Th trng ti chnh

Phan Trng Ngha

LI M U
NI DUNG TI
CHNG I : L THUYT CHUNG V TH TRNG CHNG KHON.
I. Chng khon
1 Khi nim: 6
2 Mt s loi chng khon c bn
2.1 C phiu:. 6
2.2 Tri phiu:... 6
2.3 Cc chng ch c ngun gc chng khon: 6
II. Th trng chng khon
1 Khi nim: 7
2 Chc nng
2.1 Huy ng vn u t cho nn kinh t: 7
2.2 Cung cp mi trng u t cho cng chng: 8
2.3 To tnh thanh khon cho cc loi chng khon:... 8
2.4 nh gi hot ng ca doanh nghip:.. 8
2.5 To mi trng gip chnh ph thc hin cc chnh sch v m:.. 9
3 Cc ch th tham gia th trng chng khon: 9
CHNG 2: HOT NG CA TH TRNG S CP V TH
TRNG TH CP TRN TH TRNG CHNG KHON VIT NAM.
I.Th trng chng khon s cp:
1

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Phan Trng Ngha

1.Khi nim: 9
2.c im: .. 10
II. Th trng chng khon th cp
1.Khi nim: . 10
2.c im:.11
III. Mi quan h gia th trng chng khon s cp v th trng chng
khon th cp:.. 11
IV. S hot ng ca th trng s cp v th trng th cp trn th trng
chng khon Vit Nam:... 12
CHNG III: THC TRNG V GII PHP PHT TRIN TH
TRNG CHNG KHON VIT NAM HIN NAY
I. THC TRNG TH TRNG CHNG KHON TI VIT NAM HIN
NAY:
1. S lc v th trng chng khon Vit Nam: .18
1.1 Din bin th trng chng khon giai on 2000-2005:.19
1.2 Din bin th trng chng khon giai on 2006-2008: 19
1.3 Din bin th trng chng khon 2009:.. 21
1.4 Din bin th trng chng khon 2010:.. 22
1.5 Din bin th trng chng khon nm 2011:.. 23
2. Nguyn nhn st gim ca th trng chng khon 2011:
2.1 Kinh t th gii:.. 25
2.2 Kinh t trong nc:.. 26
2.2.1 Lm pht:26
2

Th trng ti chnh

Phan Trng Ngha

2.2.2 u t trc tip nc ngoi:.. 27

2.2.3 T gi: . 27
2.2.4 Gi vng:.. 28
2.2.5 Chnh sch tin t: 28
II. CC GII PHP KIN TON TH TRNG CHNG KHON TI
VIT NAM TRONG THI GIAN TI:
1. Ch trng vc dy th trng chng khon ti Vit Nam trong thi gian
ti:.....29
2. Mt s gii php kin ton th trng chng khon Vit Nam:30
KT LUN

LI M U
Vit Nam bt u tin hnh i mi t nm 1986 v k t ti nay t nc
ta pht trin vi mt tc rt nhanh. T mt nn kinh t bao cp trc i mi
nc ta dn chuyn sang mt nn kinh t th trng k t sau i mi. Bit bao
3

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Phan Trng Ngha

thch thc t ra cho s nghip cng nghip ho hin i ho m nh nc t

ra nhm pht trin nn kinh t ca t nc. Tuy nhin nhng thch thc cng
ch ra rng nn kinh t th trng ca chng ta cn qu yu km. Cuc khng
hong ti chnh tin t ng Nam 1997 ch ra iu rt r. Trong khi cc
nc trong khu vc b nh hng rt nng n t cuc khng hong th dng
nh chng ta vn khng c mt cht nh hng gi ng k, tc tng trng
kinh t hng nm vn t c mt mc kh cao. iu phi chng l do
chng ta qun l tt, nn kinh t chng ta mnh nn khng b nh hng
ln t cuc khng hong. Nhng s tht khng phi nh vy m do mt nguyn
nhn rt n gin l do nn kinh t ca chng ta cn qu t c quan h vi cc
nn kinh t khc nn d trong khu vc b khng hong th chng ta cng khng b
nh hng qu ln.Trong mt th gii m xu hng ton cu ho nh hin nay
ang din ra rt nhanh th th hi mt nn kinh t c th tht s pht trin nu
khng c quan h kinh t vi cc nn kinh t khc? Dng nh nhn ra iu k
t sau cuc khng hong 1997 v sang u nm 2000 ng v nh nc ta thc
hin nhiu bin php nhm thc y s pht trin kinh t, thu ht u t nc
ngoi, m rng quan h kinh t vi cc nc v khu vc trn th gii phc v
mc tiu pht trin kinh doanh. phc v cho mc tiu pht trin kinh doanh th
nh nc thc hin nhiu bin php pht trin cc th trng. Trong th
trng vn l mt trong nhng th trng ht sc quan trng huy ng vn cho
cc mc tiu pht trn kinh t x hi. Mt trong nhng knh huy ng vn m nh
nc t chc l th trng chng khon vi vic m trung tm giao dch
chngkhon ti thnh ph H Ch Minh vo thng 7 nm 2000. T n nay th
th trng chng khon c mt s ng gp vo s pht trin kinh t ni chung.
Tuy nhin s pht trin th trng chng khon Vit Nam cn gp nhiu kh
khn, nu khng c bin php khc phc th thm ch n cn l vt cn cho s pht
trin kinh t. Chnh v th, m hn bao gi ht chng ta cn phi chun b mt cch
k cng c v kin thc c bn v cc kinh nghim ca cc nc khc trn th gii
v c cu qun l v kim sot hot ng ca th trng chng khon. th
trng ny tht s l mt knh huy ng vn hiu qu cho cc mc tiu pht
trin kinh t. Trn c s em chn ti Hot ng ca th trng chng khon
Vit Nam hin nay nghin cu v hiu r hn v thc trng th trng chng
khon Vit Nam, phn tch nhng ci chng ta lm c, nhng ci cn cha
lm c.T ra nhng gii php gp phn pht trin th trng chng khon
Vit Nam hin nay.

Th trng ti chnh

Phan Trng Ngha

ti gm 3 chng:
-Chng I: L thuyt chung v th trng chng khon
-Chng II: Hot ng ca th trng s cp v th trng th cp trn th
trng chng khon Vit Nam
-Chng III: Thc trng v gii php pht trin TTCK Vit Nam hin nay

Th trng ti chnh

Phan Trng Ngha

NI DUNG TI
CHNG I : L THUYT CHUNG V TH TRNG CHNG KHON.
I. Chng khon
1 Khi nim:
Chng khon l thut ng dng ch cc chng ch u t hoc cho vay vn
nhm thu c trong tng lai mt khon li tc. Chng khon bao gm 3 loi
chnh sau:
Chng khon vn: c phiu.
Chng khon n: tri phiu.
Cc chng ch c ngun gc chng khon: chng quyn, chng ch th
hng.
2 Mt s loi chng khon c bn
2.1 C phiu
C phiu l chng ch c phn xc nhn s gp vn ca ngi nm gi c phiu
vo cng ty c phn v xc nhn quyn v li ch hp php ca ngi nm gi c
phiu vi ti sn v thu nhp ca cng ty.
2.2 Tri phiu
Tri phiu l tho thun vay n mang tnh cht hp ng theo ngi i vay pht
hnh tri phiu vi cam kt se tr cho ngi cho vay, ngi nm gi tri phiu mt
s tin li nh k v khi tri phiu ht hn l lc khon thanh ton cui cng s
c thc hin.
2.3 Cc chng ch c ngun gc chng khon
Gm cc loi chng khon sau:
Chng quyn: l giy xc nhn quyn c mua c phiu mi pht hnh ti
mc gii tng bn ra ca cng ty. Cc chng quyn thng c pht hnh
cho c ng c, sau chng c th c em ra giao dch.
6

Th trng ti chnh

Phan Trng Ngha

Chng kh: l cc giy t c pht hnh km theo cc tri phiu, trong

xc nhn quyn c mua c phiu theo nhng iu kin nht nh.
Chng ch th hng: l giy xc nhn quyn li ca khch hng l nhng
nh u t c nhn trong cc qu u t nht nh. Chng ch ny c th
c mua bn, giao dch trn th trng chng khon nh cc giy t c gi
tr khc. Chng ch ny do cng ty tn thc u t hay cc qu tng h pht
hnh (l t chc chuyn nghip thc hin u t theo s u nhim ca khch
hng)...
II. Th trng chng khon
1 Khi nim
Th trng chng khon trong iu kin ca nn kinh t hin i c quan nim
l ni din ra cc hot ng trong giao dch mua bn chng khon trung v di
hn. Vic mua bn ny c tin hnh trn th trng s cp khi ngi mua mua
c chng khon ln u t nhng ngi pht hnh v nhng th trng th
cp khi c s mua di bn li cc chng khon cpht hnh th trng s
cp Nh vy xt v mt hnh thc th trng chng khon ch l ni din ra
cc hot ng trao i, mua bn, chuyn nhng cc loi chng khon qua thay
i ch th nm gi chng khon.
2 Chc nng
2.1 Huy ng vn u t cho nn kinh t
Th trng chng khon c xem nh chic cu v hnh ni lin ngi tha vn
vi ngi thiu vn h gip nhau thng qua vic mua bn c phiu v qua
huy ng vn cho nn kinh t, gp phn pht trin sn xut kinh doanh to
cng n vic lm cho ngi lao ng, gim tht nghip, n nh i sng dn c v
thc y nn kinh t pht trin.Thng qua th trng CK,chnh ph v chnh quyn
a phng cng huy ng cc ngun vn cho u t pht trin c s h tng.Th
trng chng khon ng vai tr t ng iu ho vn gia ni tha sang ni thiu
vn. V vy, n gp phn giao lu v pht trin kinh t. Mc iu ho ny ph
thuc vo quy m hot ng ca tng th trng chng khon. Chng hn, nhng
TTCK ln nh Lun n, Niu c , Paris, Tokyo,... th phm vi nh hng ca n
vt ra ngoi khun kh quc gia v y l nhng TTCK t lu c xp vo loi
hot ng c tm c quc t. Cho nn bin ng ca th trng tc ng mnh m
7

Th trng ti chnh

Phan Trng Ngha

ti nn kinh t ca bn thn nc s ti, m cn nh hng n th trng chng

khon nc khc.
2.2 Cung cp mi trng u t cho cng chng
Bn cnh cc th trng m t trc n gi ngi dn hay u t nh th trng
bt ng sn hay hnh thc u t qua gi tin vo ngn hng th t khi c th
trng chng khon n tr thnh mt trong nhng mI trng u t mi cho
ngi dn, gip h c nhiu c hi la chn hnh thc u t hn. Hn th na th
trng chng khon vi cc hng ho l chng khon ht sc a dng cng lm
tng la chn u t cho cng chng.
2.3 To tnh thanh khon cho cc loi chng khon
Nh c th trng chng khon m cc nh u t c th chuyn i chng khon
thnh tin khi h mun.Chc nng cung cp kh nng thanh khon bo m cho th
trng chng khon hot ng hiu qu v nng ng. Khng ch vy m nh c
th trng chng khon cung cp tnh thanh khon m cc chng khon do cng ty
pht hnh d dng c chp nhn trn th trng do n c th oc mua i bn li
d dng.
2.4 nh gi hot ng ca doanh nghip
Th trng chng khon l ni nh gi chnh xc cc hot ng ca doanh nghip
thng qua ch s chng khon trn th trng .Vic ny kch thch cc doanh
nghip nng cao hiu qu s dng vn, p dng cng ngh mi. V d mt loi
chng khon nh c phiu m trn th trng ang c nh cu cao iu chng
t hot ng ca cng ty pht hnh ang rt thun li, lm n hiu qu nn gi tr
thi trng ca c phiu ca n trn thi trng cng tang cao. iu ng thi
thc y doanh nghip m rng u t thc y kinh doanh. C th ni ti a ho
gi tr c phiu trn th trng l mt trong nhng mc tiu quan trng trong hot
ng kinh doanh ca doanh nghip.
2.5 To mi trng gip chnh ph thc hin cc chnh sch v m
Thng qua cc chnh sch v m i vi th trng chng khon chnh ph c th
nh hng u t hay thc y th trng ti chnh bi th trng chng khon l
mt trong nhng th trng bc cao nht ca th trng chng khon. Ngoi ra
chnh ph cng c th huy ng vn bng cch pht hnh tri phiu chnh ph trn
8

Th trng ti chnh

Phan Trng Ngha

th trng huy ng vn cho cc mc tiu v m hay mua bn tri phiu kim

ch lm pht.
3 Cc ch th tham gia th trng chng khon:
Nh pht hnh
Nh u t
Cc cng t chc kinh doanh trn th trng chng khon: Cng ty chng
khon. Qu u t chng khon,Cc trung gian ti chnh,Cc t chc c lin
quan n th trng chng khon
CHNG 2: HOT NG CA TH TRNG S CP V TH
TRNG TH CP TRN TH TRNG CHNG KHON VIT NAM.
I.Th trng chng khon s cp:
1.Khi nim:
Th trng s cp l ni mua bn cc chng khon ln u pht hnh.Trn th
trng ny vn ca nh u t s chuyn sang nh pht hnh khi nh u t mua
chng khon pht hnh.Th trng s cp thc hin chc nng quan trng nht ca
th trng ti chnh l chc nng huy ng vn v l tin cho hot ng ca
th trng th cp.
Th trng s cp cn c gi l th trng cp mt hay th trng pht hnh.Th
trng s cp chnh l tin cho s pht trin ca th trng chng khon ni
chung.
2.c im:
Th trng chng khon s cp l b phn cu thnh hu c v khng th
tch ri ca th trng chng khon. Th trng s cp l tin cho s ra
i v pht trin ca th trng chng khon.
Th trng chng khon s cp l th trng pht hnh chng khon mi
hay cn c gi l th trng pht hnh.
Hot ng ca th trng s cp to ra mt knh huy ng vn u t cho
nn kinh t. th trng s cp, ngi pht hnh nhn c tin t vic bn
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Th trng ti chnh

Phan Trng Ngha

chng khon. Qua hot ng ny th trng s cp, cc ngun tin nhn

ri trong dn c, trong cc t chc kinh t, x hi c chuyn thnh vn
u t di hn cho ngi pht hnh chng khon. Th trng s cp l mt
knh phn b vn c hiu qu. Chnh v vy, th trng s cp khng nhng
ng vai tr tp hp cc ngun vn m cn l cng c hu hiu nhm nng
cao hiu qu hot ng ca nn kinh t.
Th trng chng khon s cp l th trng hot ng khng lin tc, n
ch hot ng khi c t pht hnh chng khon mi.
Tham gia vo th trng chng khon s cp ch yu l cc nh pht hnh,
cc nh u t v cc nh bo lnh (trng hp pht hnh chng khon theo
phng thc bo lnh pht hnh).
Tin bn chng khon trn th trng s cp thuc v cc nh pht hnh, do
hot ng th trng ny lm tng vn u t cho nn kinh t.
Khi lng v nhp giao dch th trng s cp thp hn nhiu so vi
th trng th cp.
II. Th trng chng khon th cp:
1.Khi nim:
Th trng th cp: Th trng th cp (secondary market) l khi nim phn bit
vi th trng s cp (primary market), thng m ch mt loi th trng ti
chnh, chng hn nh th trng c phiu hoc tri phiu.
Trn th trng th cp, ngi ta giao dch v trao i cc ti sn ti chnh c
pht hnh ln u qua th trng s cp.Ni cch khc, th trng th cp l ni
giao dch cc ti sn ti chnh ang tn ti.
2.c im:
- L th trng mua i bn li cc loi CK c pht hnh ln u th trng
s cp
- Th trng th cp to iu kin d dng bn nhng CK pht hnh th
trng s cp, TT th cp ny lm cho cc CK c tnh lng hn, tnh lng ny lm
cho CK c a chung v s lm cho cc t chc d dng hn cho cc t chc
10

Th trng ti chnh

Phan Trng Ngha

pht hnh bn chng th trng s cp

- TT th cp xac gi bn ca mi loi CK m t chc pht hnh bn th trng
s cp
Mc d TT th cp khng lm tng them vn u t cho nn kt nhng chnh
nh 2 chc nng ny m th trng th cp c v tr quan trng trong tng th th
trng ti chnh
- Vic mua bn trn TT th cp c tin hnh thng qua cc cng ty mi gii
- Th trng th cp c t chc theo 2 cch: Th trng tp trung, TT phi tp
trung, TT th 3 l th trng trong h giao dch mua bn c thc hin thng
qua h thng u gi ca S giao dch v h thng my tnh ca th trng OTC
- Th trng ny hot ng lin tc,cc CK c mua i bn li lm tng kh nng
thanh khon cho CK .
III. Mi quan h gia th trng chng khon s cp v th trng chng
khon th cp:
Th trng s cp l c s, l tin cho s hnh thnh v pht trin ca th
trng th cp v l ni cung cp hng ha chng khon trn th trng th cp.
Khng c th trng s cp th khng th c s xut hin ca th trng th cp.
Ngc li, th trng th cp n lt n l ng lc, l iu kin cho s pht trin
ca th trng s cp. Mi quan h th hin qua cc gic :
Th nht, TT th cp lm tng tnh lng cho cc chng khon pht hnh, lm
tng s a chung ca chng khon v gim ri ro ca cc nh u t. Cc nh u
t s d dng hn trong vic sng lc, la chn, thay i danh mc u t, trn c
s , doanh nghip gim bt c chi ph huy ng v s dng vn, tng hiu qu
qun l doanh nghip. Vic tng tnh lng ca chng khon to iu kin chuyn
i thi hn ca vn, t ngn hn sang trung v di hn, ng thi to iu kin
phn phi vn mt cch hiu qu.
Th hai, TT th cp c coi l tt nh gi cc cng ty, xc nh gi cc
chng khon pht hnh trn th trng s cp.
Th ba, thng qua vic xc nh gi, tt th cp cung cp mt danh mc chi
ph vn tng ng vi mc ri ro khc nhau ca tng phng n u t, to c
s tham chiu cho cc nh pht hnh cng nh cc nh u t trn th trng s
11

Th trng ti chnh

Phan Trng Ngha

cp. Thng qua bn tay v hnh, vn s c chuyn n nhng cng ty lm n

hiu qu nht, qua lm tng hiu qu kinh t x hi.
IV. S hot ng ca th trng s cp v th trng th cp trn th trng
chng khon Vit Nam:
Chng ta u bit, mt trong nhng nt c trng trong hot ng ca th trng
ti chnh l s hot ng nhp nhng ca hai loi th trng: th trng s cp v
th trng th cp. Th trng s cp l ni din ra mua bn chng khon mi pht
hnh ln u. Khi th trng s cp vn hnh, cc cng ty cn vn huy ng
c vn. Th trng th cp l ni din ra hot ng mua i bn li cc chng
khon c pht hnh. Tuy khng lm tng vn cho cc cng ty nim yt,
nhng s hot ng no nhit ca th trng th cp to ng lc th trng s
cp hi sinh v pht trin. V th TTCK ch hot ng khi c hai th trng c
vn hnh sun s. y vy m Vit Nam tng hin din mt TTCK, th trng
th cp rt si ng bn cnh mt th trng s cp hu nh vn ang ng yn.
Thc trng ny phn nh rng, mt mt, s si ng ca th trng cp 2 hon ton
c lp hon ton vi th trng cp 1. C th, c nhng thi gian m cu
chng khon > cung chng khon rt nhiu, dn n gi c chng khon tng
lin tc ngay c khi doanh nghip khng c nhng bc chuyn mnh v kt qu
kinh doanh. Ngc li, gi c chng khon st gim mnh, do cu chng khon
suy gim, ngay c khi cc cng ty nim yt vn c nhng ch s ti chnh rt lnh
mnh. Mc khc, s si ng ca th trng cp 2 khng c tc dng lm cho
th trng cp 1 nng ln, khng to ra ng lc th trng s cp tip tc hot
ng. T khi khai trng n nay vn ch duy nht c Cng ty c phn giy Hi
Phng-HAPACO- xin pht hnh them c phiu. Phn ln cc cng ty khng c k
hoch tip tc cung ng nhng chng khon mi cho th trng. y cn phi
khng nh rng, s c lp ca hai th trng nh vy l mt trng thi khng
bnh thng. Hot ng nh th tc l TTCK cha vn hnh theo ng c ch vn
c ca n. u cng c ngha l, chng no TTCK mi ch thc hin c chc
nng phn phi li thu nhp t nh u t ny n nh u t khc, th chng
TTCK vn cn cha lm ng chc nng c bn ca n l lun chuyn vn t ni
nhn ri n ni c nhu cu u t.
12

Th trng ti chnh

Phan Trng Ngha

Thc trng ny cn c xem xt t hai pha. Th nht l nguyn nhn ca

s ng bng trn th trng s cp v vn th hai l iu g to ra s no nhit
trn th trng th cp. Trong mc ny chng ti tp trung phn tch vn th
nht, (vn th hai s c tr li vo mt dp khc).
Trn TTCK Vit Nam trong nhng phin giao dch u, s hin din ca
mt cng ty nim yt (CTNY) l kt qu ca qu trnh phn u v chn lc. l
cc doanh nghip (DN) tiu biu trong nn kinh t giai on . Song, nu xt
mt cch cng bng th cc CTNY bui ban u c c vinh d l do h c
khuyn khch, c u tin kh nhiu. iu ny c th ngay t qu trnh h tr
thnh cng ty c phn (CTCP), n cc ng tc c php can thip vo th
trng, khi th ko gi ln, khi th kim gi xung ca h. C l nhng u i
cng hon ton tng xng vi vai tr lch s ln lao ca h, nh l nhng ngi
i tin phong trong vic to lp TTCK Vit Nam, mt s kin c ghi vo lch s,
nh du s pht trin nn kinh t th trng (KTTT) Vit Nam giai on cui
th k 20. Nhng c th thy r nhng bt cp cng ny sinh t y. Do hon cnh
xut hin trn TTCK c bit nh vy nn a phn cc CTNY khng ch tm lm
n vic s dng mt cch hiu qu ng vn vay c. Thay vo , h lo
nhiu hn n vic gi gi, hoc tng gi c phiu ca mnh bng cc bin php
phi th trng, nhng li c khuyn khch. C nhiu cng ty t mc ch nim
yt trn TTCK l c hng nhng u i nh gim thu trong 2 nm,
qung b thng hiu ca mnh trn th trng v.v, ch khng hn l huy
ng vn cho kinh doanh. Nhng hnh vi ny gp phn lm ng bng th trng
s cp, lm cho tnh trng ngho nn hng ha trn TTCK b ko di. Th trng
din ra vic mua bn c phiu ca cc cng ty kiu nh vy, ng nhin cha th
coi l knh dn vn lnh mnh cho cc doanh nghip trong nn kinh t.
Khi t chc i hi c ng thng qua k hoch hot ng tng nm,
mi cng ty c d n ring, nhng c mt im chung nht l cc cng ty ny u
khng mun pht hnh thm c phiu huy ng thm vn. C th nhn thy l
cc CTNY u th vi vic huy ng vn trn TTCK. Chng hn, SACOM cn
huy ng ti 350 t ng, TRASIMEX cng cn n vi chc t ngnhng li
trng ch vn bng cc con ng khc. Ngy 18/12/2001 LAFOCO chnh thc
cng b tin hnh xy dng nh my ch bin thy sn xut khu. D n c gi tr
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Th trng ti chnh

Phan Trng Ngha

u t khong 38,4 t ng. Trong 8,4 t ng vn t c, 30 t cn li cng ty d

nh vay t Qu h tr pht trin vi li sut 0,45% / thng, ch khng huy ng
bng pht hnh c phiu mi.
C nhiu l do gii thch hin tng ny. Nhng d l nguyn nhn no th
iu ny cng phn nh mt thc t l TTCK cha c xem l ni huy ng vn
hp dn cho cc doanh nghip. Ra i trong bi cnh khi cc CTNY u l DN c
phn ha, v th hot ng ca TTCK Vit Nam thi gian qua ch yu din ra trn
th trng th cp. Th trng s cp khng hot ng v khng c hot ng pht
hnh chng khon. Nh vy vic a c phiu vo nim yt ch l bc ng k
li v lu k s chng khon pht hnh trong giai on c phn ha trc y.
Do tnh cht nh vy, nn vic mua bn cc c phiu trn r rng khng tng thm
mt ng vn no cho cc CTNY. i chiu vi cc chc nng ca TTCK th r
rng, TTCK Vit Nam thi gian qua mi to tnh thanh khon cho cc chng
khon pht hnh, ch cha thc hin chc nng chnh ca TTCK l huy ng
vn di hn cho cc doanh nghip. iu ny li xut pht t chnh thi ca cc
DN i vi th trng. Cc DN hin nay dng nh cha cn n knh huy ng
vn qua TTCK.
Tm hiu cc ng c tham gia TTCK ca cc cng ty c phn hin nay cho
thy, cc cng ty ny trng i t TTCK nhiu vn khc, ch khng phi l vn
to ngun vn. R rng, nu ch t c vn huy ng vn th cc CTCP
ny khng nht thit phi trng i vo TTCK, mt knh cn qu mi m Vit
Nam vi y ri ro. Thc t l, nu t c cc iu kin nim yt nh quy
nh trong Ngh nh 48/1998/ N-CP, th cc cng ty ny cng rt d tip cn
ngun vn ca cc NHTM. Hn na, nu vay ngn hng, cc cng ty ny cn c
li hn v chi ph, v thu, t s c iu kin tr c tc cao hn cho c ng, v
quan trng hn l, quyn iu hnh, qun l cng ty vn thuc v cc c ng c.
R rng, tham gia nim yt trn TTCK cc CTCP tnh n nhng li ch khc.
Suy cho cng, cc CTCP trn th gii khi tham gia TTCK cng u c nhiu mc
tiu. Song, mc tiu huy ng vn cho kinh doanh phi l mc tiu hng u, cc
mc tiu khc ch l h qu. Cn i vi Vit Nam tnh hnh li c phn khc. Vic
mt s cng ty hng u trn TTCK nh REE, SACOM khi cn huy ng thm
vn li trng i vo con ng khc, nh nu, cng chng t TTCK Vit Nam
14

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Phan Trng Ngha

hin nay cha c coi l knh u t quan trng i vi cc DN trong nn kinh

t.
S tch ri hai th trng cn xut pht t qun l nh nc trn 2 th trng
cha hp l. Vit Nam dng nh th trng th cp c mi trng hot
ng tt hn th trng s cp, c th:
Th nht, th trng th cp c qun l cht ch v tp trung
TTGDCK. Tnh cht cht ch ny biu hin cc quy nh vi cc t chc pht
hnh chng khon, t chc trung gian vi cc nh u t. Hn na, nhng quy
nh c tnh php quy ny khng ngng c xem xt sa i, b sung cho ph
hp vi thc t. Chng ta bit vic ra i Ngh nh 48/1998/N-CP l kt qu ca
gn 10 nm nghin cu v n nay TTCK li chun b n nhn vn bn sa i
Ngh nh ny. Trong khi th trng s cp li gn nh b th ni. Ch th chnh
s xut hin trn th trng s cp l nhng CTCP c thnh lp, hoc t qu
trnh CPH cc DNNN, hoc l c thnh lp mi theo Lut DN. Quy nh php
l m cc cng ty ny phi tun theo l nhng vn bn hng dn CPH ca B Ti
chnh. Cc vn bn ny khng thng nht v khng ng b. C th, cc iu in
cn phi c nim yt trn TTGDCK cht ch hn nhiu so vi iu kin bn c
phiu cho cng chng ca cc DNNN CPH. Qu tht, ch n khi c nhu cu
pht hnh thm c phiu huy ng thm vn nh HAPACO, cc DN mi thy
ht s thiu ng b ca cc vn bn hin hnh. S kin cng ty HAPACO c
php pht hnh c phiu mi l mt du hiu ng mng, ghi nhn s khi sc ca
th trng s cp, nhng nhng trc trc ca t pht hnh thm c phiu mi ca
HAPACO thi gian qua c nh hng xu n nh huy ng thm vn ca cc
cng ty NY trn TTCK. Cc iu kin cng ty nim yt pht hnh thm c
phiu kh khn hn rt nhiu so vi vic pht hnh thm c phiu ca mt CTCP
n thun, cha nim yt. i vi cc CTCP NY trn TTCK, th tc pht hnh c
phiu phi tun th theo quy nh ca Ngh nh 48/1998/ N- CP v phi c
chp nhn ca UBCKNN. Cn i vi CTCP cha nim yt li khng c vn bn
php lnh no iu chnh, khng phi im ton. Nh u t vo cc c phiu ny
th khng c cung cp thng tin y v chnh xc. y l mt bt hp l. Bi
v, vic pht hnh c phiu ra th trng, cho d l ca CT nim yt hay cha
15

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Phan Trng Ngha

nim yt, th u c chung mc ch huy ng vn cho DN. V th, cc DN ny

u phi bnh ng trc php lut.
Ngoi ra, chnh nhng u i cho cc CT NY so vi cc CT cha NY li
tim n yu t km hm th trng. Nu n khuyn khch DN nim yt CK trn th
trng, th n li gy tr ngi cho vic xut hin cc CTNY mi. Do c u i
nn cc CTNY c kh nng tr c tc kh cao. C cng ty c t l c tc ln n
15 18%/nm ( Theo Chng khon Vit Nam thng 7/2002 v u t chng
khon s 147). R rng trong iu kin li sut vay NHTM ch vo khong 9% 10%/ nm th l ng nhin cc DN cha ln sn giao dch s chn con ng
vay vn qua NHTM hn.
Th hai, gi c ca CK trn th trng s cp v th trng th cp tuy b
quy nh bi nhng nhn t khc nhau, song chng u c hnh thnh t th
trng, do th trng tc ng. Gia th gi v mnh gi c mi lin h ph thuc,
nhng vn c tnh c lp tng i.Gi c c phiu c th trng, c th cao hn
v cng c th thp hn mnh gi. Gi c c phiu c th trng, c th cao hn v
cng c th thp hn mnh gi. Thng thng gi bn ca cc cng ty mi pht
hnh th trng s cp l theo mnh gi, v lc ngi mua cha c cn c
xc nh c phiu.Cn vi cc cng ty hot ng mt thi gian, c v tr nht
nh trn th trng, th gi bn thng cao hn mnh gi. Vi nhng cng ty hot
ng km hn, gi CK ca h c th khng cn c bng mnh gi ban u na.
Th nhng, Vit Nam tnh hnh din ra li khng hon ton nh vy. Nu trn th
trng th cp gi c CK phn no tun th th trng, chu tc ng ca cc
nhn t th trng (cho d l cc yu t tm l ca cc nh u t CK), th gi
bn c phiu ca cc CTNY trn th trng cn b can thip th bo bi nhng
nhn t phi th trng. C th ni, cc c phiu ca cc DNNN CPHN buc
phi bn theo mnh gi l 10.000 ng/ c phiu, cho d hiu qu hot ng gia
cc DN l khc nhau, biu hin mc c tc cng b l rt khc nhau. Vic quy
nh cc DN c t l c tc hng thng khc nhau phi chp nhn bn c phiu vi
cng mc gi l mt s phi l. Kt qu tt yu ca s khng tn trng th trng
xy ra. Ch c ngi thn quen mi c th mua c c phiu ca nhng DN c t
l c tc chi tr cao. Th trng s cp r rng bin dng t trong trng! T hi
hn, s mo m ca th trng s cp li lm th trng th cp b nh hng. Gi
16

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Phan Trng Ngha

c ca nhng c phiu c mua vi gi thp trn th trng s cp nh vy lp

tc c tng nhanh trn th trng th cp. Trn th trng mua bn nhng c
phiu cha nim yt, gi c ca cc c phiu c th tng gp nhiu ln. V
chnh ph phi ra tay. Vic quy nh gi trn cho cc c phiu nim yt nh vy,
thc cht l s chng li th trng , song khng em li kt qu nh mong
mun , m ch l sai lm ni tip sai lm m thi! Th trng ni gin: cn st
di v gi c phiu li nhiu n tng v bi hc qu bu cho chng ta.
TTCK ph lng ngi, n khng tr thnh knh huy ng vn v to iu kin
cho vic s dng ng vn c hiu qu, m tri li, vn ch s hu ca cc DNNN
CPH tht thot hng nghn t ng. l ci gi kh t cho nhng bi hc qu
bu: c mc gi hp l ca cc c phiu trn th trng s cp cn phi qua u
gi, chnh cung cu v nhng c phiu mi pht hnh ln u s quyt nh gi
ca cc c phiu .
Cui cng l vn v thng tin. Cung cp thng tin cho th trng Vit
Nam hin nay vn l nhng hn ch ln. Bit rng, khc phc vn thng tin
khng i xng trn th trng l khng th c, nhng chng ta phi c s quan
tm ng u n vic cung cp thng tin trn c hai th trng. Hin nay, trn th
trng s cp, thng tin cn thiu tnh cng khai. Vic nh gi ti sn cng ty
thng thp hn nhiu so vi gi th trng, tnh chiu l s si ca cc phng n
CPH ca doanh nghip so vi bn co bch ca cc cng ty mun nim yt trn
TTGDCK v.v Tt c nhng iu th hin s khng ng b trong qun l ca
nh nc i vi hai th trng ny. Thc t, nu chng ta gn c qu trnh c
phn ha cc doanh nghip vi vn pht hnh c phiu ra cng chng, th vic
ng k nim yt trn TTGDCK ca cc CTCP ch cn da vo cc tiu chun,
nh quy m vn ca DN, lng c phiu, tnh hnh hot ng kinh doanh ca cng
ty Vic pht hnh c phiu ra cng cng cng s to mt ngun cung hng ha
mi, hng ha thc s cho TTCK. Th trng s cp, mi c iu in hi sinh v
lin tc pht trin.
Nh vy th trng s cp hi sinh tr li, vn cp bch hin nay l
cn c nhng c ch lm tng mi quan tm ca cc DN n TTCK. Cc DN
phi thc s thy rng y l ni huy ng vn hu hiu nht. Trong iu kin nh
hin nay, cn c cc bin php kch thch DN pht sinh nhu cu vn u t. Mc
17

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Phan Trng Ngha

d nh nc c nhng u i ng k cho DN. Song, iu quan trng l cc DN

cha c nhu cu gi vn. Do vy, ngoi nhng u i trn c phiu, Nh nc cn
ci thin mi trng u t, h tr DN trong vic tm kim i tc, m rng th
trng tiu th sn phm v.v Mt iu cng rt quan trng cc cng ty quan
tm hn n TTCK l cc bin php khuyn khch trn phi gn lin vi vic hn
ch, i n chm dt nhng khon vay khng hp l t ngn hng, ca cc DN,
c bit l cc DNNN. Ch c nh vy, TTCK Vit Nam mi bc ra khi tnh
trng hot ng lch pha, khng bnh thng nh tng xy ra nc ta.
CHNG III: THC TRNG V GII PHP PHT TRIN TH
TRNG CHNG KHON VIT NAM HIN NAY
I. THC TRNG TH TRNG CHNG KHON TI VIT NAM HIN
NAY:
1. S lc v th trng chng khon Vit Nam:
i vi cc nc pht trin, cc ch bo ca TTCK c xem nh l mt cng c
phn nh ng thi ca nn kinh t mt cch nhy bn v kh chnh xc nht.
Chnh v vy, TTCK lun c coi l phong v biu ca nn kinh t.
TTCK Vit Nam tri qua hn 10 nm xy dng v pht trin (t nm 2000 n
nm 2011) tng bc khng nh vai tr ca n nh l mt knh huy ng vn
di hn cho nn kinh t b sung cho h thng ngn hng. C th s lc lch s
hnh thnh TTCK Vit Nam nh sau:
1.1 Din bin th trng chng khon giai on 2000-2005:
Nm 2000, vi 02 cng ty nim yt khi a Th trng giao dch chng khon Tp.
H Ch Minh vo hot ng, TTCK c mc tng trng nhanh v gi do ngun
cung hng ha khan him, ch s VN-Index lin tc tng v t ti nh im l
571,04 im ngy 25/06/2001. Sau ,th trng lin tc st gim trong sut 03
nm sau trc khi tng mnh tr li vo cui nm2003. Nm 2005, sau khi Th
trng giao dch chng khon H Ni i vo hot ng, tng s cccng ty nim
18

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Phan Trng Ngha

yt trn c hai th trng l 44 cng ty vi tng gi tr nim yt l 4,94 ngn t

ng.Tuy nhin, nhn chung giai on 2000-2005 l giai on hot ng kh trm
ca TTCK Vit Nam.
1.2 Din bin th trng chng khon giai on 2006-2008:
TTCK Vit Nam giai on cui nm 2006 v u nm 2007 chnh l giai on m
th trng bng n nht. Nm 2006 ch s VN-Index tng ti 146% v trong 03
thng u nm 2007, ch s ny tip tc tng thm 46% t mc nh 1.170 vo
ngy 12/3. Bin ng ca th trng ny c th c chia lm 03 giai on: giai
on chun b bc ph do Vit Nam chun b gia nhp WTO,giai on th trng
tng trng mnh v giai on iu chnh. Trong giai on u, nhng s kin
kinh t chnh tr tch cc ca quc gia nh Vit Nam gia nhp WTO, t chc thnh
cng hi ngh APEC to hnh nh Vit Nam hp dn cc nh u t. T thng
12/2006, s bng n v s lng cc cng ty nim yt cng vi kt qu kinh doanh
tt to ra mt s bng n cho th trng cho n thng 3/2007.

19

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Phan Trng Ngha

Din bin ch s VN-Index v cc s kin quan trng giai on t thng

06/2006 n thng 07/2007(Ngun: Cng ty C phn Chng khon Si Gn).

Din bin 2 ch s VN-Index v HNX-Index v cc thng tin quan trng giai

on t thng 12/2007 n thng 7/2008 (Ngun: Cng ty c phn Chng
khon Bo Vit). Nhng thng cui nm 2008, th trng gim im v ko
di n u nm 2009.

1.3 Din bin th trng chng khon 2009:

T ngy 01/01/2009 n 31/12/2009 VN-Index tng thm 171,96 im t 312,49
im ln n 494,77 im tng ng vi mc tng l 58%. Nu tnh t y thp
nht trong nm khi VN-Index mc 234,66 im vo ngy 24/02/2009 v nh
cao nht l 633,21 im vo ngy 23/10/2009 th VN-Index tng 2,69 ln.
Tng t sn HNX mc tng trng trong nm 2009 ca HNX-Index l 60,9%;
v nu so t y thp nht 78,06 im ln nh cao nht trong nm 218,38 im th
HNX-Index tng 2,79 ln. Tnh n cui nm 2009, c 541 doanh nghip
20

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Phan Trng Ngha

nim yt c phiu trn c hai sn giao dch chng khon v 4 chng ch qu i

chng nim yt, vi tng gi tr nim yt t 127,489 nghn t ng, tng 66,5 ln
so vi cui nm 2005. Tng gi tr vn ha th trng tnh t thi im ngy
31/12/2009 c t 620,551 nghn t ng tng ng vi gn 38% GDP c nm
2009.
1.4 Din bin th trng chng khon 2010:
Sang n nm 2010, xu hng th trng c chia lm 04 giai on chnh:
Giai on 1 (t 01/10-04/11): gim nh, i ngang xen k cc t tng nh.
TTCK m ca nm 2010, vi lin tip cc phin gim im nh hng bi thng
tin khng chnh thc t vic tng li sut c bn, VN-Index ri mnh t 530 xung
cn 478 im. Tip , VN-Index tng quay li ngng 530 do c h tr bi
thng tin li sut c bn vn c gi mc 8% v vic pht hnh thnh cng 1 t
USD tri phiu chnh ph ti th trng M. K vng v kt qu kinh qu I ca cc
doanh nghip khin VN-Index tng nh tr li vo cui thng t.
Giai on 2 (t 05/11-08/11): gim, i ngang v gim mnh. u thng 5, VNIndex t ngt quay u gim im do nh hng t khng khong n chu u lan
rng m khi ngi l Hy Lp. Tip , tin n v thng t 13 ra i kin cho
VN-Index tip tc ri. T u thng 6 n cui thng 7, VN-Index lnh xnh i
ngang, mt phn b nh hng ln bi s lng c phiu nim yt b sung v nim
yt mi. Trong giai on ny c khong 3.058.308.677 c phiu c a vo giao
dch chim khong 43% tng s c phiu nim yt b sung v nim yt mi nm
2010. Vo cui thng 7, VN-Index tip tc b ging mt n kh mnh t thng tin
chnh ph quyt nh ti c cu tp on cng nghip tu thy Vinashin. Vi
khon n l 4,5 t USD. Vic ri t do ca VN-Index, cn c cng c thm
bng vic bn gii chp ca hu ht cc m chng khon do dng n by ti
chnh. Cui thng 8, VN-Index to y ti vng 420-424.
Giai on 3: tng nh v i ngang ri gim nh. Sau mt qu trnh tng mnh
ngn ngi, VN-Index c mt khong i ngang kh di do khng c tin tc v m g
t bin h tr. ng thi, vi lc cung c phiu kh mnh trong thi im t u
21

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Phan Trng Ngha

thng 9 n u thng 11 (ch trong vng 2 thng c khong 1.830.529.826 c

phiu, chim khong 25% tng s lng c phiu nim yt mi v nim yt b
xung c nm 2010) l mt yu t c bn ngn cn s tng gi ca VN-Index. Gia
thng 11, VN-Index gim nh do dng tin ra khi th trng, tm kim li
nhun knh u t khc nh vng, USD. y l thi im vng v USD tng kh
mnh.
Giai on 4: tng trng bt u cui thng 11 n gn cui nm. Sau mt thi
gian di i ngang v gim vo cui thng 11, khi m tt cc cc tin tc v m nh
hng xu n th trng u t n nh im, nh li sut c bn tng t 8%
ln 9%, vng v USD u c mt giai on tng nng. Dng tin bt u chy vo
chng khon khi nhn thy knh ny c th em li c li nhun cao. Cc c
phiu chng khon, ti chnh, bt ng sn ln lt l im sng ko th trng
tng mnh t 421 n 495 vo thi im gn cui nm. Ti thi im ny thanh
khon ca th trng tng mnh, bnh qun khong trn 100 triu c phiu c
chuyn nhng mi phin cho c hai sn. Tm li xu th ch o ca nm 2010 l
i ngang v gim mnh. Th trng n nhn mt khi lng nim yt mi v
nim yt b sung c phiu k lc.
1.5 Din bin th trng chng khon nm 2011:
Nm 2011 l mt nm kh kh khn ca nn kinh t Vit Nam v th gii, n
tc ng tiu cc n TTCK Vit Nam theo . Trong c nm, th trng ch c
c him hoi hai t phc hi ngn vo cui thng 5 v khong gia thng 8,
ton b khong thi gian cn li th trng ch yu i xung trong s chn nn v
mt mi ca cc nh u t. Cht phin ngy 30/12/2011, VN Index v HNX
Index ln lt ng ca 351,55 v 58,74 im, nh vy so vi u nm 2011 sn
H Ch Minh gim mnh 27,46% cn sn H Ni th lao dc n hn 48,6%.
Thanh khon ca TTCK cng gim mnh, so vi con s ca nm 2010 th gi tr
trung bnh ca mi phin giao dch ca mi sn u st gim mnh n xp x
60%.

22

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Phan Trng Ngha

VN-Index v HNX-Index trong nm 2011 (Ngun: VCBS tng hp)

Phn ng cc cng ty chng khon (CTCK) gp kh khn v chu thua l trong
nm 2011: cng vi s st gim c v im s ln gi tr giao dch ca TTCK Vit
Nam th, theo thng k cha y , trong nm 2011, s lng cng ty chng
khon chu thua l chim u th p o. Trong s him hoi nhng cng ty c li
nhun th cc khon ny ch yu n t mng kinh doanh khc ngoi dch v mi
gii cng nh t doanh. Tnh n thi im hin ti c khong 105 CTCK ang
hot ng th hn 80% con s ny phi i din vi Bo co ti chnh li nhun m
khi doanh thu st gim trong khi chi ph li i ln cao. 1.400 t ng l s tin m
18/27 CTCK nim yt ghi l trong 09 thng u nm 2011. tip tc tn ti, mt
s cng ty phi ct gim nhn s thm ch l loi b mt s nghip v, trong
c mi gii c th nh trng hp ca CTCK SME, chng khon Gia Anh, chng
khon ng Dng, chng khon H Ni v ln sn sang lnh vc bt ng sn,
nh CTCK Kim Long (KLS), CTCK Si Gn (SSI) hoc chuyn tin gi tit
kim ngn hng. Cc CTCK khng kim sot cht ch quy trnh ni b v qun l
ri ro, dn n thi im thanh ton khng chuyn tin thanh ton vo ti
23

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Phan Trng Ngha

khon. in hnh cho hin tng ny trong thi gian qua l v vic ca CTCK
SME, TAS. Bn cnh hin tng ct gim nhn s cng din ra trn din rng.
Vi hn 100 CTCK hot ng trong khi th trng din bin m m, th phn ca
tng cng ty b thu hp li, hot ng mi gii, t vn tr nn kh khn hn rt
nhiu. Nhiu CTCK phi ct gim t 15% -20% nhn s.
Cc doanh nghip nim yt: nm 2011 va qua l mt nm y kh khn v th
thch vi cc doanh nghip, trong khi phi i mt vi lm pht cao khin chi ph
u vo tng mnh th vic tip cn vn vay cng khng d dng khi mt bng li
sut lin tc mc cao. S suy gim ca TTCK ko theo hn 50% s c phiu
nim yt c th gi ri xung di mnh gi (10.000 ng) v thp hn nhiu so
vi gi tr ghi s ca doanh nghip. Kt thc qu III/2011, theo bo co ti chnh
ca cc doanh nghip nim yt, c ti 14 doanh nghip c Tng n/Tng ti sn
ln hn 90%, hn 50 doanh nghip c h s n t 80%-90%, hn 80 doanh nghip
t 70%-80%. n by vn ca doanh nghip ln ti 9 ln. Mc n by ti chnh
ny ko theo khng t ri ro trong bi cnh kinh t kh khn v ngun li to ra t
vay n khng b p chi ph vn phi tr. S d hng tn kho cui qu III/2011
ca cc doanh nghip nim yt tng hn 30% so vi cng k.
2. Nguyn nhn st gim ca th trng chng khon 2011:
2.1 Kinh t th gii:
Tnh hnh N cng ti Chu u tip tc cng thng m vn cha c gii php c
th, tng trng ca cc nn kinh t vn tr tr, lng tin ca ngi dn gim st.
Tng t chu u, vn trn n M cng c v nh qu bom n chm ca
kinh t th gii, qu trnh tha hip chnh tr gia cc ng phi trong Chnh ph
lin bang M v ct gim chi tiu din ra rt chm chp. Ngy 06/08/2011, C
quan nh gi tn dng quc t Standard & Poor tuyn b h bc xp hng tn dng
ca M t AAA xung cn AA+ km theo nh gi trin vng tiu cc. y l ln
u tin M mt xp hng AAA. Chnh nhng yu t ny tc ng tiu cc ti
th trng xut khu Vit Nam v dng vn u t vo Vit Nam, nh hng n
tnh hnh kinh doanh ca cc doanh nghip nim yt, dng vn chy vo TTCK
Vit Nam.

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Tng trng GDP

(%)
Th gii
Chu -Thi Bnh
Dng
Chu -Chu i
Dng
ng u
M La-tinh
Trung ng v
Chu Phi
Bc M
ng u

Phan Trng Ngha

2010

2011* 2012*

5.2

3.9

3.8

8.4

6.3

6.5

2.6

1.8

3.3

3.3
6.1

3.7
4.5

3.2
4

4.7

4.4

4.3

3
2.3

1.6
1.9

1.8
0.7

Tng trng kinh t th gii v cc khu vc

(Ngun: IMF; *S liu d bo c cng b vo thng 12/2011)
2.2 Kinh t trong nc:
2.2.1 Lm pht:
Trong nm 2011, lm pht trung bnh 12 thng tng 18,58% so vi giai on tng
ng ca nm 2010 v 18,13% so vi thng 12/2010. Mc lm pht tng cao trong
04 thng u nm, nh im ln ti mc 3,32% trong thng 4. y l h qu t
vic cung tin nhng nm trc, tng t gi (ngy 11/02/2011 tng 9,3%), gi
nguyn vt liu trong nc tng (ngun nguyn liu Vit Nam ang ph thuc
nhp khu qu nhiu), gi nng lng tng (xng du, in) dn n gi hng ho
cc loi ng lot tng theo. T thng 5 tr i, nh nhng n lc n nh ha quyt
lit ca Chnh ph, CPI lin tc gim tc v xung di 1% k t thng
08/2011.
2.2.2 u t trc tip nc ngoi:

25

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Dng vn u t trc tip nc ngoi vo Vit Nam nm 2011 tip tc suy gim.
C th ngun vn FDI nm 2011 t 14,7 t USD, gim 26% so vi cng k nm
2010, trong vn ng k mi gim ti 35% ch t 11,6 t USD. Nguyn nhn
gim st l do nn kinh t th gii cn chu nhiu p lc t khng hong n cng
ti Chu u, thin tai v bt n chnh tr ti nhiu nc. Tuy nhin s yu km ni
ti ca nn kinh t Vit Nam vi lm pht cao, hiu qu u t ca nn kinh t thp
(ch s ICOR cao), hot ng sn xut kinh doanh b nh n cng nh cc yu t
ngun lc hn ch (nh thiu lao ng c k nng, thiu in, h tng giao thng
yu km) cng l nhng yu t tc ng tm l cc nh u t nc ngoi.
2.2.3 T gi:
Cui nm 2010 cng thng t gi din ra do tnh trng nhp siu, d tr ngoi
hi st gim mnh, tn dng ngoi t tng cao dn n sc p t gi v th trng
ngoi t tn ti hai t gi t nhng thng cui nm 2010 t gi USD/VND trn
th trng t do tng mnh v vt xa khi t gi chnh thc 10% v dao ng
xung quanh mc 21.000 - 21.500. gii quyt vn t gi vo u thng 2
(11/02/2011) Ngn hng Nh nc ph gi ng ni t ln ti 9,3%, y l ln
ph gi cao nht t nm 2008 (T gi lin ngn hng tng t 19.500->20.693
VND/USD) vi mc iu chnh tng gim cho php trong bin t +-3% gim
xung +/-1%. Ngay sau khi ph gi VND, tnh hnh kinh t phn ng kh mnh,
t gi lin tc tng. Tuy nhin sau khi lp nh vo ngy 19/04/2011, cng vi
nhng bin php kim sot ngoi t nh kt hi, tht cht tn dng ngoi t nn t
gi c kim sot trong mt thi gian di t thng 5-10/2011. Tuy nhin vo
gia thng 08/2011 trc nhng bin ng mnh ca th trng vng v vic nhp
khu vng nn t gi c nhng bin ng tr li, t gi trn th trng t do
c lc ln n 21.900. C th, cn cn thanh ton tng th nm 2011 c t
khong 2,5 4,5 t USD.
2.2.4 Gi vng:
Th trng Vng l mt trong nhng knh cnh tranh vn vi TTCK, chnh v vy
nhng bin ng trn th trng vng s l mt trong nhng nhn t quan trng
nh hng trc tip n TTCK. Nm 2011, trc nhng din bin phc tp ca
khng hong. N cng th gii nh Ireland, Hy Lp v B o Nha, vng c
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nhiu nh u t trn th gii la chn vng l knh tr n an ton. Giao dch vng
trn th gii tng mnh v y gi vng th gii ln cao v lp k lc mc
$1.920/oz vo u thng 9 sau gim dn trong qu IV. Gi vng trong nc
cng giao ng vi bin mnh, tng t mc khong 37 triu ng/lng ln
ti mc cao nht l 49 triu ng/lng, sau gim dn v ng quanh mc 44
triu ng/lng vo thi im cui nm 2011.
2.2.5 Chnh sch tin t:
Trc p lc lm pht tng cao, ngay t u nm, Chnh ph ra Ngh quyt
11/NQ- CP, chnh sch tin t tht cht c thc hin kh nht qun trong sut
c nm 2011. V li sut iu hnh, li sut c bn gi nguyn mc 9% trong c
nm nhng li sut chit khu v li sut ti cp vn u c iu chnh tng.
C th, li sut ti chit khu c iu chnh tng t 7% ln mc 12% trong
Qu I v ln mc 13% cho Qu III v IV, cn li sut ti cp vn c iu chnh
tng t mc 9% trong thng 1 ln ti 15% t Qu IV.
Li sut cho vay VND bnh qun thc t kh cao, c th, li sut cho vay nng
nghip, nng thn v xut khu khong 17-19%/nm, li sut cho vay lnh vc sn
xut kinh doanh khc khong 17-21%nm, li sut cho vay lnh vc phi sn xut
khong 22- 25%/nm. TTCK l ni chu nhng tc ng trc tip t chnh sch
tin t tht cht, trong c tn dng phi sn xut kim sot di 16%.
III. CC GII PHP KIN TON TH TRNG CHNG KHON TI
VIT NAM TRONG THI GIAN TI:
1. Ch trng vc dy th trng chng khon ti Vit Nam trong thi gian
ti:
Nm 2011, TTCK Vit Nam hot ng kh khn li nhiu h ly cho ton h
thng kinh t, lng c phiu pht hnh trong nm ch t 13.000 t ng, gim
60% so vi cng k, nhiu doanh nghip lm n thua l khi gi c phiu di
mnh gi khng th pht hnh c. Doanh nghip huy ng vn qua TTCK qu
kh khn, hng lot c phiu tr nn r rng, mnh gi ch di 10.000 ng.
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Khong 67% doanh nghip nim yt c th gi thp hn gi tr s sch, 38% cng

ty nim yt trn HOSE c th gi di mnh gi v trn HNX l 55%. iu ny
khin TTCK suy gim mnh v kh hi phc nu nh khng c chnh sch, gii
php hp l. Mc d TTCK ang c nhiu kh khn, nhng vi vai tr l knh dn
vn di hn quan trng,nn cn thit phi tip tc thc y pht trin. Chnh v vy
cui nm 2011 c kh nhiu li ha t pha lnh o B ti chnh (BTC), Ngn
hng Nh nc (NHNN) v y ban chng khon (UBCK) v vic vc dy TTCK
trong nm 2012:
BTC c vn bn bo co tng th v c gii php thc y TTCK trnh Chnh
ph. Qua , Th tng Chnh ph ch o BTC khn trng trin khai cc gii
php ti cu trc TTCK, sm a TTCK tr thnh knh huy ng vn ch yu
cho nn kinh t.
UBCK cho bit nm 2012 s trin khai T+2 v xut vi NHNN v vic tch
tn dng chng khon ra khi nhm phi sn xut, ci tri dng vn chy vo
chng khon.
NHNN cho bit dng vn vo chng khon sp ti s vn phi kim sot nhng
hp l hn. Bn cnh , Thng c NHNN cng cho bit s khng ch tc
tng trng ca h thng ngn hng, h thng khng ht ht tin ca nn kinh
t. T , li sut ngn hng s gim, ko theo li sut cho vay gim. Trong thi
gian ti, NHNN s xc lp li v th cn bng gia th trng tin t vi th trng
vn nhm khi phc TTCK.
Trn c s , trong thi gian gn y cc c quan qun l Nh nc c ch
trng v ban hnh mt s chnh sch nhm vc dy li TTCK nh:
Nm 2011, BTC ban hnh nhiu thng t nhm pht trin TTCK nh Thng
t 74 cho php margin, m nhiu ti khon, giao dch c phiu trong ngy; Thng
t 183 v qu m; Thng t hng dn thi hnh Ngh nh 85 v x pht vi phm
chng khon, quy trch nhim c th n tng c nhn.
K t ngy 01/04/2012, Thng t s 226 chnh thc c hiu lc thi hnh. y l
c s php l quan trng thc hin vic qun l, gim st, ti cu trc cc cng
ty chng khon trn c s phn loi, x l theo cc mc cnh bo, kim sot, kim
sot c bit. Thm ch nu cng ty chng khon khng khc phc c theo yu
cu s nh ch hot ng.
BTC ang xy dng d tho Thng t hng dn t chc v hot ng cng ty
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chng khon theo hng tp trung vo cng tc qun tr, qun l an ton ti chnh,
hng dn c th v vic hp nht, sp nhp, gii th. Ngoi ra, s tng cng
cng tc gim st i vi cng ty chng khon thng qua vic ban hnh quy nh
nh gi xp hng, phn loi hot ng theo tiu chun quc t. ng thi, xy
dng h thng chm im mc ri ro v quy trnh hot ng ca cng ty chng
khon p dng c ch kim tra, gim st theo mc ri ro.
BTC v UBCK xy dng n ti cu trc TTCK. n s l c s BTC,
UBCK thc hin tng bc ti cu trc TTCK t nay n nm 2015 trn cc lnh
vc: ci cch c s hng ha; tng cng cht lng nh u t; nng cao hiu qu
ca th trng tri phiu; ti cu trc t chc kinh doanh chng khon; ti c cu
S giao dch chng khon v Trung tm lu k chng khon ti Vit Nam.
h tr cc doanh nghip vt qua giai on kh khn ny, BTC hin ang
xy dng gii php tho g ti chnh v trnh Chnh ph gin thu cho doanh
nghip. Ty vo din bin nm 2012, BTC s tip tc tham mu v gin v min
thu.
Ngay trong qu II/2012, BTC s trnh Chnh ph v vic thnh lp S giao dch
chng khon Vit Nam trn c s sp nhp hai S giao dch chng khon H Ni
v Tp. HCM, to ra mt th trng giao dch chng khon thng nht nhm nng
cao tnh chuyn nghip, hiu qu.
2. Mt s gii php kin ton th trng chng khon Vit Nam:
Vi nh hng vc dy TTCK Vit Nam ca cc c quan qun l Nh nc nh
phn tch trn, c th thy TTCK ang ng trc nhiu c hi phc hi v
tr li chc nng l knh dn vn quan trng thc y nn kinh t pht trin. Tuy
nhin, kt qu ca qu trnh ny cn ph thuc vo rt nhiu yu t nh: tnh hnh
kinh t trong v ngoi nc; s pht huy hiu qu v tnh nht qun ca cc chnh
sch , ang v s c p dng; s phc hi nim tin ca cc nh u t vo th
trng Di y l kin ngh mt s gii php nhm vc dy v pht trin
TTCK Vit Nam trong thi gian ti:
n nh v m v kim ch lm pht:
Kim sot c lm pht thnh cng, ko theo mt bng li sut gim, y s l
yu t quyt nh v ch khi TTCK mi c th hi phc. Thm vo , quan
nim ca Nh nc i vi TTCK c yu t quyt nh n lng tin ca th trng,
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nu chng ta xem xt li vic xem TTCK l lnh vc phi sn xut v nht qun
khng nh ch trng tip tc thc y TTCK tr thnh knh dn vn trung v di
hn quan trng bn cnh th trng tin t, khi chng ta s c chnh sch v m
iu hnh ph hp, va bo m mc tiu n nh kinh t v m va duy tr s linh
hot cn thit, iu ha trong c nm th th trng s c bc ci thin tr li.
TTCK v th trng tin t, th trng tn dng c mi quan h cht ch vi nhau.
V mt nguyn l, ngn hng lo knh dn vn ngn hn v TTCK lo knh dn vn
di hn. Hin nay, mt t trng ln tn dng ca ngn hng l tn dng di hn,
iu s rt ri ro cho h thng ngn hng v vy cn c cc gii php h tr
TTCK pht trin, h tr cho h thng ngn hng. Trn thc t, vn ngn hn v
vn di hn lun c s lin thng vi nhau, cc ngn hng vn phi huy ng vn
trn TTCK v cng c th hon ton khng cho vay di hn. Cc nc vn cho
php cc ngn hng cho vay giao dch k qu qua cng ty chng khon theo mt t
l nht nh trn c s bo m t l an ton ti chnh i vi tng ngn hng v
i tng vay. Khon cho vay k qu ny thc t l khon cho vay ngn hn di
12 thng v ch yu mua chng khon trn th trng th cp, khng phi gp
vn di hn.
V nguyn l v thc t trn th gii cho thy, vic duy tr thanh khon ca TTCK
c nh hng tch cc ti gim chi ph vn cho doanh nghip cng nh nn kinh t
nh vo kh nng lun chuyn v s dng ti a ngun lc ti chnh. Ri ro thanh
khon hay kh nng giao dch chng khon kh khn lm cho gi chng khon s
gim, ni cch khc l chi ph vn tng. Trong nhiu nm qua, vn lin thng
vn gia ngn hng v chng khon ca ta l kh lng lo, vic kim sot ri ro
theo cc tiu ch ph hp ti cc ngn hng v cng ty chng khon cn cha c
thc hin y . V vy c nhiu trng hp lung tin qua chng khon li i
vo bt ng sn hoc vo cc nghip v n by ti chnh c tnh ri ro cao. Tuy
nhin nu t tnh hnh trn li chuyn sang gii php tht cht tt c cc lung tn
dng vo chng khon l ta ang chuyn t thi cc ny sang thi cc khc. Vn
quan trng l cn c cc tiu ch kim sot ri ro bo m dng tin vo l
ngn hn v c i ng hng trn c s tnh hnh ca tng ngn hng v cng
ty chng khon. Nu chng ta c chnh sch ph hp s huy ng v khi thng
ngun vn trn TTCK phc v cho cc ngn hng, doanh nghip v c nn kinh t.
Ti cu trc thnh cu chuyn sng cn:
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Mc tiu n nm 2015, TTCK Vit Nam c quy m vn ho ca th trng c

phiu t khong 60% GDP. Bn cnh vic ch trng pht trin quy m cc th
trng, trong nm 2012 s phi thc hin tng bc ti cu trc li cc th trng
ti chnh v dch v ti chnh trong khun kh ni dung ti cu trc li nn kinh t.
Theo n ti cu trc TTCK do BTC xy dng trnh Chnh ph, d kin thng
qua vo qu I/2012, ch trng pht trin TTCK giai on sp ti s hng ti
mc tiu: tng quy m, cng c tnh thanh khon cho TTCK, tng tnh hiu qu
cho th trng trn c s ti cu trc t chc TTCK, hin i ha c s h tng,
chuyn nghip ha vic t chc v vn hnh h tng cng ngh thng tin, nng cao
sc cnh tranh ca cc nh ch trung gian th trng, cc t chc ph tr th
trng v ca TTCK Vit Nam, tng cng nng lc qun l, gim st, thanh tra,
x l vi phm, cng c lng tin ca nh u t... Trong bi cnh nhiu cng ty
chng khon ang ng trc b vc ph sn, khng th ng nhn TTCK chm
dn, vic ti cu trc li TTCK l vic lm cn trin khai kp thi trong nm 2012.
Mc d, thch thc trong nm 2012 vn kh ln, lm pht tuy gim nhng vn cn
cao, tng trng kinh t chm li, TTCK quc t bin ng mnh. Tuy nhin vn
c th tn dng nhng im sng v chnh sch hp l tm ca lm n trong
bng ti. Trng tm s i su vo ti cu trc TTCK, trong xoay quanh 4 vn
gm ti cu trc cc trung gian ti chnh, th trng hng ha, cu u t v cc
cng ty chng khon. Theo , c 4 ni dung trng tm ti cu trc knh chng
khon, bao gm: Hon thin c s php l; Ti cu trc cng ty chng khon; Ti
cu trc cc trung gian ti chnh (hp nht 2 s giao dch Thnh ph H Ch Minh
v H Ni); Ti cu trc hng ha v ti cu trc c s cc nh u t.
V vic cu trc li th trng hng ha, trc kia TTCK Vit Nam theo chiu
rng, cc cng ty vo sn cng nhiu cng tt nhng trc yu cu t ra khi
doanh nghip vo sn cn c nng cp tiu chun nim yt to ra dng hng
ha tt cho th trng. Hon thin cc khung php l, th ch to minh bch
cho th trng. Do vic ti cu trc TTCK l iu kin sng cn pht trin.
Cc c quan qun l cn tp trung n lc hn ch cc hnh vi trc li, thao
tng th trng chng khon. Cn pht hin v nghim tr thch ng cc hnh vi
trc li m bo tnh minh bch v lnh mnh ca th trng.
Cn c cc ch ti x pht mnh m bo minh bch thng tin. Doanh nghip
c nhng sai lch vi phm lin tip phi b x pht nng. K ton trng ca doanh
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nghip lp Bo co ti chnh sai st vt qu mt s ln c th phi b thu hi c

thi hn giy php hnh ngh.
y mnh tin c phn ha cc doanh nghip nh nc ln, hiu qu kinh
doanh cao nh BIDV, MobiFone, VinaPhone, Viettel... tng ngun cung hng
ha cht lng cao nhm thu ht vn u t ca nh u t t chc nc ngoi,
gim thiu hoc bn ht c phn ca nh nc ti cc doanh nghip khng thit
yu. M rng room (t l s hu ca nh u t nc ngoi trong cc doanh
nghip nim yt) (tr ngnh ngn hng) i vi nhng lnh vc khng cn hn ch
thu ht vn ca khi u t nc ngoi.
Nhanh chng xa b cc ro cn pht trin TTCK Vit Nam bng cch khc
phc nhng yu km do tnh khng hon ho ca th trng gy ra:
Khc phc hin tng thng tin bt cn xng bng cch thc hin minh bch ho,
khai thng knh thng tin i vi gii u t trn th trng. Khuyn khch cc
cng ty nh mc tn nhim c uy tn nh Standard & Poors, Moody thnh lp chi
nhnh ti Vit Nam. nh gi c nng lc ti chnh ca cc doanh nghip
Vit Nam th cn phi c nhng t chc chuyn nghip, nhng t chc ti chnh c
uy tn nh trn th mi c th nh gi c kh nng ti chnh ca cc doanh
nghip Vit Nam trong giai on hin nay. Ngoi ra bn thn cc doanh nghip
Vit Nam hin nay cn phi cng khai hn, minh bch v ti chnh hn th mi c
th t c tn nhim trn th trng. y cng l mt trong nhng kh khn v
thch thc khi pht trin h thng nh mc tn nhim cng nh vic m rng quy
m th trng chng khon Vit Nam hin nay. Thc y hot ng o to,
nghin cu v nng cao nhn thc v TTCK cho cng chng u t trnh tnh
trng u t theo by n nh hin nay. Tng cng nng lc hot ng ca cc t
chc trung gian trn th trng v to ra mt c ch cnh tranh cng bng gim
chi ph giao dch cho cc nh u t, c bit l nh u t c nhn. Quy nh mt
mc gi chung hp l xuyn sut trn th trng. H thng ti chnh xy ra v,
khng hong, Chnh ph phi ng ra can thip bng chnh sch cng rn. Cc
chnh sch ny n lt n li bp mo cc quan h th trng, khng phn b s
dng c hiu qu cc ngun lc, cn tr s pht trin kinh t x hi v dn n tht
bi ca Chnh ph. gii quyt, Chnh ph tr li ni lng v t do ho TTCK,
nh vy c mt vng lun qun trong hot ng v pht trin ca TTCK ca cc
nc ang pht trin ni chung v TTCK Vit Nam ni ring khi m chnh ph can
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thip qu su vo th trng vi k vng khc phc tht bi th trng. iu chnh

cu trc ca th trng sao cho ph hp vi cu trc kinh t, cn i s pht trin
ca cc thnh t trong th trng. c bit l gim bt s can thip mt cch trc
tip ca Nh nc vo th trng, thay vo s can thip ca Nh nc ch mang
tnh cht nh hng, gin tip.
KT LUN
Trn y l nhng kin thc c bn v th trng chng khon v mt s vn
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 thnh cng
bc u vn cn rt nhiu hn ch nhc im cn khc phc. t c mc
tiu tng trng GDP trong giai don hin nay Vit Nam cn mt lng vn u t
ln v v vy th trng chng khon phi pht trin hn na tr thnh knh dn
vn ch yu. Bn cnh vic thc y th trng chng khon pht trin, mt nhim
v trung tm khc ca ngnh chng khon hin nay l phi kim sot ,qun l
c th trng bi hin nay c hin tng lng on, lin kt lm gi ,trong khi
rt nhiu ngi ang u t theo phong tro, thiu kinh nghim, thiu kin thc
u t.Th trng chng khon c xem l hot ng tt v hiu qu nu nh
vic mua bn chng khon trn th trng din ra thun li, cung cp cho nh u
t mt c ch giao dch thun tin, an ton, cng khai, cng bng v minh bch,
bo v quyn v li ch hp php cho nh u t. Hay ni khc, th trng chng
khon c xem l hot ng tt nu nh n to ra tnh thanh khon cao cho cc
chng khon giao dch, cung cp y thng tin cho nh u t v cc i tng
tham gia th trng, qua hnh thnh nn gi chng khon hp l, to c nim
tin ca cng chng vo th trng chng khon.T c th t c nhng mc
tiu kinh t x hi m ng v Chnh ph ra.
THE END.

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