi ra hin nay, Nh nc cn cho php hai loi doanh nghip tham gia kinhdoanh chng khon l cng ty c phn v doanh nghip lin doanh.

Trn th gii c hai loi qu u t chng khon ch yu l qu ng, vaf qum. Trong thi gian u Vit Nam d kin p dng hnh thc qu u t chngkhon dng qu ng (qu khng mua li c phn ca c ng mun rt vn) m

bo an ton trong iu kin kh nng thanh ton ca th trng cn thp.

2.3.6. V s tham gia ca bn nc ngoi.Vit Nam cho php bn nc ngoi c s hu mt t l phn trm nht

nh v cho php cng ty chng khon nc ngoi c lin doanh vi cng tychng khon trong nc theo mt t l lin doanh nht nh2.2.Nhng ct mc ng nh v ch s chng khon Vit Nam:2.2.1 Nhng ct mc ng nh:

Ngy 11-7-1998 Chnh ph k Ngh nh s 48/CP ban hnh v chng khon vTTCK chnh thc khai sinh cho Th trng chng khon Vit Nam.

Cng ngy, Chnh ph cng k quyt nh thnh lp Trung tm Giao dch Chngkhon t ti TP.HCM v H Ni. Vic chun b cho TTCKVN thc ra do U Ban

Chng khon Vit Nam ra i bng Ngh nh 75/CP ngy 28-11-1996.Trung tm Giao dch Chng khon TP.HCM (TTGDCK TP.HCM) c thnh lp


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Trung tm Giao dch chng khon (TTGDCK) H Ni chnh thc cho i vongy 8/3/2005. Khc vi TTGDCK TP.HCM (vn l ni nim yt v giao dch chngkhon ca cc cng ty ln), TTGDCK H Ni s l sn chi cho cc DN nh v va(vi vn iu l t 5 n 30 t ng).

2.2.2 Ch s chng khon Vit Nam:* Ch s VN Index

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

Ch s VN -Index so snh gi tr th trng hin hnh vi gi tr th trng c s vongy gc 28-7-2000, khi th trng chng khon chnh thc i vo hot ng.

Gi tr th trng c s trong cng thc tnh ch s c iu chnh trong cc trng

hp nh nim yt mi, hu nim yt v cc trng hp c thay i v vn nim yt.Cng thc tnh ch s VN - Index:

Ch s VN-Index=(Gi tr th trng hin hnh/Gi tr th trng c s)x100

Hoc Ch s VN-INDEX

Trong :Pit: Gi th trng hin hnh ca c phiu iQit: S lng nim yt hin hnh ca c phiu iPi0: Gi th trng vo ngy gc ca c phiu iQi0: S lng nim yt vo ngy gc ca c phiu i

2.3.Cc giai on pht trin ca TTCK Vit Nam:2.3.1 Giai on 2008:

Cng trong xu th chung ca nn kinh t, TTCK Vit Nam khp li nm 2008vi s st gim mnh.

Nhn li th trng sau 01 nm giao dch, nhng im ni bt ca th trng: Index

gim im, th gi cc loi c phiu st gim mnh (nhiu m CP ri xung di mnhgi), tnh thanh khon km, s thoi vn ca khi ngoi, s can thip ca cc c quaniu hnh v s m m trong tm l cc NT.Tnh t u nm n ht ngy31/12/2008, TTCKVN tri qua 03 giai on chnh.

Trong nm 2008, lng cung tip tc c b sung ng k thng qua vic Chnhph y mnh c phn ho DNNN, c bit l cc DN quy m ln, kinh doanh hiu quv vic bn bt CP Nh nc trong cc DN CPH, cha k hng lot ngn hng, Cngty chng khon, doanh nghip... pht hnh tri phiu, c phiu tng vn iu l, dn

n tnh trng th trng CK c nguy c tha "hng".Biu VN-Index nm 2008 - Ngun: VNDS.


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Giai on 1: T thng 01 ti thng 06 - Th trng gim mnh do tc ng t tcng ca kinh t v m

Khi u nm ti mc im 921,07, VNIndex mt i gn 60% gi tr v trthnh mt trong nhng th trng gim im mnh nht trn th gii trong na u nm2008.

Cc thng tin tc ng xu ti tm l nh u t trong giai on ny ch yu xut

pht t ni ti nn kinh t. Trong ni bt l s gia tng lm pht, chnh sch tht chttin t ca NHNN, s leo dc ca gi xng du v sc p gii chp t pha ngn hngi vi cc khon u t vo TTCK.

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

(1) UBCKNN thu hp bin giao dch;(2) SCIC tham gia mua vo c phiu;(3) NHTM c vn ng ngng gii chp;(4) T chc nim yt c khuyn khch mua vo c phiu qu.Tuy nhin, phn ln cc bin php ny ch pht huy hiu qu trong ngn hn, v th

trng tip tc st gim, cn bo gii chp c phiu khng ngng tc ng ti tm lcc nh u t. Trong 103 phin giao dch ca giai on ny, c ti 71 phin VNIndexgim im. nh im l chui 34 phin VN-Index gim im lin tip t gia thng 04n u thng 06/2008. Sau 103 phin giao dch,VNIndex gim mt 550,52 im- tngng 59,77%. Bnh qun trong mi phin, ton th trng c 8,02 triu CP&CCQc chuyn nhng, tng ng khong 482 t ng.

Trong t suy gim ny, nhm c phiu chu nhiu tc ng nhiu nht l nhm c

phiu ti chnh ngn hng, cng ngh v cng nghip (ch yu l cc doanh nghipBS).


17/31

Nhm h tr thm cho sc cu trn th trng, ngn suy gim mnh ca cc ch schng khon, ngy 04/03/2008, Chnh ph a ra nhm 19 gii php ng cu thtrng: Cho php SCIC mua vo c phiu trn th trng, ku gi v to iu kin chocc doanh nghip nim yt mua vo c phiu qu....

S tng trng nng trong nm 2007, c bit vo nhng thng cui nm an nhng du hiu bt n v kinh t v m. Ch s tiu dng bt u gia tng vi mctrung bnh 2,07%/thng trong 02 cui nm 2007. Tip ni xu th ny, trong qu I/ 2008,ch s CPI tip tc gia tng vi tc bnh qun 3,06%/thng v t nh vo thng05/200822 vi mc tng 3,91%.

Trong chu k tng gi na u nm 2008, ti a s thi im, lng thc c coil yu t tc ng ch yu n ch s gi. Tnh n thng 06, gi lng thc tng57,22% so vi thng 12/2007.

Chu nh hng trc tip ca t l lm pht tng cao trong nc v s bin ngmnh ca gi c hng ha trn th gii, th trng hng ha v th trng tin t VitNam tip tc c nhng bin ng mnh.

Trn th trng hng ha, xng du - loi hng ha c bn thuc s kim sot caChnh ph - c iu chnh mnh. Trn th trng tin t, li sut t NHNN v

NHTM lin tip xc nh cc mt bng mi. Chu tc ng sc p t lm pht, l i sutt cc NHTM tng mnh trong cui qu II, dao ng t 16 - 18% i vi huy ng tingi v 20-21% i vi cc khon vay. c bit cc sn phm huy ng vn vi k hnngn, li sut cao l tiu im ca h thng NH trong giai on ny. S cng thng vthanh khon v s xo trn v dng chy ca tin gi huy ng l ni lo ca cc NHTMtrong giai on ny. Thm ht thng mi cao nht vo trong nm thng u nm vimc trung bnh l khong 2,6 t USD/thng.

Trc thc trng ny chnh ph ra 8 nhm gii php vo thng 3/2008 vimc tiu kim ch lm pht v thm ht thng mi. Cc chnh sch ch yu c thchin thng qua vic s dng cng c iu hnh li sut c bn v tht cht u t cng hn ch ngun cung tin trn th trng.

Giai on 2: Thng 06 ti u thng 09 - Phc hi trong ngn hn :

Nh vai tr dn dt ca mt s c phiu blue -chip nh STB, FPT, DPMv cbit l SSI vi sc cu h tr t i tc nc ngoi, c hai sn chng khon c cnhng phin tng im mnh trong giai on ny. VNIndex v Hastc-Index lin tipvt qua cc ngng cn tm l quan trng v thng xuyn c c nhng chui tngim ko di. y cng l giai on th tr ng hot ng si ng nht. Sc cu mnh,ko theo khi lng giao dch v gi tr giao dch thng xuyn mc cao. VNIndextng c 168,55 im, tng ng 45,52%. Khi lng giao dch bnh qun t 16,9triu CP&CCQ, tng ng 599,18 t ng/phin.

Trong giai on ny, nhm c phiu c a thch nht l nhm c phiu du kh(tng 80,33%), nguyn vt liu v cng ngh (tng 89,78%). Cc i din tiu biu cho


18/31

y l thi k VNIndex ri tr li xu hng gim, thm ch ph v y thit lpc trong giai on u ca nm 2008. Tng kt c giai on ny, VNIndex mt223,48 im, tng ng 41,45%. Khi lng giao dch trung bnh t 15,82 triuCP&CCQ, tng ng 497,58 t ng/phin.

Nguyn nhn tc ng ln nht ti TTCK trong giai on ny chnh l s lan tamnh ca cuc khng hong ti chnh trn ton th gii. Ha cng xu th gim im caTTCK cc nc, 02 ch s chng khon ti sn HoSE v HaSTC lin tip gim im.Trong 86 phin giao dch ti HoSE, 49 phin VNIndex mt im. y mi thit lptrong giai on ny l 286,85 im vo ngy 10/12/2008.

Cng vi n lc gii cu nn kinh t ca Chnh ph v ng thi t NHNN, xen lngia nhng phin gim im , TTCK Vit Nam vn c nhng phin phc hi mnh.Tuy nhin, cc con sng trn th trng thng rt ngn v khng n nh. Kt thc

giai on ny, VNIndex gim mt 239,52 im, tng ng 43,15%.Tc gim mnh nht trong giai on ny thuc nhm c phiu cc ngnh nguynvt liu, cng nghip, ti chnh v cng ngh. Nguyn nhn ca s suy gim trong giaion ny c nhn nh mt phn do s tc ng ca xu th chung th trng, ngoira, cng l h qu ca vic tng kh chng mt ca cc cc c phiu n y trong giai ontrc . Mt trong nhng ti nng hi v c bo gii ch trong nhng thngcui nm l phong tro tr c tc bng tin mt, vi t l kh cao ca cc cng ty nimyt.

Ngun vn FDI vo Vit Nam ch yu thng qua cc qu u t. Tuy nhin, k tcui thng 08/2008 cng vi s st gim ca TTCK th gii ni chung, TTCK Vit

Nam cng gim mnh. Tnh n thng 12/2008, nhng du hiu v kh nng nh u tnc ngoi rt vn ra khi th trng chng khon cng bt u xut hin, th hin quavic bn rng ca khi ngoi trong nhng thng cui nm.

Ngoi ra, mc d lm pht c kim ch nhng li c s lo ngi v gim pht doch s CPI tng trng m trong nhng thng cui nm.

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

thng 12/2007) v xp x 23% (so vi bnh qun 2007)Gii php ti chnh kp thi trong nhng thng cui nm 2008 c thc hin thng

qua vic iu chnh gim li su t c bn nhm kchcu sn xut tiu dng, to iu kincho cc doanh nghip tip cn vay vn mt cch d dng hn, ng thi gim p lc tndng cho cc ngn hng thng mi.2.3.2. T nm 2009 n nm 2010 Giai on phc hi v pht trin

Trn sn HoSE, ch s VN-Index tng 57% trong nm 2009, t mc 315.62 imvo ngy 31/12/08 ln mc 494.77 im vo ngy 31/12/09. So vi mc y 235.5 im

c thit lp ngy 24/02, VN-Index tng 110%.Trong nm 2009, TTCK Vit Nam tng trng mnh m nh cc chnh


19/31

li. Ngoi ra, lm pht gim bt trong nm ny cng to thm lng tin v n nhkinh t v m.

Thanh khon ca th trng cng dn c ci thin. Khi lng c phiu khplnh t mc 7.8 triu n v/phin vo 2 thng u nm tng ln mc 17.58 triu n

v/phin vo thng 3; 35.86 triu n v vo thng 4 v 51.75 triu n v/phin vothng 6. nh im ca tnh thanh khon ca th trng ri vo thng 10 khi khi lngkhp lnh phin cao nht ln ti 133.48 triu n v. Tnh trung bnh trong thng 10,khi lng giao dch ln ti 78.3 triu n v. Tnh thanh khon ca th trng tngmnh khng ch do lng c phiu nim yt tng m cn do dng tin vo thtrng mt cch mnh m trong giai on ny.

S thng trm ca TTCK trong nm 2009 c quan h kh cht ch vi nhng chnhsch tin t v dng tin vo th trng. K t lc phc hi t mc thp nht vo

thng 2, th trng tri qua 2 ln iu chnh mnh. S phc hi ca th trng t mc235.5 ln 512 m vo thng 6 gn lin vi cung tin trong nn kinh t tng nhanh docc chnh sch kch cu ca chnh ph. D n t gi h tr li sut tng ln nhanhchng, ngi tiu dng c khuyn khch vay tin.

T mc nh 512 im vo thng 6, VN-Index gim xung cn 412.88 im vo20/7. S st gim ca t ny trng khp vi s kin NHNN a ra nhng tuyn bmnh m trong vic kim sot tng trng tn dng mc 25-27%. Nhiu NHTM vttrn tng trng tn dng b tut ci.

Cn sng phc hi th 2 ca th trng t mc 421.88 ln mc 624.1 im vongy 20/10, cng xut pht t vic tng trng tn dng qu mc. Vo cui qu 3 mctng trng tn dng ln ti trn 32%. Thm vo , cc ngn hng v cng ty chngkhon cng khuyn khch nh u t thc hin cc nghip v repo v th chp chngkhon. n by ti chnh c tn dng mt cch ti a y th trng ln cao.Thanh khon, ca th trng cng tng ln mnh m.

T mc nh cao th 2 mc 624.1 vo ny 20/10, th trng sau gim xungmc 434.87 vo ngy 12/11 (gn bng mc y hi thng 7). t gim ny cng btngun t nhng hot ng sit cht tn dng ca NHNN. NHNN a ra mt lot cc

bin php hn ch cho vay u t chng khon, kim sot cht i tng cho vay tiudng. Ngoi ra, NHNN cng hn ch cung tin qua th trng m.Hnh 1.1. VN-Index nm 2009


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Nm 2010 Vn Index gim 11.93 im, tng ng 2.3% . Trong nhng phingiao dch ca thng 6, d th trng vn ang giao ng trong bin hp, nhng ni loca cc nh u t trc din bin khng hong n Chu u hay nhng bin ng trnth trng chng khon th gii ang tm lng.

ng trc nguy c lm pht quay tr li trong nm 2010, chnh sch tht cht tndng c p dng trong nhng thng cui nm 2009. Dng tin hn ch bm vo nnkinh t ni chung v th tng chng khan ni ring, Vn Index iu chnh gim mnhvo cui nm 2009. Tuy nhin, vi n lc km ch lm pht ng thi duy tr tngtrng kinh t su thng u nm 2010, chnh sch tin t dn c ni lng. iu nyl mt trong nhng nguyn nhn chnh gp phn to nn t hi phc trong giai onva qua, t mc 477 im ln 549,51 im ca Vn Index.

Nm 2010 do p lc lm pht v li sut tng cao, nhp siu cao, trong khi tng trng tn dng, cung tin gim so vi nm 2009 nn ch s VNIndex gim2,04%. Mc d vy, TTCK Vit Nam tip tc t c nhng kt qu rt tch cctrn cc mt quan trng: gi tr vn ha t 39% GDP, tng 17,1% so vi

nm2009; huy ng vn thc t t 98,7 nghn t ng, gp 3 ln so vi nm 2009;gi tr giao dch bnh qun mi phin t 2.480 t ng; dng vn nc ngoi vothun trn 1 t USD; s lng ti khon cc nh u t tng 38%...2.3.3. Giai on nm 2011

TTCK nm 2011 c nhiu c hi v cng c nhiu thch thc, yu cu cc nh ut phi v cng tnh to khi quyt nh u t vo mt c phiu no , v kin quytkhng u t vo mt c phiu m mnh cha c nhiu thng tin v tnh hnh hot ngsn xut kinh doanh ca Cty . Hy t tin v lun tun th li khuyn: Hy tham lam

khi ngi ta hong s v hy hong s khi ngi ta tham lam.Trong nhng thng u nm 2011, TTCK c xu hng st gim. Cho n ht


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Nh nc xung 22% vo cui thng 6. Trong thng 6, ch s c s phc hi so vithng 5, VNIndex tng 5,2% do p lc gii chp c gii ta phn no. Tuynhin, tnh t u nm cho ti cui thng 6, VNIndex gim 10,5% so vi cuinm2010. Gi tr giao dch bnh qun c phiu, chng ch qu mi phin trong trong 6

thng u nm l 1.164,6 t ng, bng 47% so vi mc bnh qun nm 2010. Mcvn ha cui thng 6 t 686 nghn t ng, gim 40 nghn t ng, tng ngtrn 5,5% so vi cui nm 2010; mc vn ha so vi GDP gim xung 36% tmc39% cui 2010. Huy ng vn qua TTCK cng gp kh khn do TTCK gim stv mt bng li sut cao. Tnh chung 6 thng, vn huy ng qua tri phiu Chnh phv Chnh ph bo lnh t 35,1 nghn t ng, tng gp 2,7 ln so vi cng knm2010, chim gn 90% tng vn huy ng qua TTCK t u nm. Tuy nhin, vnhuy ng qua pht hnh thm c phiu ch t 4,5 nghn t ng, tng ng 16%

v vn huy ng qua u gi c phn ha t 0,56 nghn t ng, bng 68% so vicng k nm trc. Dng vn u t gin tip nc ngoi cng st gim. Cho ncui thng 6, c khong 46% cc cng ty nim yt c gi th trng thp hn mnhgi v74% cc cng ty nim yt c gi th trng thp hn gi tr s sch; c 45% cccng ty nim yt c h s P/E thp hn 5. Do gi chng khon v khi lng giao dchst gim mnh nn nhiu cng ty chng khon thua l; hot ng t doanh v hotng mi gii cng khng hiu qu do thu khng b chi; hot ng t vn u t,

pht hnh, nim yt, bo lnh cng b thu hp.2.3. Thun li v kh khn cho s pht trin th trng chng khon Vit Nam2.3.1. Thun li

C th ni thun li u tin v cng l mt u im Vit Nam l c mt nnchnh tr n nh, to iu kin thun li cho cc cng ty pht trin n nh. Hn nann kinh t nc ta ang trong thi gian ct cnh, tc l mt nn kinh t ang trn

pht trin vi tc tng trng thc t trong nhng nm gn y bnh qun l hn 8%to nhng Iu kin v m cho th trng chng khon pht trin v vic pht trin thtrng chng khon cng l mt yu cu cn thit vi s pht trin ca nn kinh t ncta.

Thun li th hai vi chng ta l chnh sch c phn ho cc doanh nghip canh nc. Sau mt thi gian dI nhiu doanh nghip nh nc hot ng khng tht shiu qu v p ng yu cu nn kinh t th trng th nh nc thc hin chnhsch c phn ho doanh nghip trong thc hin trc tin vi cc doanh nghip nhnc l thun li cho s pht trin ca th trng chng khon

Thun li th ba vi s pht trin ca th trng chng khon l mi trng u tca Vit Nam ngy cng ci thin v chng ta thu ht c mt lng ln u tnc ngoi trong thi gian qua cng vi chnh sch thu ht u t nc ngoi ca chnh

ph th s pht trin ca th trng chng khon l cn thit ng thi vi vic u tca cc nh u t nc ngoI thng qua th trng chng khon s lm th trng


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cc tc nhn quan trng cho s pht trin ca th trng chng khan. V c bit vivic gia nhp WTO ngy 9/11 va qua th th trng chng khon Vit Nam s c nhiuthun li pht trin.2.3.2. Kh khn

Bn cnh nhng thun li th kh khn vi s pht trin ca th trng chng khonVit Nam cn rt nhiu. Kh khn trc tin v cng l kh khn ca hu ht cc ncang pht trin khi mi pht trn th trng chng khon l thu nhp ca i b

phn dn chng cn thp, chnh lch gia tit kim v thu nhp cao. Chnh do thu nhpthp m i b phn dn chng sau khi chi tiu th s d cn li t thu nhp l khngng k nn vic u t vo chng khon ca ngi dn l rt t. Cng v phn d cathu nhp sau khi chi tiu cn t m hn na u t vo chng khon cn c nhiu ri ro,cng vi kin thc ca ngi dn v chng khon cha nhiu nn phn ln tin ca h

gi vo tit kim. iu ny s lm gim s pht trin ca th trng chng khonKh khn th hai i vi th trng chng khon l khng c mt h thng phplut hon chnh. Mt s vn bn php quy, cc lut c lin quan, chi phi hot nghoc c nh hng n th trng chng khon ban hnh nhng trong phn ni dungcn nhiu bt cp, mu thun vi h thng php l v th trng chng khon. Lut vth trng chng khon vn cn trong d tho

Kh khn th ba cho s pht trin ca th trng chng khon l mi thnh lp ckhong 7 nm, y l mt qung thi gian tng i di nhng nhng nh u t thamgia trn th trng chng khon cn nhiu ngi cha c y kin thc v chngkhon, do m dn n mt qu trnh u t theo phong tro. iu dn n vic thtrng khng tht s phn nh ng cht lng ca mi loi c phiu v tri phiu

C th ni th trng chng khon Vit Nam cn nhiu nhiu kh khn bn cnhnhng thun li khch quan. Do chng ta cn chun b v to ra mi Iu kin thtrng chng khon c th pht trin lnh mnh p ng yu cu pht trin kinh t cat nc2.2.3. Mt s hn ch ca th trng chng khon Vit Nam hin nay

Th trng chng khon Vit Nam mi ra i cho nn khng trnh khi c nhng

hn ch. Th trng chng khon c tm quan trng vn c ca n cho nn th trngchng khon Vit Nam s c quan tm mt cch ng k pht trin mt cchhon thin.

Th trng chng khon Vit Nam ang c t chng khon c giao dch c vs lng v gi tr. Hin c nm c phiu ca SAM, REE, TMS, HAP v LAFOOCOv tri phiu ca Ngn hng u t pht trin cng vi tri phiu chnh ph angc giao dch. Vic c t loi chng khon c giao dch l do c t doanh nghip c iu kin nim yt trn th trng chng khon lm cho trn th trng lun xut

hin tnh trng cu ln hn cung, gi c vt qu gi tr thc ca chng khon. Hnna, cc l do cn l cc doanh nghip khng c nhu cu vn m rng sn xut


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cn l do qu trnh c phn ho cc doanh nghip Nh nc chm hay cha cphn ho cc doanh nghip c vn u t nc ngoi.

Hin nay cc cng ty chng khon ang b thua l v c qu t chng khon giaodch c v s lng v gi tr. l v khun kh php l cha c ni rng cc

nh u t nc ngoi c th tham gia mua bn chng khon. Thng t ca U banchng khon Nh nc t 29/11/2000 qui nh ph dch v mi gii mua, bn chngkhon nh hn hoc bng 0,5% gi tr gio dch c phiu lm cho vic hot ng cacc cng ty chng khon cng kh khn hn do ph gim i trong khi c t chngkhon c giao dch trn th trng. Li sut ca tri phiu chnh ph cha hp dnso vi li sut tin gi tit kim l nguyn nhn lm cho tri phiu t c giao dch(li sut ca tri phiu chnh ph l 6,5%/nm ca t pht hnh th nht v6,6%/nm ca t pht hnh th hai).

Th trng chng khon phi chnh thc l ni giao dch cc chng khon ca cccng ty c phn v v nh khng iu kin nim yt trn th trng chng thc.Th trng chng khon phi chnh thc s to iu kin pht trin th trngchng khon chnh thc. Th nhng Vit Nam vn cha c th trng chng khon

phi chnh thc cc cng ty va v nh tham gia. Vit Nam do th trng chng khon nc ta ra i cho nn cn thiu nhiu i

ng c kin thc su v th trng chng khon cng tc tt trong vic qun lNh nc, trong cng tc kinh doanh chng khon, t vn kinh doanh chng khon vsn sng chp nhn ri ro tham gia th trng.

th trng chng khon hot ng lnh mnh lu di th cn thit phi ccc qui nh php lut ng n v lnh vc chng khon. Nhng Vit Nam, hthng php lut v th trngchng khon cha c hon thin v cha c s gp ca cc cng ty pht hnh v cc cng ty chng khon ban hnh ra hnh lang phpl trn lnh vc chng khon.

Vi cc hn ch ch yu trn, trong nhng nm ti, th trng chng khon VitNam cn c thay i tr thnh mt th trng chng khon ln v si ng.2.2.4. Mt s nhn nh ca cc nh u t v th trng chng khon Vit Nam

Hu ht cc nh u t nhn nh rng th trng chng khon Vit Nam hin nayqua t hng ho v b khng ch bi s qun l hnh chnh ca nh nc, nn chnggim nh nhng ch tiu v iu kin c nim yt trn th trng chng khon, cnh vy th mi to ra c nhiu hng ho cho th trng, t to iu kin tt nhtcho nh u t la chn hng ho tt nht cho mnh v phn tn ri ro

Nhn nh th hai kh ph bin l tin trnh xy dng cc s giao dch cc aphng cn qu chm. Hin nay mi ch c trung tm giao dch chng khon thnh phH Ch Minh v H Ni, do vy lm hn ch nhng nh u t cc a phng khc

mun tham kho cc tI liu, bn co bch v mua c phiu ca cc cng ty hin angnim yt v trong tng lai s nim yt trn sn. Tuy nhin cc nh u t cng nhn


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Vit Nam, y s l ni thch hp cho s pht trin th nghim vi th trng chngkhon v th trng ti chnh y kh pht trin. Sau y l ti trung tm giao dchchng khon H Ni c thnh lp v nm ngoi. cng l bc i quan trng vhp l cho s pht trin ca th trng chng khon Vit Nam v y l trung tm kinh

t th hai ca t nc. C chng l khong thi gian thnh lp trung tm giao dchchng khon H Ni cch qua xa thi gian thnh lp trung tm giao dch thnh ph HCh Minh, c cn mt khong thi gian th nghim di nh vy thnh lp mt trungtm giao dch th hai khng?

Mt vn th ba trn th trng chng khon l cc thng tin trn th trng tht s phn nh ng tnh hnh pht trin ca th trng cha. u nm 2006 ch s VNindex ln mt mc rt cao hn 500 im, th trng rt si ng nhng ti sao linh vy? Phi chng cc cng ty ang trn pht trin? Nhng ti sao ch ngay sau

khong 2 thng ch s li tt rt nhanh, iu ny cho thy s pht trin ca th trngkhng lnh mnh. theo cc nh u t th tnh trng si ng cu th trng l o, ch sVN index trong thi gian khng phn nh ng s pht trin ca th trng. S sing l do cu v chng khon vt qu cung lm gi cc chng khon tng cao nndn n ch s VN index tng rt nhanh. iu ny rt c th lm cho th trng chngkhon sp .

Mt nhn nh khc v pha cc nh u t l h u t nhiu lc l theo phong tro,khng c s phn tch v chng khon do cng dn n tnh trng gi ca mt loichng khon no ln cao m khng phn nh ng tnh trng kinh doanh ca cng ty

pht hnhHay tnh trng cc quan chc ti chnh cn can thip qua su v th trng. Ly mt

trng hp v d nh sau khi ng ph ch tch y ban chng khon nh nc tuyn bk t nay th h s khng can thip bin php hnh chnh vo th trng chng khonna nhng ngay sau chnh ph pht hnh cng tri gio dc km theo vn bn quytnh : cm mi t chc, c nhn mua li cng tri gio dc ny di 90% mnh gi sau1 nm, 100% sau 2 nm do ng b trng ti chnh k. Gi c trn th trng chngkhon l thun mua va bn ch u phi cm hay khng cm

C th thy theo nhn nh ca cc nh u t v th trng chng khon th thtrng chng khon Vit Nam cn nhiu khuyt tt cn khc phc bn cnh nhngthnh cng t c. Do cn c nhng bin php cn thit t pha chnh ph vcc bn tham gia th trng chng khon cho s pht trin ca th trng tht s yl mt knh huy ng vn hiu qu cho cc doanh nghip ni chung v nn kinh t niring.


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CHNG III. GII PHP PHT TRIN TH TRNG CHNG KHONVIT NAM HIN NAY.

3.1. nh hng pht trin ca th trng chng khon Vit Nam

Nh nc gi vai tr quyt nh trong vic xy dng, qun l, khuyn khch v toiu kin cho th trng pht trin theo ng ng li v nh hng ca ng vchnh ph.

U ban chng khon Nh nc l c quan nh nc qun l thng nht, nhm toiu kin cho th trng hot ng thng sut, hiu qu v an ton.

Vit Nam s xy dng mt th trng chng khon c t chc, hot ng cng bng,hiu qu an ton, bo v li ch ca nh u t, ph hp vi iu kin v hon cnh cth ca t nc, tng bc hi nhp vi th trng chng khon ca cc nc trong

khu vc v th gii.Vit Nam s xy dng v pht trin th trng chng khon t qui m nh n

qui m ln, t cha hon thin n hon thin ph hp vi iu kin v tnh hnh cth ca t nc.3.2 Mt s gii php pht trin th trng chng khon Vit Nam

Th trng chng khon l phong v biu ca nn kinh t, cc mi quan h v huyng v lun chuyn vn trn th trng chng khon c hnh thnh v bin i trnc s phn nh ca cc iu kin kinh t v m. Chnh v vy, cc chnh sch nhmm bo tnh vng chc v n nh ca nn kinh t c tm quan trng rt ln i vi s

pht trin ca th trng chng khon.S n nh kinh t v m v s nht qun trong chin lc pht trin, vai tr ca h

thng qun l c tnh cht quyt nh i vi s thnh bi ca mt th trng. V vy,chng ta cn sm xem xt cc vn bn php quy hin hnh iu chnh mt cchng b, ph hp cc mu thun trong cc vn bn php qui . iu thc s cn thitkhi son ra cc vn bn php qui l cc c quan qun l nn tham kho kin ca cccng ty pht hnh, cc cng ty chng khon hay ca cc chuyn gia trn lnh vcchng khon.

S pht trin th trng chng khon v chng trnh c phn ho c mi quanh mt thit vi nhau. Do , cn y nhanh tc c phn ho la chn mt sdoanh nghip c th pht hnh c phiu v tri phiu. y nhanh tc c phn hoth chng ta cn phi c cc vn bn php l mnh lm cn c buc cc doanhnghip phi c phn ho. Ngoi ra, Nh nc cn phi to ra mi trng kinh doanhthun li, bnh ng, c hcnh sch u i thu cho cc cng ty c phn cc cngty ny c th pht trin c. Hn na, Nh nc pha c thm cc gii php nh gip ngi lao ng vay vn mua c phn, xo b qui nh hn ch mua c phn,

tng cng kim tra tin c phn ho v tng cng tuyn truyn u im ca cphn ho. Chng ta khng ch c phn ho cc doanh nghip Nh nc m cn nn


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cht cnh tranh v b sung ln nhau. Chnh v vy, mun xy dng th trngchng khon ln mnh th phi c cc chnh sch tc ng n th trng tin t v tndng cc c s sn c ca th trng tin t pht trin th trng chng khon theomt s hng iu chnh linh hot li sut huy ng v cho vay trn th trng tin t

to iu kin thun li cho vic huy ng vn thng qua nhng cng c chngkhon, khuyn khch cc t chc hot ng trn th trng tin t, tham gia vo thtrng chng khon trn c s c s qun l cht ch ca Nh nc v vic phnnh r chc nng v phm vi hot ng.

Bt k mt th trng no mun hot ng c th cn phi c cung v cu i vihng ho trn th trng. Do trong thi k u mi ra i th trng chng khon,chng ta cn tp trung y mnh cc ngun cung v chng khon theo hng khuynkhch cc doanh nghip c iu kin pht hnh chng khon ra cng chng (c v

pht hnh ln u v pht hnh thm c phiu mi). Chng ta cn thc hin cc binphp h tr, u i, cho cc doanh nghip huy ng vn thng qua pht hnh chngkhon. y mnh cu chng khon, chng ta cn khuyn khch cc t chc, c nhntham gia mua chng khon trn c s cc bin php pht trin kinh t nhanh, bn vng,kim sot lm pht, nng cao i sng nhn dn nhm tng trng mc tit kim trongdn c. Thc hin chnh sch dn dn m ca th trng mt cch thch hp khuynkhch u t nc ngoi, vic pht trin h thng trung gian ti chnh hot ng trnth trng chng khon, h thng gim st c hiu qu, tng cng ph bin, ph cpkin thc v th trng chng khon. Thm vo , cn phi xc tin nhanh vic thnhlp th trng phi chnh thc v th trng chng khon ti H ni hay cc tri phiucn c li sut hp dn hn li sut tin gi tit kim.

Cc c quan chc nng Nh nc phi qun l cht ch cc tiu chun pht hnh,m bo chng khon pht hnh phi l chng khon c cht lng, ban hnh ch k ton, kim ton thng nht nng cao cht lng ca cc thng tin v thtrng chng khon trn th trng, to iu kin cho cc nh u t c th hiu ccc thng tin v ra quyt nh u t chnh xc. Thc hin ch cng b thng tin

bt buc, x l nghim minh cc vi phm trong pht hnh v giao dch chng khon.

Nh nc cn c chnh sch to ngun nhn lc cho th trng chng khon quavic m cc lp o to ti cc trng, trn truyn hnh, i, bo v cc kin thc t c

bn n chuyn su v chng khon v th trng chng khon. Trong hot ng ,chng ta c th la chn nhng ngi c ti thc s to iu kin pht trin thtrng chng khon3.3. Mt s gii php nng cao hiu qu hot ng ca TTCK:

Mt l, th trng cn mt c quan qun l c lp, trc thuc Chnh ph, c y cc thm quyn, iu kin v kh nng ban hnh cc vn bn php quy nhm x l

nhanh, nhy cc vn phc tp ny sinh trong thc tin thay v m hnh mt y ban(cp Nh nc) li trc thuc B (B Ti chnh), phi qua qu nhiu tng, nc nh hin


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Khng nn qun l theo kiu ci g khng qun c th cm. Vic nghim cmcc CTCK m i l nhn lnh trc y (vi phm Lut Doanh nghip) hay cm sdng mi gii t do nh thi gian gn y (khng kh thi) l cc v d c th.

Hai l,Nh nc cn c chnh sch c th i vi TTCK hn na nh thu kinh

doanh (i vi tng i tng), thu thu nhp, chnh sch v qu u t chng khon...Thng qua Nh nc iu tit v m th trng ny. Mt khc Nh nc cn iuchnh l trnh c phn ho doanh nghip nhm gim s mt cn i cung - cu chngkhon.

Ba l, t chc li cc S giao dch chng khon theo m hnh ca cc t chc tqun vi cc thnh vin l cc CTCK. Trong m hnh ny, cc t chc t qun khngch c php xc nh cc quy tc, cc quy nh iu chnh, cc hnh vi giao dch trnTTCK, xc nh t cch, tiu chun thnh vin ca S giao dch m cn xc nh hng

lot cc bin php k thut gim st th trng, cc ch ti bt buc phi tun th ccnguyn tc ra nhm bo m mt th trng cng bng v trt t.Bn l, kim sot ri ro, cn nng cao tiu chun nim yt trn c hai S giao dch

chng khon. Theo , i vi HOSE, mt cng ty mun nim yt phi c lch s hotng 5 nm, s vn thc gp phi t 200 t ng, ch s ROE bnh qun 3 nm gnnht ti thiu 15%, s c ng ti thiu 1.000 c ng. Tng t, tiu chun nim ytti HNX ln lt l 3 nm, 100 t ng, 10% v 500 c ng. Cc c phiu nim ytti HOSE nhng khng t tiu chun nim yt mi s chuyn sang nim yt ti HNX,cc c phiu khng t tiu chun ti HNX s chuyn sang giao dch ti th trngUPCOM.

Nm l, tch cc u t pht trin cng ngh, thit b hin i p ng yu cu qunl th trng mt cch hiu qu.

Su l, Nh nc cn kim tra v a ra phng php xc nh gi tr doanh nghip,bo m gi tr mang tnh khch quan v phn nh gi tr c phiu ca cng ty.

By l, khuyn khch cc doanh nghip huy ng c vn trn TTCK tip tcu t m rng ngnh ngh ang kinh doanh nhm to nn nhng doanh nghip ln cnn tng khoa hc cng ngh cao tm c quc t, tng sc cnh tranh sn phm hng

ho ca cng ty trn th trng quc t. Kim sot vic m rng quy m, pht hnh cphiu tip theo ca doanh nghip. Cc doanh nghip s c pht hnh c phiu tngvn iu l khi lng vn bng tin huy ng phi c bin thnh ti sn (mymc, thit b) v mang li hiu qu trong hot ng sn xut kinh doanh ca doanhnghip. pht hnh c phiu cng cn phi xc nh li gi tr doanh nghip.Khng ly gi tr c lm cn c xc nh mnh gi c phiu mi. Ngoi ra doanhnghip khng c thanh ton c tc cho c ng bng c phiu. V lm nh vy cngdn ti lm pht chng khon.

Tm l, cn sa i Lut Chng khon v b sung cc ch ti mi y hn, x lnghim minh hn, c tnh rn e hn cc hnh vi vi phm ngha v cng b thng tin,i d h i i h l h


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mng li truyn thng, mng tin nhn phc v cho vic cung cp thng tin trc tipt t chc nim yt n cc CTCK thnh vin v h thng mng in thoi tr li tng cc thng tin do nh u t yu cu.

Mi l,xy dng mt th trng chng khon minh bch vi y v sn c cc

thng tin xc nh cc iu kin cung cu ca th trng. Nhng thng tin ny sn ci vi tt c thnh vin tham gia th trng cng mt thi im, ngha l tt c ccthnh vin tham gia giao dch u c c hi tip cn th trng nh nhau. Chng hn vvic khng cung cp thng tin v giao dch ca nh u t nc ngoi (trong phin giaodch) ti HOSE hoc vic thu ph cung cp thng tin cho gi tin y i vi ccCTCK thnh vin ( ng ph thnh vin, ph giao dch) l cc bt hp l v cn phic xem xt!

Mi mt l, cc cng ty phi c trch nhim cung cp thng tin ng s tht, cp

nht v r rng. Cn x pht nghim i vi nhng cng ty khng cung cp thng tin vthng tin khng minh bch, sai s tht.U ban Chng khon Nh nc cn quy nh ch cung cp y thng tin v

sn xut kinh doanh cho cc nh u t i vi cc doanh nghip c c phiu, tri phiutrn TTCK, c th l hng thng, hng qu, nm...

S giao dch chng khon cn to c ch cung cp cng khai, thun li nhngthng tin hng ngy cho cc nh u t, cho cc nh nghin cu, cho cc phng vin

bo ch, cc hng thng tn khi h cn.Cng vi quy ch v cung cp thng tin nu trn, U ban Chng khon Nh nc v

cc S giao dch chng khon cn c c quan "Thanh tra" thanh tra kim tra nhngcng ty c c phiu, tri phiu pht hnh trn TTCK v vic chp hnh nhng quy chv lut l quy nh i vi TTCK. Thanh tra cc doanh nghip thc hin kinh doanhchng khon. Cc cng ty phi to c ch vic thanh tra, kim tra tin hnh thun li,hn th na c ch cn nhm to iu kin bt k ai s hu c phiu, tri phiu cacng ty c nhu cu thanh tra kim tra, gim st hot ng sn xut kinh doanh ca cngty u c th thc hin c.

Mi hai l, cn c nhng quy ch cht ch i vi cc cng ty chng khon nhm

gii quyt nhng bt cp trong vic lu k v thc hin giao dch chng khon, bo vli ch ca cc nh u t. Cn c nhng hnh pht nghim khc, k c vic thu giy

php kinh doanh i vi nhng cng ty lm mt chng khon, gi chm chng khon,gy phin h cho cc nh u t. Nh nc cn to c ch nhm rt ngn thi gian tronggiao dch chng khon.3.4. Mt s gii php v kin c nhn thc y s pht trin ca th trngchng khon Vit Nam3.4.1.C phn ho doanh nghip

C phn ho doanh nghip l mt bin php quan trng tng tnh t ch ca doanhnghip ng thi y l iu kin pht trin th trng chng khon. Th trngh kh i hi i h i h h h


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th trng chng khon. iu ny s lm cho hng ho trn th trng chng khon adng hn v hp dn nh u t hn. Nh vy n s to iu kin pht trin th trngchng khon y l mt knh huy ng vn hiu qu v tng tnh cnh tranh gia ccdoanh nghip v gi y cc doanh nghip t ch trong sn xut kinh doanh nn mc

tiu cao nht ca doanh nghip l li nhun, ti a ho gi tr ti sn ca ch doanhnghip l mc tiu ca mi doanh nghip trong nn kinh t th trng. iu s toiu kin th trng chng khon pht trin lnh mnh, l mt th trng ti chnh

pht trin cao nht ca nn kinh t.3.4. 2 Gii php cho vn lao ng di d trong DN

Gii quyt vn lao ng di d l mt vn rt phc tp, c tnh x hi su sc.Song l vic m chng ta khng th n trnh.

Trc ht chng ta phi thng nht vi nhau mt iu l vic gii quyt vn di

d i hi phi c s hp tc t c hai pha l DN v Nh nc c th hn l Chnh phv cc cp B, ngnh c lin quan. Trong s hp tc th DN l ngi c trch nhimtrc tip a ra hng gii quyt, cn Nh nc ch l ngi h tr, gip v phngii cc mu thun gia DN vi ngi lao ng.

V cc gii php c th- i vi DN: Phi ch ng xy dng k hoch gii quyt lao ng di d trn c s n SXKD ca DN vi mt s ni dung chnh l.

+ Phn loi lao ng xc nh s lao ng di d t a ra cc hng giiquyt. C th l i vi ngi lao ng sp n tui ngh hu ( ngi lao ng cn di5 nm cng tc l n tui ngh hu)c th tr cp m bo cc ch hu tr choh. i vi s lao ng cn li (chim a s), c nhiu hng gii quyt nh ti sdng sau khi o to, o to li, h tr chuyn sang ngnh ngh mi.

+ Xc nh ngun vn gii quyt lao ng di d hin ti DN c th ly t ccngun qu sau: Qu khen thng, phc li, qu tr cp mt vic lm, qu tr cp thivic, ngoi ra cn c th ly t qu o to ca n v (nu c).- i vi Nh nc: Nn hn ch h tr trc tip, tng cng h tr gin tip.

+ H tr trc tip theo tc gi ch tp trung vo: H tr mt phn kinh ph cho DN.

M ngun h tr chnh c th ly ra t qu CPH DNNN. Nhng h tr ny nn nhmvo vic o to, o to li ngh nghip cho ngi lao ng:H tr b sung cho ngilao ng ngho ti DN h c th m bo i sng trong thi gian u b mt vic(khong t 6 thng n mt nm).

+ H tr gin tip: H tr v c ch v chnh sch lp nghip i vi lao ng did nh cc danh sch u i v vn tn dng, tin thu t, v thu SXKD.3.4.3. y mnh pht trin th trng tri phiu

Th trng tri phiu l mt trong nhng th trng quan trng ca th trng chng

khon. Bn cnh c phiu th tri phiu l mt loi hng ho quan trong trn th trng.Pht trin th trng trI phiu s gp phn thc y s pht trin ca th trng chngkh h h h d h hi i h bi h h i h


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3.4.3.1 Ci cch quy trnh u thu tri phiuT trc n nay, S Giao dch, Ngn hng Nh nc Vit Nam lm i l cho B

Ti chnh trong vic u thu tri phiu kho bc loi k hn di mt nm. Khch hngthng mi v cc cng ty bo him. Ai trong s cc khch hng b thu vi li sut

thp nht, s lng tri phiu mua cao nht th s trng thu. Tuy nhin, qu trnh uthu li c nhng im khng hp l. B Ti chnh l c quan pht hnh ng l phicng b li sut tri phiu trc, sau cc ngn hng v cng ty bo him s b thuli sut. Nhng u thu c lm ngc li: cc khch hng tuyn b li sut v slng tri phiu h mun mua, sau B Ti chnh mi cng b li sut tri phiu phthnh. Li sut ca khch hng no st cn vi li sut ca B Ti chnh th s trngthu.

Vi phng thc u thu nh trn, Nh nc kh huy ng c ngun vn vi li

sut th trng ph hp. Khng t thi im li sut tin gi v li sut cho vay ca ngnhng c h thp, nhng li sut tri phiu kho bc vn cao. Cha k trong trnghp ngn sch nh nc cn tin gp u t cho mt cng trnh, d n no , phi

pht hnh tri phiu, nhng khch hng "cu kt" vi nhau, b thu li sut cao, th ccphin u thu s tht bi. V trn thc t c nhng ln u thu m khng c mttri phiu no c pht hnh.

Tm li, ta phi ci cch li hnh thc u thu : B Ti chnh l c quan pht hnhphi cng b li sut tri phiu trc, sau cc ngn hng v cng ty bo him s bthu li sut v s lng.3.4.3.2. Xy dng mt th trng tri phiu chnh ph (TPCP) chuyn bit

Xy dng mt th trng tri phiu chuyn bit s gip huy ng c mt khilng vn ln ch u t pht trin m li xut trng thu tri phiu s ngy cng ciu chnh xung thp. Tuy nhin trn thc t c nhiu c qua nhiu loi tri phiu do

pht hnh qu nhiu t v thc hin pht hnh c qua bo lnh c qua u thu nn khc th huy ng c mt lng vn ln mt lc. Do cn pht hnh tri phiu l lntc l pht hnh mt l c khi lng ln nhng chia thnh nhiu t pht hnh c cngngy o hn to iu kin cho vic a tri phiu trn th trng s cp giao dch

trn th trng th cp. c th pht hnh trai phiu l ln th cn c c ch khuyn khch cc t chc ti chnh ln tham gia u thu tri phiu v gim dn vic

pht hnh bng hnh thc bo lnh tng t ring l vi khi lng nh, to mtbng li sut mang tnh th trng


31/31

KT LUN

Trn y l nhng kin thc c bn v th trng chng khon v mt svn cng nh bin php khc phc nhng vn ca th trng chng khon

Vit Nam. C th thy th trng chng khon Vit Nam bn cnh nhng thnhcng bc u vn cn rt nhiu hn ch nhc im cn khc phc. thtrng thc s l mt knh huy ng vn hiu qu cho cc doanh nghip v chnhph ng thi cng l mi trng u t a dng v hiu qu cho nhng nh ut th cn thc hin mt cch ng b cc bin php. C nh vy mi pht huy httc dng th trng chng khon tht s l mt th trng ti chnh pht trincao nht

Trong thi gian qua chng ta l thnh vin ca WTO do th trngchng khon s c nhiu c hi pht trin hn vi s tham gia nhiu hn ca cc

nh u t nc ngoi. Vi nhng bin php trn em hi vng c th ng gp chos pht trin ca th trng chng khon.

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