GV: Nguyn Thu Hng BMNV Email : nthuhang@hotmail.

com

Ni dung: Chng 1: Tng quan v th trng chng khon Chng 2: Hng ha trn th trng chng khon- C phiu tri phiu Chng 3: Thi gi tin t - nh gi tri phiu Chng 4: Qun l danh mc u t Chng 5: Phn tch chng khon

Chuyn cn: 10% Gia k: 30% Cui k: 60% Gia k: bi kim tra (trc nghim + t lun) + bi tp nhm (thuyt trnh) Cui k: thi trn my

Mi nhm 5 thnh vin. Bi vit di ti a 5 trang. Ni dung: mt ti l thuyt c cp trong bi ging, hoc mt ti thc t: phn tch ROE ca mt doanh nghip nim yt (s dng ph lc cui chng 5). Hn cht np bi: s c thng bo sau

Bi Kim Yn, Gio trnh Th trng Chng khon, Nh xut bn Lao ng X hi, 2007 Bi Kim Yn, Bi tp v Bi gii Phn tch chng khon v nh gi chng khon, Nh xut bn Lao ng X hi, 2007 Bi Kim Yn, Phn tch chng khon v Qun l danh mc u t, Nh xut bn thng k, 2009 Cc gio trnh ca UBCKNN, website S giao dch chng khon TP.HCM
5

Bodie, Z., A. Kane, and A.J. Marcus. Investment. (McGraw-Hill Irwin, Boston, Mass, London, 2005) sixth international edition)

TNG QUAN V TH TRNG CHNG KHON

I.Th trng ti chnh

II.Th trng chng khon

III.Giao dch trn SGDCK

VI. Qu u t
Ph lc 1: Gi CK trong mt s trng hp

giao dch c bit

Ph lc 2: Giao dch k qu
8

1. Khi nim
Th

trng ti chnh l ni din ra s lun

chuyn vn t ngi c vn nhn ri sang

ngi thiu vn, t tit kim sang u t.
Th

trng ti chnh l ni mua bn, trao i

cc cng c ti chnh.

S lun chuyn vn
Trung gian ti chnh

Vn

Vn

Ng cho vay vn: 1. H gia nh 2. Doanh nghip 3. Chnh ph

Vn

Cng c ti chnh

Vn

Ngi i vay vn: 1. H gia nh 2. Doanh nghip 3. Chnh ph

10

Hai knh lun chuyn vn

Knh

trc tip: ch th d vn trc tip cung ng

vn cho ch th thiu vn bng cch mua cc

cng c ti chnh nh c phiu, tri phiu,
Knh

gin tip: ch th d vn cung ng vn cho

ch th thiu vn qua cc trung gian ti chnh

11

 Dn
Xc To

vn t ni tha vn sang ni thiu vn

nh gi c ca cc cng c ti chnh tnh thanh khon cho cc cng c ti chnh

Gim n

thiu chi ph tm kim v chi ph thng tin

nh v iu ha lu thng tin t

12

Th trng ti chnh Financial market

Th trng tin t Money market

Th trng vn Capital market

Th trng chng khon Stock market

TT vay n di hn Long term Loans market

TT tn dng thu mua Leasing market

TT th chp Mortgage market

13

ni mua bn trao i cc cng c ti chnh ngn hn ng vn ngn hn cho nn kinh t

Cung Bao -

gm:

Th trng lin ngn hng Th trng chng khon ngn hn Th trng ngoi hi

Th trng tn dng.

14

Tn phiu kho bc (Treasury Bill) Cc khon vay lin ngn hng (Fed Funds) Chp phiu ngn hng (Bankers Acceptance) Thng phiu (Commercial paper) Hp ng mua li (Repurchase Agreements (Repos) Cc chng ch tin gi (Negotiable Certificates of

Deposits (NCDs)

15

Cng c ca TT tin t c thi gian o hn khng

qu 1 nm nn c tnh thanh khon cao, ri ro thp v hot ng tng i n nh.

Hot ng ca TT tin t din ra ch yu trn th trng tn dng cho nn gi c c hnh thnh trn

th trng ny c th hin qua li sut tn dng

ngn hng.

16

ni mua bn trao i cc cng c ti chnh

cp vn cho cc khon u t di hn ca

trung v di hn (thng c thi hn trn 1 nm)

Cung

chnh ph, doanh nghip, h gia nh.

Bao

gm th trng chng khon (stock market),

th trng vay n di hn, th trng tn dng

thu mua (leasing market), th trng th chp (mortgage market).
17

Tri phiu (Bonds)

C phiu (Stocks) Cc khon vay th chp (Mortgages) Cc khon tn dng di hn hn c mc li tc cao hn so vi cc cng c trn th trng tin t.

Cc cng c trn th trng vn c ri ro cao

18

1. Khi nim

TTCK l mt b phn ca th trng vn, l c ch

gp g gia cung v cu chng khon qua hnh thnh nn gi c v phng thc thanh ton.

Hng ha giao dch trn th trng chng khon gm c phiu, tri phiu v cc cng c chng

khon phi sinh.

19

Huy ng vn cho nn kinh t

Cung cp mi trng u t cho cng chng

To tnh thanh khon cho cc chng khon

nh gi hot ng ca doanh nghip To mi trng gip chnh ph thc hin cc chnh sch v m

20

chc pht hnh

u t

Nh Cc

t chc kinh doanh trn TTCK Cng ty

chng khon
Cc

t chc c lin quan n th trng chng

khon

21

L cc t chc thc hin huy ng vn thng qua th

trng chng khon, nh doanh nghip, chnh ph, chnh quyn a phng, cc t chc ti chnh. Chnh ph, chnh quyn a phng: pht hnh tri phiu

Doanh nghip pht hnh: c phiu, tri phiu

T chc ti chnh pht hnh: tri phiu, chng ch th hng (chng ch qu)
22

 Ti

Vit Nam:

Chnh ph (NHNN, kho bc) pht hnh tri phiu. Cng ty c phn pht hnh c phiu, tri phiu Doanh nghip nh nc, cng ty TNHH t nhng yu cu nht nh v vn v s nm lm n c li c th pht hnh tri phiu

Qu u t pht hnh chng ch qu

23

L nhng ngi thc s mua v bn chng khon trn th trng chng khon, bao gm:

Nh u t c nhn l nhng c nhn trc tip kinh doanh chng khon bng ngun tin nhn ri ca mnh.

Nh u t t chc l cc nh ch u t, thng xuyn mua bn s lng ln chng khon, c cc chuyn gia c kinh nghim v kin thc chuyn mn v th trng. Nh u t t chc c th bao gm cc qu u t, cng ty bo him, qu lng hu, cng ty ti chnh, ngn hng,.

24

Hot ng trong lnh vc chng khon, c th m nhim

mt hoc nhiu trong s cc nghip v chnh nh:

Bo lnh pht hnh chng khon Mi gii chng khon T doanh chng khon

Qun l qu u t
T vn u t.

25

C quan qun l nh nc S giao dch chng khon C quan thanh ton b tr Hip hi cc nh kinh doanh chng khon Cc cng ty cung cp dch v xp hng tn dng Gi ti : Tm hiu v hot ng cc cng ty

cung cp dch v xp hng tn dng mt s

quc gia (M, Nht) v nh hng pht trin cho VN.
26

Cnc vo hng ha lu thng: th trng tri phiu,

th trng c phiu, th trng chng khon phi

sinh.

Cn c vo tnh cht pht hnh: th trng s cp v

th trng th cp

Cn c vo phng thc t chc giao dch: th trng tp trung (s giao dch) v th trng phi tp trung (OTC)

27

th trng mua bn cc chng khon mi pht

hnh. Vn t nh u t s c chuyn qua nh pht hnh thng qua vic nh u t mua cc chng khon mi pht hnh.
Tn

gi khc: th trng cp 1 hay th trng pht

hnh

28

L ni duy nht m cc chng khon em li vn cho cc ch th pht hnh. L th trng to vn cho ch th pht hnh v ng thi to hng ha cho th trng th cp.

Ngi bn chng khon: chnh ph, chnh quyn a

phng, cc doanh nghip v cc t chc bo lnh pht

hnh.

Pht hnh di 2 hnh thc: pht hnh ring l v pht

hnh ra cng chng.

29

Pht hnh ring l: pht hnh trong phm vi mt s

ngi nht nh vi nhng iu kin hn ch. Pht hnh ra cng chng: CK c bn rng ri cho mt s lng ln nh u t, trong mt t l nht nh chng khon phi c phn phi cho nh u

t nh. Sau khi c pht hnh trn th trng s cp,

chng khon s c giao dch trn SGDCK nu p ng c cc quy nh ca SGDCK.

30

Pht hnh ln u ra cng chng (IPO) : c phiu ca cng ty ln u tin c cho bn rng ri ra cng chng

u t

Cho bn s cp: l t pht hnh c phiu b sung ca cng ty i chng cho rng ri nh u t. cng ty pht hnh thng y thc cho cc cty chng

Cc

khon lm nghip v pht hnh nghip v bo lnh pht hnh

Gi

ti: Tm hiu hot ng IPO ca cc doanh

nghip VN? Mt s bi hc rt ra trong qu kh

31

Bo lnh pht hnh l vic t chc bo lnh

gip t chc pht hnh thc hin cc th tc

trc khi cho bn chng khon, t chc vic phn phi chng khon v gip bnh n gi chng khon trong giai on u sau khi pht hnh.

Bo lnh pht hnh bao gm c vic t vn ti chnh v phn phi chng khon
32

Bo lnh vi cam kt chc chn

Bo lnh theo phng thc d phng

Bo lnh vi c gng cao nht

Bo lnh theo phng thc bn tt c hoc khng Bo lnh theo phng thc ti thiu ti a

33

L phng thc bo lnh m theo t chc bo lnh cam kt s mua ton b s chng khon pht hnh cho d c phn phi c ht chng khon hay khng.

Mt nhm cc t chc bo lnh hnh thnh mt t hp

mua chng khon ca t chc pht hnh vi gi chit

khu so vi gi cho bn ra cng chng v bn li cc chng khon ra cng chng theo gi cho bn ra cng

chng. Chnh lch gia gi mua v gi bn c gi l

hoa hng chit khu.
34

L phng thc c p dng khi cng ty i chng pht hnh b sung c phiu. Cng ty cn bo v quyn li cho cc c ng hin hu, v do vy cng ty phi cho bn c phiu b sung cho cc c ng hin hu trc khi cho bn ra cng chng bn ngoi. S c mt s c ng khng mun mua thm c phiu, v nh vy cng ty cn mt t chc bo lnh d phng sn sng mua quyn mua khng

c thc hin v chuyn thnh nhng c phiu phn

phi ra ngoi cng chng.
35

L phng thc bo lnh m theo t chc bo

lnh tha thun lm i l cho t chc pht hnh.

T chc bo lnh khng cam kt bn ton b s chng khon m cam kt s c gng ht sc bn chng khon ra th trng, nhng nu khng phn phi ht th s tr li cho t chc pht hnh phn cn li.
36

Trong phng thc ny t chc pht hnh yu

cu t chc bo lnh bn mt s lng chng

khon nht nh, nu khng phn phi c s hy ton b t pht hnh.

37

L phng thc trung gian gia phng thc bo lnh vi

c gng cao nht vi phng thc bn tt c hoc khng.

T chc pht hnh yu cu t chc bo lnh bn ti thiu mt t l chng khon nht nh (mc sn). Vt mc y,

t chc bo lnh c t do cho bn n mc ti a quy

nh (mc trn). Nu lng chng khon bn c t t l thp hn mc yu cu th ton b t pht hnh s b hy b.

38

ni giao dch cc loi chng khon c

pht hnh trn TTCK s cp.

Th

trng th cp m bo tnh thanh khon cho

cc loi chng khon c pht hnh.

39

c im:

Hot ng lin tc, giao dch thc hin gia cc nt, cc

nt mua bn CK nhiu ln to tnh thanh khon cho CK pht hnh

Vn c lu chuyn t nh u t ny qua nh u t khc Khng to vn cho ch th pht hnh. Giao dch trn TTCK th cp phn nh nguyn tc cnh tranh t do, gi chng khon trn th trng th cp do cung v cu quyt nh

40

TTCK s cp Giao dch cc chng khon mi pht hnh.

TTCK th cp Giao dch cc chng khon c pht hnh trn TT s cp.

To vn cho t chc pht hnh

Khng to vn cho t chc pht hnh.

Tng tnh thanh khon cho cc chng khon c pht hnh trn th trng s

cp

41

L mt th trng trong giao dch mua bn CK c thc hin ti mt a im tp trung gi l sn giao dch hoc thng qua h thng my tnh. Cc cty ck- l thnh vin ca SGDCK tham gia giao dch

trn sn hoc thng qua h thng giao dch c in

ton ha, theo nhng quy nh nht nh v phng thc giao dch, thi gian giao dch v a im c th.

CK nim yt: CK ca cng ty ln, c danh ting p ng

tiu chun ca SGD.

42

Hnh thc s hu:

-

Hnh thc s hu thnh vin Hnh thc cng ty c phn Hnh thc s hu nh nc ti mi SGDCK ? Ti mi SGDCK c bao nhiu cng ty nim yt? K tn vi cng ty nim yt?

Q. Ti Vit Nam c my SGDCK? C cu t chc

43

m bo nguyn tc cng khai -minh bch - cng

bng

Thit lp mt th trng chng khon vn hnh lin tc vi cc chng khon c chn la

44

Nim yt chng khon l th tc cho php mt chng khon nht nh c php giao dch trn s giao dch chng khon. Li im ca nim yt:

- Cng ty d dng huy ng vn

- Qung b hnh nh ca cng ty trong cng chng - Thc y vic t chc qun l c hiu qu hn - Nng cao tnh thanh khon cho cc chng khon - Chnh sch u i v thu (VN)
45

Bt li ca nim yt:
-

Cng ty nim yt phi c ngha v cng b thng

tin i khi nh hng n b mt, b quyt

D b thu tm.

46

OTC over the counter giao dch qua quy ca ngn hng, cty ck.

L th trng khng c trung tm giao dch tp trung, l mng li cc nh mi gii v t doanh chng khon mua bn vi nhau v vi cc nh u t, cc hot ng giao dch c din ra ti cc quy ca cc ngn hng v cc cng ty chng khon c tri rng khp ni.

47

Hnh thc t chc th trng: phi tp trung

c t chc cht ch s dng k thut cao thng qua mng my tnh din rng

C ch xc lp gi: l thng lng gi gia bn mua v bn bn

Cc chng khon ca cc DN va v nh, cng ty mi thnh lp nhng c tim nng pht trin tt

H thng cc nh to lp th trng C 2 cp qun l: nh nc v t qun Phng thc thanh ton linh hot

48

UP-COM
NASDAQ (National Association of Securities Dealers Automated Quotations system) (M)

+Ln nht v s lng CK giao dch (3200 CK) ti M + Ln th hai v gi tr giao dch (sau NYSE) + Cc CK giao dch: CK ca cty mi thnh lp, cty va v nh, cty cng ngh cao, VD Microsoft, Dell,

Amazon, eBay,
49

JASDAQ (Nht Bn)

- JASDAQ cn bao gm NEO th trng h tr cc cty mi, c tim nng trong v cng ngh mi hoc v mt m hnh kinh doanh mi.

Phng thc giao dch: t 24/3/2008 ch a/d phng thc khp lnh J-net (Nht Bn): J-net thc hin cc giao dch l ln, khng ph thuc vo giao dch trn sn nhm tit kim thi gian v gim thiu ri ro giao dch khng thnh cng cho nh u t. Nhng giao dch ln y bao gm: giao dch l ln, giao dch r c phiu, giao dch c phiu qu ca

cc cng ty nim yt.

50

Th trng OTC a im phi tp trung Giao dch qua mng Tha thun

S giao dch a im tp trung Qua mng hoc khng u gi tp trung

CK loi 2 c ri ro cao S dng nh to lp th trng

CK loi 1 c ri ro thp Khng s dng

51

C quan qun l nh nc v TTCK (y ban Chng khon Nh nc) Th trng chng khon Stock market

Th trng s cp (pht hnh chng khon) Primary market

Th trng th cp (giao dch chng khon) Secondary market

Th trng tp trung (S giao dch) Stock Exchange

Th trng phi tp trung (OTC)

52

1. Mt s quy nh chung 2. H thng giao dch 2.1. H thng giao dch khp gi 2.2. H thng giao dch khp lnh 2.3. Khp lnh nh k v khp lnh lin tc

53

Thi gian giao dch Loi giao dch n v giao dch n v yt gi Gi tham chiu Bin giao ng gi

Nguyn tc khp lnh

Cc loi lnh giao dch
54

T chc di dng phin, phin sng, phin chiu hoc ch phin sng. Ti HOSE: 9:00~9:15 Khp lnh nh k 9:15~11:30 Khp lnh lin tc 9:00~11:30 Giao dch tha thun 13:00~13:45 Khp lnh lin tc

13:45 ~ 14:00 Khp lnh nh k

13:00 ~14:15 Giao dch tha thun

55

Ty theo chu k thanh ton, chia thnh: giao dch

thng thng, giao ngay, k hn

Chu k thanh ton ca giao dch thng thng T+3. V d: Nu mua cp vo ngy th hai chiu th nm, cp s v ti khon ca ngi mua, tin s v ti khon ca ngi bn.

56

L khi lng giao dch ti thiu ca mt lnh giao

dch gi l l chn hay n v giao dch Ti HOSE: - n v giao dch khp lnh l chn: 10 c phiu, CCQ - KL giao dch tha thun: t 20.000 c phiu hoc CCQ

57

L bc gi ti thiu trong giao dch chng

khon
Mc gi Di 49.900 ng 50.000 99.500 ng Trn 100.000 ng V yt gi 100 ng 500 ng 1.000 ng

Khng quy nh n v yt gi i vi phng thc giao dch tha thun.

58

59

L mc gi c bn xc nh gi trn v gi sn
trong ngy giao dch

Thng l gi ng ca ca phin giao dch trc. Mt s TH c bit: chia tch, thng cp, cp mi nim yt

60

L mt trong nhng cng c nhm n nh gi trn

th trng chng khon. Thay i bin s tc ng rt ln n th trng VD ti HOSE: 3%5%1%2% 3% 5% Gi trn = Gi tham chiu + (Gi tham chiu x bin dao ng gi) Gi sn = Gi tham chiu - (Gi tham chiu x bin dao ng gi)

61

tin v gi:

+ Lnh mua c mc gi cao hn c thc hin trc; + Lnh bn c mc gi thp hn c thc hin trc.

u tin v thi gian: trng hp cc lnh mua, bn

c cng mc gi th lnh giao dch nhp trc vo

h thng giao dch c u tin thc hin trc.
62

Lnh gii hn (LO)

Lnh th trng (MP)

Lnh giao dch ti mc gi m ca (ATO)

Lnh giao dch ti mc gi ng ca (ATC) Lnh dng (stop order)

63

Lnh ghi mt mc gi c th, l mc gi gii hn i vi vic thc hin giao dch. Lnh gii hn c hiu lc k t khi lnh c nhp vo h thng giao dch cho n lc kt thc ngy giao dch hoc cho n khi lnh b hy b

VD: mua 1000 cp D vi gi 109.000

mua ti a vi gi 109.000
Bn 2000 cp V vi gi 90.000

Bn ti thiu vi gi 90.000

64

Lnh mua hoc bn ti mc gi tt nht

Ghi l :MP vo mc mc gi

VD: c/p V ang c bn vi gi 108.000 ,

109.000 , 112.000 . Nu t lnh mua vi gi MP. Gi bn hin c tt nht trn th trng l 108.000 , nn ngi mua c th mua c vi gi 108.000 .
65

c u tin hng u khi so khp

Khng nhp c khi khng c lnh i ng

Ch p dng trong khp lnh lin tc

66

Nu sau khi so khp lnh theo nguyn tc trn m khi lng t lnh ca lnh MP vn cha thc hin ht th lnh MP s c xem l lnh mua ti mc gi bn cao hn hoc lnh bn ti mc gi mua thp hn tip theo hin c trn th trng. Nu khi lng t lnh ca lnh MP vn cn theo nguyn tc trn v khng th tip tc khp v ht lnh i ng th lnh MP s c chuyn thnh lnh LO mua (bn) ti mc gi cao (thp) hn mt bc gi so vi gi giao dch cui cng trc .
67

Trng hp gi khp cui cng l gi trn i vi lnh th trng mua hoc gi sn i vi lnh th trng bn th lnh th trng s c chuyn thnh lnh gii hn mua ti gi trn hoc lnh gii hn bn ti gi sn.

68

VD: C phiu ABC (gi tham chiu 14.0; gi trn 14.7; gi sn 13.3)
KL mua
5200 8000

Gi
13.9 14.0 14.1 14.2 14.7

KL bn

6000 3300 2800

Lnh th trng mua 8000 ABC

69

KL mua

Gi

KL bn

5200
8000

13.9
14.0 14.2 1300

14.7

2800

Kt qu khp lnh: Khp 6000 gi 14.1; 2000 gi 14.2 Lnh th trng bn 15000 ABC

70

Khp 8000 gi 14; 5200 gi 13.9.

KL mua Gi
13.8 14.2 14.7

KL bn
1800 1300 2000

Khi lng cn li (1800) ca lnh th trng chuyn thnh lnh gii hn bn gi 13.8
71

u im: Lnh th trng c hiu nh l lnh

mua hoc bn vi bt c gi no, nn kh nng thc hin cao.

Nhc im: khng th bit gi thc hin l bao nhiu.

72

L lnh mua hoc bn ti mc gi m ca, cho

nn khng cn phi ghi c th mt mc gi m ch cn ghi ATO.

Lnh ATO u tin trc lnh LO khi so khp lnh. T ng hy b khi khp lnh nu lnh khng c thc hin hoc khng thc hin ht

73

74

L lnh mua hoc bn ti mc gi ng ca.

Lnh ATC u tin trc lnh LO khi so khp lnh.

T ng hy b khi khp lnh nu lnh khng

c thc hin hoc khng thc hin ht.

75

L loi lnh m bo cho cc nh u t c

th thu li nhun ti mt mc nht nh v ng thi phng chng ri ro. + Lnh dng bn + Lnh dng mua.

76

L lnh m nh u t nh ra mc gi dng thp

hn gi th trng.

Sau khi t lnh, nu gi th trng xung bng hoc thp hn gi dng bn, lnh dng s c kch hot tr thnh lnh bn vi gi th trng

77

V d:

Mua c phiu X vi gi P= 25000 vo ngy15/3. Ngy 15/4, P= 45.000 .

t mt lnh dng bn vi gi 42.000 .

Nu P tng, tip tc gi cp
Nu P gim ti 42.000 , lnh dng bn c kch hot thnh lnh bn MP. C th bn c vi gi t 42.000 tr xung. Gip nt bo v mt khon li

78

L lnh m nh u t nh ra mc gi dng cao

hn gi th trng.

Sau khi t lnh, nu gi th trng ln bng hoc cao hn gi dng mua, lnh dng mua s c kch hot tr thnh lnh mua vi gi th trng.

A/d trong trng hp bn khng

79

Nt d bo rng gi ca mt CK s gim nhng anh ta

li khng s hu CK ny bn bng cch mn t

cty CK.

Trong tng lai, mua li CK tr cho cng ty chng khon.

Nu gi CK gim nt li Nu gi CK tng l s dng lnh dng mua hn ch mc l

80

V d:

14/10 bn khng cp X vi gi P=30.000 14/11 phi mua li tr cty CK. Nu P xung di 30.000 , nt li Nu P ln, nt t lnh dng mua vi gi dng 35.000 .

Nu P>=35.000 , lnh dng mua tr thnh lnh

MP, mua CK tr cty CK.
81

H thng giao dch l h thng nhn lnh,

dn lnh, so khp v t hnh thnh nn

gi v khi lng giao dch.

H thng giao dch khp gi (H thng giao dch u gi theo gi)

H thng giao dch khp lnh (H thng giao dch u gi theo lnh)
82

C s hin din ca nhng ngi to lp th trng

(market maker/dealer).

Ngi to lp th trng c ngha v cho cc mc gi mua (best bid) v gi bn (best ask) tt nht nh to lp th trng hng chnh lch spread

Giao dch c thc hin gia nh u t v ngi to

lp th trng.

83

Gi thc hin c xc nh trn c s cnh tranh gia

nhng nh to lp th trng. Nh u t ch cn la chn mc gi c coi l ph hp . A/d ti th trng OTC NASDAQ ca M, SEAQ ca Anh.

u im:

- Tng tnh thanh khon

- Gim s bin ng gi - Chc nng xc nh gi
84

Nhc im
Cn nhng nh ch ti chnh mnh v vn, k

nng u t chuyn nghip lm nh to lp th

trng
-

Tim n nhng hnh vi giao dch khng cng bng

Qun l kh khn
85

Lnh giao dch ca cc nt c khp trc tip vi

nhau, khng c s tham gia ca nhng ngi to th

trng.

Gi thc hin c xc nh trn c s cnh tranh gia

cc nt nguyn tc u tin

Nt phi tr ph cho cty ck, n v lm nhim v chuyn lnh ca nh u t ln h thng khp lnh- ni m lnh mua v lnh bn s c khp trc tip vi nhau.

86

u im

- Xc lp gi hiu qu: do cnh tranh

- m bo tnh minh bch ca th trng

- Nt c th a ra quyt nh kp thi - Tit kim chi ph giao dch

87

Nhc im
Hn ch tnh thanh khon

Gi c thng bin ng tht thng.

C 2 loi hnh:
-

Khp lnh nh k Khp lnh lin tc

88

Giao dch tha thun

Giao dch khp lnh

- Khp lnh nh k
- Khp lnh lin tc

89

L phng thc giao dch trong cc thnh vin

t tho thun vi nhau v cc iu kin giao dch v c i din giao dch ca thnh vin nhp thng tin vo h thng giao dch ghi nhn.

KL giao dch ln, t 20000 cp hoc chng ch qu tr ln.

90

Cc giao dch chng khon c tin hnh ti

mt mc gi duy nht bng cch tp hp tt c cc lnh mua v lnh bn trong mt khong thi gian nht nh.

VD: khp lnh xc nh gi m ca t 9:00 n 9:15, hoc khp lnh xc nh gi ng ca t 13:45 n 14:00 ti SGDCK TP.HCM
91

VD: Cp P c cc lnh mua v bn nh sau:

t mua Gi Cho bn

M lnh
M1 M2

KL mua
10.000 5.500 119 115 114 112 109

KL Bn
10.000 15.000

M lnh
B1 B2, B3

M3
M4 M5

7.000
3.000 8.500

4.000
3.000 2.500

B4
B5 B6
92

Nguyn tc 1:

Gi giao dch l gi m ti sau khi so khp

mua v bn, s lng chng khon c th giao

dch l ln nht

93

t mua Tch ly 10.000 15.500 22.500 25.500 34.000 M lnh M1 M2 M3 M4 M5 KL mua 10.000 5.500 7.000 3.000 8.500

Gi

Cho bn KL Bn M lnh B1 Tch ly 34. 500 24.500 9.500 5.500 2.500

Khi lng khp 10.000 15.500 9.500 5.500 2.500

119 115 114 112 109

10.000

15.000 B2, B3 4.000 3.000 2.500 B4 B5 B6

94

Trong VD trn nu ta b sung lnh mua ATO (m

lnh M6) vi khi lng 2000 c phiu, lnh bn ATO (m lnh B7), 9000 c phiu, hy xc nh gi giao dch ?

95

Trng hp c nhiu mc gi m khi lng giao

dch t ln nht. Nguyn tc 2: Nu c nhiu mc gi tho mn nguyn tc 1 (tc l ti s lng chng khon c th giao dch cng ln nht) th mc gi trng hoc gn vi gi thc hin ca ln khp lnh gn nht s c chn.
96

Nguyn tc 3: trong trng hp mt tp hp lnh c cc mc gi c khi lng giao dch ln bng nhau v u gn vi gi khp ln gn nht nh nhau th theo quy nh c th ca tng TTCK m gi c chn c

th l: gi m ti c mc chnh lch cung cu thp

nht hoc l gi cao hn s c chn. Vit Nam, khi xy ra trng hp nh th ny th gi cao hn s c la chn.

97

u im

Hn ch bin ng v gi do nh hng ca

nhng giao dch ln

To s n nh ca th trng c bit i vi nhng c phiu c giao dch tht thng, t giao dch

98

Nhc im

Gi chng khon khng phn nh tc thi thng

tin ca th trng

Hn ch c hi giao dch ca nh u t Tnh trng qu ti vo cui phin

99

Phng thc giao dch c thc hin trn c s so

khp cc lnh mua v lnh bn chng khon ngay

khi lnh c nhp vo h thng giao dch.

Nguyn tc xc nh gi thc hin trong phng thc khp lnh lin tc l mc gi ca cc lnh gii hn i ng ang nm ch trn s lnh.

Khp lnh lin tc c p dng t 9:15 n 11:30

v 13:00 n 13:45 mi ngy giao dch ti SGDCK TP.HCM
10 0

CP V, gi trn :119 , gi tham chiu 114, gi sn:

109. 9: 05 lnh mua 5.000 cp vi gi 119.

KL mua 5.000

Gi 119

KL bn

9:06 lnh bn 1.000 cp vi gi 114.

10 1

Mn hnh hin th

KL mua
4.000

Gi
119

KL bn

9:07 lnh bn 7.000 cp vi gi 117.

10 2

Mn hnh hin th KL mua Gi 117 KL bn 3.000

9:08 lnh bn 3.000 cp vi gi 114.000

10 3

Mn hnh hin th: KL mua Gi 114 117 KL bn 3.000 3.000

9:10, lnh MP mua 10.000 cp

10 4

3000 cp khp vi gi 114 , sau 3000 cp

khp vi gi 117.

D mua 4000 cp ca lnh MP chuyn thnh lnh LO.

10 5

Mn hnh hin th: KL mua Gi KL bn

4.000

118

Qu trnh khp lnh tip din lin tc n ht phin giao dch.

10 6

u im Gi c c xc nh qua s phn nh tc thi ca thng tin

Nng cao tnh thanh khon ca chng khon. Nng cao tc thc hin lnh. Phng php ny ph hp vi cc s giao dch ln c nhiu lnh mua v

bn.

10 7

Nhc im:
D xy ra nhng bin ng v gi chng khon xut hin do nh hng ca nhng giao dch c khi lng ln hoc do giao dch tha tht ca nhng c phiu c tnh thanh khon khng cao.

Khng ph hp vi th trng nh, mi hnh

thnh c t lnh giao dch.
10 8

Khi nim: Qu u t chng khon: l qu

hnh thnh t vn gp ca nh u t vi mc ch kim li nhun t vic u t vo chng khon hoc cc dng ti sn khc, k c bt ng sn trong nh u t khng c quyn kim sot hng ngy i vi vic ra quyt nh u t ca qu.
10 9

dng ha danh mc u t, gim thiu ri ro

l u t chuyn nghip

Qun Chi

ph hot ng thp

11 0

Cn c hnh thc t chc: Qu u t dng cng ty (corporate funds) Qu u t dng tn thc (trust funds) Cn c i tng huy ng vn:

Qu thnh vin (private fund)

Qu i chng (public fund) Cn c hnh thi huy ng vn:

Qu ng (close ended fund)

Qu m (open ended fund)
11 1

Mt cng ty c thnh lp theo quy nh ca php lut hin hnh s pht hnh cc c phn ra cng chng. Khi mua c phn, nh u t tr thnh c

ng ca qu v c y cc quyn do php lut quy nh.

Cc c ng s bu ra Hi ng qun tr. Hi ng qun tr ca qu l c quan cao nht s ng ra thu cng ty qun l qu, ngn hng bo qun ti sn ca qu v gim st hot ng ca 2 t chc ny.

Qu l mt cng ty c t cch php nhn v ngi ta gi qu ny l qu u

t dng cng ty. Phn gp vn vo qu c gi l c phn qu.

M hnh ny thng thy cc nc c TTCK pht trin nh Anh M.

11 2

Mt cng ty qun l qu s huy ng vn bng cch ly tng vn d kin huy ng chia nh thnh cc phn nh bng nhau m ngi ta gi l chng ch qu, cng ty s bn cc chng ch qu ra cng chng nh l nhng n v u t.

Qu ch l mt khon tin, khng c t cch php nhn, ngi mua chng ch qu khng c tham gia vo qu trnh ra quyt nh u t.

Mt cng ty qun l qu c th pht hnh v qun l nhiu

chng ch qu.
11 3

 CCQ

chnh l mt loi chng khon xc nhn

quyn s hu hp php ca nh u t i vi mt phn vn ca qu u t dng tn thc.

Nh

u t ch th hng kt qu hot ng kinh

doanh ca qu ch khng c tham gia v qu trnh ra quyt nh u t

11 4

Huy ng vn bng phng thc pht hnh ring l cho mt nhm nh cc nh u t, c th c la chn trc, l cc c nhn hay cc nh ch ti chnh hoc cc tp on kinh t ln

Tnh thanh khon thp hn qu cng chng.

Cc nh u t thng u t vo cc qu thnh vin

vi lng vn ln, v i li h c th tham gia vo

trong vic kim sot u t ca qu.
11 5

L qu u t chng khon thc hin cho bn

chng ch qu ra cng chng.

11 6

L qu i chng m CCQ cho bn ra cng chng khng c mua li theo yu cu ca nh u t.

C phiu hay CCQ ch c pht hnh 1 ln vi s lng nht nh.

Sau khi pht hnh ln u ra cng chng qu khng mua li nhng c phiu - chng ch khi nh u t c nhu cu bn li cng nh pht hnh b sung.

Nh u t mun mua hoc bn c phiu - chng ch qu

s tin hnh giao dch trn TTCK th cp.
11 7

L qu i chng m c phiu-CCQ cho bn ra cng chng phi c mua li theo yu cu ca nh u t.

Qu lin tc pht hnh c phiu -CCQ ra cng chng, s lng c phiu - CCQ c th khng gii hn.

Qu sn sng mua li c phiu - CCQ khi nh u t c nhu cu.

C phiu hay CCQ khng c giao dch trn th trng th

cp m c giao dch trc tip vi qu hoc thng qua i

l y quyn.
11 8

Qu ng (close ended fund)

Qu m (open ended fund)

C phiu hay chng ch qu ch C phiu hay chng ch qu c c pht hnh 1 ln vi s lng nht nh pht hnh lin tc, s lng khng gii hn

Qu khng mua li c phiu hoc Qu mua li c phiu hay CCQ

CCQ, nh u t cn vn c th
bn li trn TTCK C phiu hay CCQ c giao dch trn th trng th cp

khi nh u t yu cu
C phiu hay CCQ khng c giao dch trn th trng th cp m c giao dch trc tip

11 9

(1) Phn bit knh dn vn trc tip v knh dn vn gin tip?

(2) Th trng tin t v th trng vn (3) TTCK v cc chc nng ca TTCK (4) Phn bit TTCK s cp v TTCK th cp (5) Bo lnh pht hnh l g, c nhng loi bo lnh no (6) Phn bit th trng tp trung v th trng phi tp trung (7) Nguyn tc u tin trong khp lnh? (8) Cc loi lnh giao dch

12 0

(9) Bn khng l g? S dng bn khng khi no?

(10) Phn bit h thng giao dch u gi theo gi v h thng giao dch u gi theo lnh (11) Khp lnh nh k v khp lnh lin tc (12) Ti sao bn nn u t thng qua mua chng ch qu

(13) Phn bit khi nim c phiu qy v chng ch qy

(14) Phn bit qu ng v qu m (15) Phn bit qu thnh vin v qu i chng
12 1

1.
2. 3. 4. 5.

C phiu mi nim yt
Tch gp c phiu

Giao dch l ln
Giao dch l l Giao dch khng hng c tc v quyn

12 2

Xc nh gi ca cp ngy u tin cho sn:

- HOSE: gi d kin +/- bin 20%

- HNX: gi d kin +/- bin 30%

12 3

L vic lm tng hoc gim s c phiu ang lu

hnh ca mt cng ty m khng lm thay i vn

iu l, vn c phn hay ton b gi tr th trng ti thi im tch hoc gp.

A/d khi gi c phiu trn th trng tng qu cao lm cho cc giao dch s kh thc hin, lm gim

tnh thanh khon.

12 4

VD: Cty X c 2 triu c phiu ang lu hnh,

mnh gi 10.000 ng/c phiu (tng vn c

phn l 20 t ng) v gi th trng ti thi im hin ti l 200.000 ng/c phiu. Gi tr vn ha th trng ca cng ty l 2 triu c phiu x 200.000 ng/c phiu = 400 t ng.

12 5

Tch 1:2, 1 cp c thnh 2 cp mi

s cp lu hnh: 4 triu, vn c phn: 20 t ,

tng vn ha th trng: 400 t

Mnh gi: 20 t / 4 triu cp= 5000 Th gi: 400 t /4 triu cp= 100.000

12 6

Gp cp: s lm gim s lng cp ang lu hnh,

mnh gi cp tng ln v gi th trng ca c phiu cng tng ln tng ng vi t l gp.

A/d khi gi cp xung qu thp

12 7

T chc u gi
Giao dch tha thun da trn gi ng ca

12 8

L l :
1 ti 9 cp (trng hp l chn 10 cp) 1 ti 99 cp (trng hp l chn 100 cp) 1 ti 999 cp (trng hp l chn 1.000 cp).

12 9

L l thng pht sinh do vic chi tr c tc bng c phiu, c phiu thng, tch c phiu hoc thc hin quyn mua c phiu.

Giao dch l l thng c thc hin gia mt bn l

nh u t v mt bn l cng ty chng khon.

Gi giao dch l l thng c xc nh trn c s quyt nh ca Cng ty chng khon ly gi ng ca ca ngy giao dch hm trc chit khu theo mt t l no .
13 0

V d 1: Thng 5/2007, SJS c vn iu l 200 t

ng, vi 20 triu c phiu lu hnh. Nhm tng vn iu l ln gp i (400 t ng), SJS thc hin pht hnh thm 20 triu c phiu mi vi mnh gi 10000 cho c ng hin hu theo t l 1:1. Gi

thc hin l 20.000 . Gi SJS trn th trng vo

thi im thng 5/2007 khong hn 200000 / CP.
13 1

V d 2: Thng 9/2009, SJS pht hnh c phiu thng

v pht hnh thm c phiu cho c ng hin hu:

Pht hnh CP thng: T l thc hin: 1:1 (c ng s hu 01 c phiu c thng 01 c phiu mi), S lng c phiu thng pht hnh: 40.000.000 CP.

Pht hnh thm c phiu cho c ng hin hu : T l

thc hin: 2:1 (c ng s hu 02 c phiu c mua 01

c phiu mi) , S lng c phiu pht hnh thm: 20.000.000 c phiu , Gi pht hnh thm: 10.000 ng/c phiu

Ngy giao dch khng hng quyn: 27/11/2009

13 2

Cn tm hiu:
Ngy giao dch khng hng quyn v c tc. Gi tham chiu trong ngy giao dch khng hng quyn v c tc

13 3

Ngy giao dch khng hng quyn v c tc

Ngy giao dch khng hng quyn v c tc:

ngy cht danh sch 2 ngy lm vic.

Vo ngy giao dch khng hng c tc v quyn,

SGD s iu chnh gim gi tham chiu ca c

phiu tng ng vi gi tr ca khon c tc hoc tng ng vi gi tr ca quyn mua c phiu.

13 4

Phng thc iu chnh gi tham chiu trong ngy GD khng hng quyn v c tc:

Tr c tc bng tin mt

Ptc Pt 1 Div
-

C ng c hng quyn mua cp

Ptc a Pt 1 b Pph ab

13 5

a/b t l s c phiu c/s c phiu mi (t l

pht hnh)

Pt 1

gi ng ca ca ngy trc ngy giao dch

khng hng quyn

Pph l gi pht hnh

13 6

V d 1: Gi tham chiu ca c phiu SJS trong ngy giao dch khng hng quyn v c tc:

Ptc

a Pt 1 b Pph ab

Pt 1 20000 2

V d 2: Gi tham chiu ca c phiu SJS trong ngy giao dch khng hng quyn:

Ptc

a Pt 1 b Pph ab

Pt 1 5000 2,5
13 7

1. Bn khng (short sale)

2. Mua bo chng
(margin long purchase)

13 8

Nt bn nhng ck m anh ta khng s hu bng cch mn t cng ty chng khon. n mt thi im nht nh anh ta phi mua li tr cho cty CK.

A/d khi nt k vng gi chng khon s gim v mun kim li t s suy gim

Nhm hn ch nhng ri ro th trng khi xy dng

mt danh mc gm cc chng khon v bn khng.

13 9

Khi gi HDG mc 140.000 , d bo gi s gim trong 3 thng bn khng 10000 cp HDG

3 thng sau mua li tr cty chng khon 3 thng sau gi cp HDG xung 70.000/ cp li

700 triu

3 thng sau, gi cp HDG ln 180.000 /cp l

400 triu hn ch l cn s dng lnh dng

mua
14 0

L vic mua chng khon trong nh u t ch

thc c mt phn tin hoc chng khon, phn cn li do cng ty chng khon cho vay.

Sau khi giao dch c thc hin, s chng khon mua ca khch hng c cng ty chng khon gi li lm th chp cho khon vay ging cm c chng khon
14 1

V d: nh u t B mun mua 1000 c phiu

VNM, m trong ti khon ch c 64.800.000 . Gi VNM hin ang giao dch l 108.000

Nh u t s vay phn cn thiu l

43.200.000 t cty CK mua 1000 c phiu

VNM ny. Sau khi mua xong, cty CK s gi 1000

c phiu VNM lm th chp.

14 2

L n by gia tng t sut li nhun ca nh u t.

VD:Nu mua bng tin ca mnh vi gi 108.000,

ri bn ra vi gi 150.000 T sut li nhun

40%

Nu s dng giao dch k qu, s tin b ra l 64.800.000 , li sut cho khon vay l 5% T sut li nhun: (150.000.000-108.000.000 -0,05 x 43.200.000)/64.800.000 = 61%
14 3

Giao dch k qu va l n by gia tng li nhun, m cng va l n by gia tng tn tht ca nh u t.

Nu gi VNM xung ti 80.000 , mua bng tin ca mnh th l 26%, nhng nu s dng giao dch k qy th l 47%

14 4

Khi gi chng khon gim qu, ti mt chng

mc no , cng ty chng khon s yu cu nh u t phi b thm tin vo ti khon, hoc yu cu bn bt chng khon mc d nh u t khng mun bn nh u t s chu thit hi.

14 5

T l k qu = (gi th trng ca chng khon

mua s tin vay)/ gi th trng ca CK mua

(108.000.000- 43.200.000)/108.000.000 = 60% T l k qu thay i theo thi gian Gi VNM s tng ln 120.000 , t l k qu: (120.000.000-43.200.000)/120.000.000 = 64%

14 6

T l k qu ban u (Initial Margin): l t l k

qu ti thiu ban u m nt phi t c ngay sau khi mua ck. T l k qu ban u thng thng c quy nh bi cc c quan qun l. Tuy nhin cc cty ck cng c th quy nh mt t l cao hn ty theo kh nng chu ri ro ca mi cng ty.

14 7

T l k qu duy tr (maintenance margin) : l t l

k qu m cty ck yu cu nt phi b thm tin hoc chng khon vo ti khon hoc bn bt chng khon t l k qu quay tr v mc t l k qu duy tr

14 8