" " ' ' BO GIAO Dl)C VA DAO T~O TRUONG 1>~1 HOC KINH TE TPo HO CHi MINH ~ A A TRAN THIEN CHAU " "" ? " ~ ' " ' " A! MOT SO GIAI PHAP NHAM HOAN THIEN VA PHA T TRIEN 0 • THI TRu'<JNG CHUNG KHOAN VIETNAM 0 • CHUYEN NGANH: TAl CHINH MA so: 5o02o09 LU!N vAN TH~C SI KINH TE NGu'(H Hu'ONG DAN KHOA HOC: PGS-TSofNQU¥:EN T~J J?IF.M_CHAU BQG~ODUCVA8AOTAO TRUONG f)H KINH TE TP.I ICM TIH:J VI:¢N ri <J(s-1 ~ _, , TPo HO CHI MINH- NAM 2003 Trang phl;l bla Ml,lC ll,lC Md dffu M{JC L{JC *** Chu'ong 1 - co sa LY LU!N VE THJ TRUONG CHUNG KHOAN 1.1. Khai nit%m va lich si't pha t tri~n thi tn.tong chung khoan Trang 1 1.2. Ph an lo~;ti thi tru'ong chung khoan 3 1.2.1. Can cu vao lo~;ti hang h6a giao dich tren thi tru'ong 3 1.2.1.1. Thi tru'ong c6 phie'u 3 1.2.1.2. Thi tru'ong trai phie'u 3 1.2.2. Can cu vao qua trlnh lu'u thong cua chung khoan tren thi tru'ong 3 1.2.2.1. Thi tru'ong so ca'p 4 1.2.2.2. Thi tru'ong thu ca'p 4 1.2.3. Can cu vao hlnh thuc t6 chuc thi tntong 5 1.2.3.1. Thi tru'ong chung khoan chinh thuc 5 1.2.3.2. Thi tru'ong chung khoan phi chinh thuc 5 1.3. Cac lo~;ti hang h6a chu ye'u tren thi tntong chung khoan 5 1.3.1. Trai phie'u 6 1.3.1.1. Khai nit%m 6 1 3 1 2 I:'\~ d' ,f! 0 '' h' K 6 . . . . v(;lC I em CUa trai p leU 1.3.1.3. Phan lo~;ti trai phie'u 6 1.3.2. c6 phie'u 8 1.3 .2.1. Khai nit%m 9 1 3 2 2 I:'\~ d' J! 0 J! h' K 9 . . . . v(;lC I em CUa CO p leU 1.3.2.3. Phan lo~;ti c6 phie'u 9 1.3.2.3.1. c6 phie'u thu'ong (c6 phie'u ph6 thong) 9 I I . " l 1.3.2.3.2. c6 phie'u ttu dai 11 1.4. Cac d6i tu'<;jng tham gia tren thi trttong chung khoan 12 1.4.1. Nha phat hanh 12 1.4.2. Nha dffu ttt 12 1.4.2.1. Nha dff u tu' ca nhan 12 1.4.2.2. Cac t6 chuc dffu tu' 12 1.4.2.2.1. Cong ty chung khoan 12 1.4.2.2.2. Cac t6 chuc ngan hang 12 1.4.2.2.3. Quy dffu tu' chung khoan 12 1.4.2.2.4. Cong ty tin thac dffu ttt 13 1.4.2.2.5. Cong ty bao hi€m 13 1.4.3. Cac t6 chuc lien quan de'n chung khoan 13 1.4.3.1. T6 chuc diSu hanh chung khoan 13 1.4.3.2. T6 chuc trao d6i chung khoan 13 1.4.3.3. Hi~p h9i cac nha kinh doanh chung khoan 13 1.4.3.4. Cong ty bao hi€m dffu ttt chung khoan 14 1.4.3.5. Cac cong ty danh gia h~ so' tin nhi~m 14 1.5. Nguyen ti[c ho~t d9ng cua thi tru'ong chung khoan 14 1.5.1. Nguyen ti[c trung gian 14 1.5.2. Nguyen ti[c cong khai h6a thong tin 14 1.5.3. Nguyen ti[c da'u gia 15 1.6. Vai tro va y nghia cua thi trttong chung khoan d6i voi nSn kinh te' 15 1.6.1. Thi tru'ong chung khoan md ra nhiSu cd hQi dffu tu' d€ hfa chQn kha nang t~o thu nh~p cao nha't, giup cong chung da d~ng h6a dffu tu', phan tan rui ro 15 1.6.2. Thi tru'ong chung khoan t~o tinh thanh khoan cao d6i voi cac lo~i chung khoan 15 1.6.3. Thi tru'ong chung khoan Ia cong Cl;l do htong cac tich san ella doanh nghi~p 16 1.6.4. Thi tru'ong chung khoan giup Ngan hang Trung u'ong di~u chinh khO'i lu'<;ing ti~n trong lu'u thong, chO'ng l~m phat 16 1.6.5. Thi tru'ong chung khoan t~o di~u ki~n cho chu tru'ong c6 phffn h6a cac DNNN g~p nhi~u thu~n l<;ii han 16 1.6.6. Thi tru'ong chung khoan g6p phffn thuc dffy sli' d1:1ng vO'n dffu tu' c6 hi~u qua 16 1.6. 7. Thi tru'ong chung khoan la cong C\l d~ huy dQng va phan phO'i cac ngu6n vO'n trung va dai h~n 17 1.7. Cac hanh vi tieu qtc tren thi tru'ong chung khoan 17 1. 7 .1. y e' u tO' dff u co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 1.7.2. Mua ban n9i gian 17 1.7.3. Thong tin sai st;( th~t 18 1.8. GiOi thi~u m9t sO' thi tru'ong chung khmin tieu bi~u tren the' gioi 18 1.8.1. Thi tru'ong chung khoan New York 18 1.8.2. Thi tru'ong chung khoan Tokyo 19 1.8.3. Thi tru'ong chung khoan Trung QuO'c 20 Chuang 2- THljC TRL}NG THJ TRUONG CHUNG KHOAN VItT NAM TRONG THOI GIAN QUA 2.1. Ho~t dQng cua thi tru'ang chung khoan Vi~t Nam trong thai gian qua 21 2 1 1 Th o ' ~ h' K 0 A K 21 . . . ! tru'ong co p 1eu n1em yet . 2 1 2 Th • t(>l t ~ • h' , ( • A , (t 24 . . . ! tr vng ra1 p 1eu n1em ye . 2.1.3. Tlnh hlnh ho~t d9ng cua cac cong ty niem ye't 26 2.1.4. Tlnh hlnh ho~t dQng cua cac cong ty chung khoan 27 2.2. Nhung m~t tich ct;(c rna TTCK Vi~t Nam da d~t du'<;jc trong thai gian qua 30 2.2.1. T~o ra m9t kenh dffu tu' mOi trong xa h9i 30 2.2.2. T~o tinh thanh khoan cho chung khoan va t~o d9ng 1l;fc d~ dffy nhanh tie'n trlnh c6 phffn h6a doanh nghi~p nha nu'oc 31 2.2.3. Xac dinh du'qc gia tri doanh nghi~p 32 2.2.4. Khuye'n khich cac doanh nghi~p lam vi~c c6 trach nhi~m va khong ngung d ~. ~· ~ . ~ 33 01 mol ve mQl m~t . 2.3. Nhung m~t chua d~t duqc cua TTCK Vi~t Nam 34 2.3.1. Chua th~ hi~n la kenh huy d9ng v6n chu ye'u cua n€n kinh te' 34 2.3.2. Gia ca tren thi tru'ong chung khoan khong phan anh dung hi~u qua ho~t d9ng ? ""t ki h d h ? , " t . " ""t 35 san xu a n oan cua cac cong y n1em ye 2.3.3. Cong b6 thong tin con nhi€u h~n che' 36 2.4. Nguyen nhan cua tlnh tr~ng nay 36 2.4.1. Tam ly khong 6n dinh cua nha dffu tu' 36 2.4.2. Khung phap lu~t con nhi€u h~n che' 37 2.4.3. Nguyen nhan tu h~ th6ng cong b6 thong tin 38 2.4.4. Nang hfc cua d9i ngfi nhan vien moi giOi con ye'u v€ nghi~p Vl;l 41 2.4.5. Slf bie'n d()ng cua cac thi tru'ong khac (thi tru'ong dia 6c, thi tru'ong ti€n t~, thi t ~~ . h""' th' t u'~ ' ) 42 fuvng ngo~l 01, ! r vng vang . 2.4.6. Thie'u cac trung gian tai chfnh, trung gian dffu tu' 43 A A' ? , ~ ' A ' Chttdng 3 - MQT SO GIAI PHAP NHAM HOAN THI~N VA PHAT TRIEN THJ TRUONG CHUNG KHOAN VItT NAM 3.1. Binh huang phat tri~n thi tru'ong chung khoan Vi~t Nam 45 3 .1.1. Binh huang pha t tri~Ii thi tru'ong chung khoan Vi~t N am 45 3.1.2. M1;1c tieu phat tri~n thi tru'ong chung khoan Vi~t Nam 45 3.2. M9t so' giai phap nhiim hoan thi~n va phat tri~n TTCK Vi~t Nam 46 3.2.1. Hoan thi~n khung phap ly 46 3 .2.2. Hoan thi~n h~ th6ng cong b6 thong tin 48 3.2.2.1. Giai phap d6i voi Uy Ban Chung khoan Nha nu'oc va Trung tam Giao dich Chung khoan 49 3 2 2 2 G .?. h, d""' (j'. , " t h·~ kh , 51 . . . . 1a1 p ap 01 v 1 cac cong y c ung oan 3223 G •?• h/ dK' A' / A 'A Kt 52 . . . . 1a1 p ap 01 Vvl cac cong ty n1em ye . 3 2 3 C / •? • h / h / • .:1 h' ' .:1 h' K 52 . . . ac g1a1 p ap p at tnen t ~ tntong cop 1eu . 3 2 3 1 C / •? • h / ~ ;:, .:1 h' K 52 . . . . ac g1a1 p ap tang cau cop 1eu . 3.2.3.1.1. Dffy mt;tnh cong tcic tuyen truy€n, ph6 c~p kie'n thuc v€ chung khmin va thi tntong chung khoan 53 3.2.3.1.2. MCi r()ng va nang cao chfft lu'<jng hot;tt d()ng cua cac cong ty chung khoan, d6ng thoi khuye'n khich vi<%c thanh l~p cac trung gian tai chinh va trung gian dffu tu' ' h' _ :' t A h' t i~ 54 COn t leU rent ~ fuvng . 3.2.3.1.3. Tht;tc hi<%n chinh sach u'u dai d6i voi cac nha dffu tu' nttoc ngoai tham gia vao thi tru'ong chung khoan Vi<%t Nam 55 3.2.3.1.4. Thuc dffy nhanh vi<%c thanh l~p quy blnh 6n TTCK 56 3.2.3.1.5. Khuye'n khich thanh l~p cac cong ty phan tich ch(tng khoan va thi tntong chung khoan chuyen nghi<%p 57 3.2.3.1.6. Tang cu'ong cong tac thanh tra, giam sat bao v<% nha dffu tu' 58 3 2 3 2 C / •? • h / ~ .:1 h' K 59 . . . . ac g1a1 p ap tang cung co p 1eu . 3.2.3.2.1. Khuye'n khich cac cong ty c6 phffn du di€u ki<%n len niem ye't 59 3.2.3.2.2. Hlnh thanh va du'a vao hot;tt d()ng Trung tam Giao dich Chung khoan Ha N(li va thi tru'ong OTC 60 3.2.3.2.3. Dffy nhanh tie'n trlnh c6 phffn h6a doanh nghi<%p nha nu'oc 61 3 2 4 C / •? • h / h / • .:1 th' ' / • h' K 63 . . . ac g1a1 p ap p at tnen ~ tru'ong tra1 p reu 3.2.4.1. Xac dinh lai sufft trai phie'u h<Jp ly ,1 •••••••• 64 3 2 4 2 I:'\ d h / / 1 ' / • h' K A h' ' ( 6'5 . . . . ua t;tng oa cac O(;ll tra1 p 1eu tren t ~ tru'ong · 3.2.4.3. Sam hlnh thanh cac t6 chuc xe'p ht;tng tin nhi<%m tt;ti Vi<%t Nam 68 KETLUAN ' A ? TAl LI];:!:U THAM KHAO PHl,J Ll,JC ' ? ~ LOIMO DAU 1. Tinh ca'p thie't cda luan van: Sau gffn 10 nam chuffn bi m()t each nghiem tuc, ngay 20/07/2000 thi tnl'ong chung khoan Vi~t Nam da chinh thuc di vao ho~t d()ng, c1:1 th€ b~ng phien giao dich dffu tien t~i Trung Him Giao dich Chung khoan thanh ph6 H6 Chi Minh vao ngay 28/07/2000. Thi tnl'ong chung khoan Vi~t Nam ra doi danh dffu m()t thai ky mOi trong lich sll' nganh tai chinh (J ml'oc ta, t~o ra m()t buoc ngo~c moi, m()t d()ng hfc moi cho giai do~n phat tri€n va hoan thi~n co che' thi tru'ong, huy d()ng va phan ph6i cac ngu6n v6n trong xa h()i vao qua trlnh phat tri€n kinh te' dfft nu'oc. E>e'n nay, sau gffn 3 nam chinh thuc di vao ho~t d()ng, ben c~nh nhung m~t tich clfc rna chung ta c6 th€ cam nh~n du'<jc, thi tru'ong chung khoan Vi~t Nam v~n chile dlfng m()t vai di€u bfft c~p, ch~ng h~n: gia chung khoan len xu6ng d6ng lo~t khong phan anh dung tlnh hlnh ho~t d()ng san xufft kinh doanh cua cac cong ty niem ye't, tlnh tr~ng vi ph~m che' dQ thong tin xay ra con nhi€u, k€ ca vi~c di€u hanh va can thi~p chua th~t Slf h<jp ly cua cac co quan di€u hanh thi tnl'ong (Ban Giam d6c Trung tam Giao dich Chung khoan, Uy Ban Chung khoan Nha nu'oc) khie'n cho tam ly cua cac nha dffu tu' ngay cang chan min, s6lu'<jng ngu'oi dffu tu' d~t chan de'n cac d~i ly nh~n l~nh cua cac cong ty chung khoan ngay cang thu'a thot. Tru'oc tlnh tr~ng nhu' v~y, vi~c tim kie'm cac giai phap nh~m 6n dinh va phat tri€n thi truong chung khoan la m()t yeu cffu cffp bach va thie't thlfc nh~m som khoi ph1:1c long tin tu cac nha dffu tu', tranh d~n de'n m()t slf Sl:IP d6 thi tru'ong nhu' m()t s6 nu'oc trong khu vlfc da m~c phai. Voi nhung ly do tren, toi quye't dinh ch9n d€ tai cua lu~n van t6t nghi~p la: "Mqt sfi ghii phap nhdm hofm thi~n va phat triin thi tntong chti'ng khoan Vi~t Nam" 2. Muc dich va yeu cdu nghien cuu: Nghien cuu qua trlnh hlnh thanh va v~n hanh cua thi tru'ong chung khoan Vi~t Nam trong su6t gffn 3 nam vua qua thong qua vi~c danh gia thlfc tr~ng va hi~u qua ho~t d()ng cua cac nha dffu tu', cac cong ty niem ye't, cac t6 chile c6 lien quan khac tren thi tniong duoi tac d()ng cua cac van ban phap quy. Tren co sCi d6, xay dlfng lu~n CU khoa hQC cho Vi~c hoan thi~n cac bi~n phap CO ban d€ nang cao hi~U qua ho~t d()ng cua cac d6i tu'<jng tham gia tren thi tnl'ong chung khoan n6i rieng va toan b() thi tru'ong chung khoan n6i chung. 3. Phlidng phap nghien cuu: B~ng vi~c si't dl;lng cac phu'dng phap nghien cuu, d6ng thoi d~ta tren cac lu~n ell' khoa h9c dS tie'n hanh phan tich cac va'n d~ trQng tam tren cd sCJ tuan thu cac nguyen ti{c thO'ng nhfft dam bao tinh khoa hQC thvc te' va khach quan cho nhung n()i dung da trlnh bay. Til' d6, rut ra nhung ye'u t6 thu()c v~ ban cha't, lo1;ti bo nhung n()i dung mang tinh hi~n tu'<;jng, dS du'a ra nhung kie'n nghi, bi~n phap dung di{n cho nhung va'n d~ cffn giai quye't. 4. Ke't ca'u ctia luan van: N()i dung cua lu~n van g6m 3 chu'dng: - Chu'dng 1: Cd sCJ ly lu~n v~ thi tru'ong chung khoan. - Chudng 2: Thvc tr(;lng thi tru'ong chung khoan Vi~t Nam trong thoi gian gffn 3 nam qua. - Chu'dng 3: M()t sO' giai ph a p nh~m hoan thi~n va ph at triSn thi truong chung khoan Vi~t Nam. 1 CHu'ONGI: co sa L v LU!N v:E THJ TRu'<JNG CHUNG KHOAN 1.1. Khai niem va lich sd' phat tri~n thi truong chung khoan: Hi~n nay c6 nhi~u dinh nghia v~ thi tntong chung khmin, ban dftu xufft phat tu tie'ng La tinh Hi Bursa, nghia Ia tui dl;ing ti~n, hay con g9i Ia S(J giao dich hay Ia m9t thi tntong c6 t6 chuc va ho~t d()ng c6 di~u ki~n. M9t dinh nghia dtt<;Jc xem nhtt Ia Cl;l th€ va r5 rang nhfft v~ thi trttong chung khoan: thi tru'ong chung khoan Ia m9t b9 ph~n cua thi tntong tai chinh rna t~i d6 di~n ra Vi~c mua ban cac cong Cl;l tai chinh trung va dai h~n theo nguyen t~c thi tru'ong (quan h~ cung-cftu). Cac hang h6a mua ban, giao dich tren thi trttong chung khoan bao g6m cac chung khoan v6n va cac chung khoan n<;J trung va dai h~n. Tuy nhien, do sv phat tri€n cua n~n kinh te' thi trttong, thu~t ngii' thi tru'ong chung khoan da khong con dung nhu' ban dftu va c6 them m9t s6 n9i dung moi. Mu6n hi€u tr9n vt;n thi trttong chung khoan ta phai nghien cuu qua trlnh hlnh thanh va pha t tri€n cua n6. Thi trttong chung khoan ban dftu phat tri€n m9t each tv phat va rfft so khai, xufft phat tu m9t sv cftn thie't donIe cua bu6i ban dftu. Vao giii'a the' ky thu 15, (J t~i nhii'ng thanh ph6 trung tam huon ban cua Chau Au, cac thu'ong gia thu'ong tl;l t~p t~i nhii'ng quan ca phe d€ trao d6i vi~c mua ban, trao d6i cac v~t phffm hang h6a. Luc dftu chi m9t nh6m nho, dftn dftn phat tri€n va hlnh thanh m9t khu ch<;J rieng. De'n cu6i th€ ky 15, d€ thu~n ti~n hon cho vi~c lam an, h9 th6ng nhfft cac qui ttoc va dftn dftn cac qui ttoc dtt<;Jc sll'a d6i hoan chinh thanh nhii'ng qui t~c c6 gia tri b~t bu9c chung cho m9i thanh vien tham gia thi trttong. Phien ch<;J dftu tien dtt<;Jc di~n ra vao nam 1453 t~i m9t lii' die'm ctla gia dlnh Vanber (J Bruges (Bi), t~i d6 c6 mQt bang hi~u hlnh 3 tui da va m9t chii' duy nhfft b~ng tie'ng Phap Ia "Bourse" tuc Ia "m~u dich thi tru'ong' hay con gQi Ia "S(J giao dich". Vao nam 1547, thanh ph6 Bruges (Bl) mfft di sv ph6n thinh do eo bi€n Even bi cat lffp nen m~U dich thi tru'ong d day bi Sl;lp d6 va du'<;JC chuy€n qua thi trffn 2 Auvers (Bi), (J day thi tntong phat tri€n ra't nhanh. De'n giua the' ky thu 16, mot quan chuc d~i thfin cua Anh qu6c da de'n quan sat va v~ thie't l~p mot m~u dich thi tntong (J London, noi rna sau nay du'<Jc gQi la S(J giao dich chung khoan London. Cac m~u dich thi tru'ong khac cling lfin lu'<Jt du'<Jc thanh l~p t~i Phap, Due va Btic Au. Sl;l' phat tri€n cua thj tru'ong ngay cang tang len eel v~ s6 luqng lfin cha't lu'<Jng vOi s6 thanh vien tham gia dong dao vOi nhi~u noi dung khac nhau. Vl v~y, theo tinh cha't tl;l' nhien n6 l~i du'<Jc phan ra thanh nhi~u thi tru'ong khac nhau nhu: Thj tru'ong giao djch hang h6a, thi tru'ong h6i doai, thi tru'ong giao dich cac h<Jp d6ng tu'ong lai va thi tru'ong chung khoan voi d~c tinh rieng cua tung thi tru'ong t~o di~u ki~n thu~n l<Ji cho cac nha dfiu tu' tham gia. Qua trlnh cac giao dich chung khoan di~n ra va hlnh thanh nhtl' v~y mot each tl;l' phat cling tu'ong tl;l' (j Phap, Ha Lan, cac nu'oc B~c Au, cac nu'oc Tay Au va B~c My. Cho de'n nay, tren the' giOi c6 khoang 160 S(J giao dich chung khoan phan tan kh~p cac chau ll;lC bao g6m ca cac thi tru'ong t~i cac nu'oc dang phat tri€n (j Dong Au, Chau A, Chau Phi va Dong NamA. Lich sll' hlnh thanh va phat tri€n thi truong chung khoan tren the' gioi cho tha'y thoi gian dfiu, thi tru'ong hlnh thanh mot each tv phat, d6i tu'qng tham gia chu ye'u Ia cac nha dfiu co, dfin dfin v~ sau moi c6 sv tham gia ngay cang dong dao cua cong chung. Khi thi tru'ong b~t dfiu xua't hi~n S\1' tfl;lC tr~c va ba't 6n, Chinh phtl buoc phai can thi~p bAng each thanh l~p cac co quan quan ly nham bao v~ quy~n l<Ji dw cong chung dfi u tu' va dfin dfin h~ th6ng ph a p ly cling b~ t dfi u du'<Jc ban hanh. K€ tu ngay chinh thuc ra doi cho de'n nay, thi tru'ong chung khoan the' gioi da trai qua mot S\1' phat tri€n thang trfim luc len, luc xu6ng. Vao nhung nam 1875- 1913, thi tru'ong chung khoan the' giOi phat tri€n huy hoang cung voi sv phat tri€n cua n~n kinh te' the' gioi vao luc d6. Nhu'ng r6i CUOC khung hoang ngay 2911011929 rna chung ta du'<Jc bie't qua ten gQi "ngay thu nam den t6i" da lam cho thi tru'ong chung khoan Tay, B~c Au va Nh~t Ban ma't long tin trong long cong chung. Cho mai toi chie'n tranh the' giOi thu hai ke't thuc, cac thi tntong chung khoan moi h6i phl;lc va phat tri€n m~nh. Sau d6 de'n nam 1987, the' giOi da dien dao voi "ngay thu hai den t6i" do h~ th6ng thanh toan kern coi khong th€ dam du'ong du'<Jc yeu cfiu giao dich, dfin de'n [...]... du'QC niem ye't Trong d6: - C6 42 lo~i trai phie'u Chinh phd voi nhi~u thoi gian dao h~n khac nhau: 5 nam, 7 nam, 10 nam va 15 nam va 2lo~i trai phie'u cda ngan hang f)~u tu' va Phat tri€n Vi~t nam (BIDV) c6 thoi gian dao h~n Ia 5 nam - UH sua't cda cac lo~i trai phie'u nay cling khac nhau tu 6,5% - 9,99% /nam tuy thu . khoan Vi~t Nam& quot; 2. Muc dich va yeu cdu nghien cuu: Nghien cuu qua trlnh hlnh thanh va v~n hanh cua thi tru'ong chung khoan Vi~t Nam trong su6t gffn 3 nam vua qua thong. chung khoan Vi~t Nam trong thoi gian gffn 3 nam qua. - Chu'dng 3: M()t sO' giai ph a p nh~m hoan thi~n va ph at triSn thi truong chung khoan Vi~t Nam. 1 CHu'ONGI:. tieu phat tri~n thi tru'ong chung khoan Vi~t Nam 45 3.2. M9t so' giai phap nhiim hoan thi~n va phat tri~n TTCK Vi~t Nam 46 3.2.1. Hoan thi~n khung phap ly 46 3 .2.2.