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B Gio dc v o to Trng i hc Ngoi thng


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Cng trnh d thi Cuc thi Sinh vin nghin cu khoa hc trng i hc Ngoi thng 2009

Tn cng trnh:

BT CN XNG THNG TIN TRN TH TRNG CHNG KHON VIT NAM THC TRNG V GII PHP

Nhm ngnh: XH1a

H Ni, thng 07 nm 2009

DANH MC S , BNG BIU


Bng 1.1: S ra i ca cc TTCK trn Th gii ................................. 15 S 1.1: Chc nng lun chuyn vn ca Th trng ti chnh ........ 16 S 1.2: Quan h gia Th trng ti chnh v Th trng chng khon ..................................................................................................... 17 S 1.3: Cc ngun thng tin ti chnh c kh nng tc ng n gi ti sn ti chnh do doanh nghip pht hnh ......................................... 19 Bng 2.1: S pht trin ca TTCK Vit Nam qua cc con s .............. 29 Bng 2.2: nh gi v Ch s bo v u t ca Vit Nam qua mt s ch tiu ................................................................................................... 46 Bng 2.3: TTCK Vit Nam qua cc giai on v c im ca Nh u t ........................................................................................................... 57 Bng 2.4: nh gi trnh nh u t c nhn trn TTCK Vit Nam58 S 3.1: C ch gim st hot ng cng b thng tin ti Vit Nam 69 Bng 3.1:Ch ti x pht vi phm cng b thng tin ........................... 71 S 3.2: Nhng li ch ca tng cng cng b thng tin ................ 73

DANH MC T VIT TT TTCK : Th trng chng khon

S GDCK : S giao dch chng khon UBCKNN : y ban Chng khon Nh nc CTCP NT : Cng ty c phn : Nh u t

MC LC
LI M U ............................................................................................................9 CHNG I: C S L LUN V TH TRNG CHNG KHON V L THUYT BT CN XNG THNG TIN TRN TH TRNG CHNG KHON ....................................................................................................................13 I.1. S lc v Chng khon v Th trng chng khon: ................................13 I.1.1. Khi nim Chng khon (Securities): ........................................................13 I.1.2. S lc v Th trng chng khon: .........................................................14

I.1.2.1. Lch s hnh thnh v pht trin ca Th trng chng khon: ............................................................................................................... 14 I.1.2.2. Th trng ti chnh v chc nng ca Th trng chng khon: ................................................................................................... 16 I.1.2.3. Cc ch th tham gia Th trng chng khon: ...................... 18
I.2. Vai tr ca thng tin ti chnh trn Th trng chng khon: ....................18 I.3. L thuyt bt cn xng thng tin (Ansymmetric Information): ..................20 I.3.1. Gii thiu s lc v l thuyt bt cn xng thng tin (Asymmetric Information: .........................................................................................................20 I.3.2. Cc khi nim v bt cn xng thng tin: ..................................................21 I.3.3. Nhng nghin cu u tin v bt cn xng thng tin trn th gii : ........22

I.3.3.1. G.A. Akerlof (1970): Th trng nhng qu chanh:............ 22 I.3.3.2. Michael Spence (1973): Pht tn hiu ...................................... 22 I.3.3.3. Joseph Stiglitz (1975): C ch sng lc ................................... 23

I.3.4. H qu ca bt cn xng thng tin trn Th trng chng khon .............24

I.3.4.1. La chn i nghch (Adverse Selection): ............................... 24 I.3.4.2. Ri ro o c (Moral Hazard): .............................................. 24
I.3.5. Nhng tc ng ca bt cn xng thng tin trn Th trng chng khon: .............................................................................................................................25

I.3.5.1. Tc ng n cc nh u t: .................................................. 25 I.3.5.2. Tc ng n cc Doanh nghip:............................................. 26 I.3.5.3. Tc ng n s pht trin ca Th trng chng khon: ...... 26
I.3.6. Gii php l thuyt hn ch bt cn xng thng tin ...................................26

I.3.6.1. Pht tn hiu (Signaling): ......................................................... 27 I.3.6.2. Sng lc (Screening): ............................................................... 27 I.3.6.3. C ch gim st: ....................................................................... 28
CHNG II: THC TRNG V BT CN XNG THNG TIN TRN TH TRNG CHNG KHON VIT NAM ...........................................................29 II.1. S lc v TTCK Vit Nam: ..........................................................................29 II.1.1. Cc thnh phn tham gia TTCK VN: .......................................................30 II.1.2. Bt cn xng thng tin trn TTCK Vit Nam: .........................................31 II.2. Khung php l quy nh v vic cng b thng tin i vi cc cng ty i chng ti Vit Nam..................................................................................................32 II.2.1. Nhng vn bn php lut lin quan n quy nh cng b thng tin i vi cc cng ty i chng ti Vit Nam ..............................................................32

II.2.2. nh gi chung v khung php l ............................................................35 II.3. Cng b thng tin ca cc cng ty i chng: ..............................................37 II.3.1. Thc trng cng b thng tin theo quy nh:............................................37

II.3.1.1. Thng tin nh k: ................................................................... 37 II.3.1.2. Thng tin bt thng: ............................................................. 40 II.3.1.3. Thng tin theo yu cu: ........................................................... 40 II.3.1.4. Cng b thng tin v giao dch ca cc c ng ni b......... 41
II.3.2. Mt s nhng tn ti khc ........................................................................42 II.4. Thc trng p dng cc nguyn tc qun tr cng ty ( Corporate Governance) nhm tng cng minh bch thng tin: .........................................43 II.4.1. Khi nim v nhng nguyn tc v qun tr cng ty: ...............................43 II.4.2. Giai on hnh thnh v pht trin: ...........................................................44 II.4.3. Thc trng v ch qun tr cng ty ca cc cng ty i chng Vit Nam......................................................................................................................45

II.4.3.1. Hin cc doanh nghip t nhn Vit Nam vn thng p dng theo kiu truyn thng: ................................................................ 46 II.4.3.2. Nhiu vi phm trong cng tc qun tr doanh nghip cn tn ti: ......................................................................................................... 47 II.4.3.3. Vai tr ca Ban kim sot cha thc t, mi ch mang tnh hnh thc: .............................................................................................. 47 II.4.3.4. Mt s v d in hnh: ........................................................... 48
II.4.4. Nguyn nhn: ............................................................................................48

II.5. Thc trng v hot ng k ton v kim ton ca cc cng ty i chng: ...................................................................................................................................49 II.5.1. Thiu minh bch t t chc k ton ca DN: ...........................................50

II.5.1.1. BCTC sai lch: ........................................................................ 50 II.5.1.2. Hp nht BCTC: ..................................................................... 53


II.5.2. Kim ton vn cha ng sai phm:.........................................................55 II.6. Thc trng s dng thng tin ca nh u t: ............................................56 II.6.1. Kin thc nh u t trn th trng Vit Nam qua cc giai on: ..........56 II.6.2.Thc trng s dng thng tin chng khon trong vic ra quyt nh u t Vit Nam: .........................................................................................................59

II.6.2.1. a s nh u t c nhn thng u t da trn nhng ngun thng tin khng c ngun gc r rng, t da trn nhng thng tin chnh thc: ....................................................................................... 59 II.6.2.2. Tm l by n v tm kim li nhun:................................... 60 II.6.2.3. a s nh u t c nhn cha trnh v kin thc phn tch cc ngun thng tin chnh thc u t: ........................... 61
CHNG III ...........................................................................................................62 MT S GII PHP KIN NGH NHM HN CH BT CN XNG THNG TIN V BO V NH U T TRN TTCK VIT NAM ............62 III.1. Kinh nghim hn ch bt cn xng thng tin v bo v nh u t ca TTCK M: ...............................................................................................................62 III.2. Mt s kin ngh nhm nng cao tnh minh bch v hiu qu thng tin trn TTCK Vit Nam: .............................................................................................67

III.2.1. Hon thin khung php l v cng b thng tin. Tng cng c ch gim st v x l vi phm cng b thng tin: .............................................................67

III.2.1.1. Hon thin khung php l v cng b thng tin:................... 67 III.2.1.2. Tng cng c ch gim st:................................................. 68 III.2.1.3. X pht nghim khc cc vi phm v cng b thng tin: ...... 70
III.2.2. Tng cng nhn thc v tnh t gic minh bch thng tin ca cc cng ty i chng: ........................................................................................................72 III.2.3. Nng cao cht lng thng tin trn TTCK: .............................................74 III.2.4. Hon thin c ch k ton, kim ton: ....................................................74 III.2.5. Hon thin cc nguyn tc v qun tr cng ty (Corporate Governance) trong cc cng ty i chng nhm tng cng minh bch thng tin: ..................76 III.2.6. Nng cao cht lng ngun nhn lc v kin thc nh u t: ..............78 KT LUN ..............................................................................................................81 DANH MC TI LIU THAM KHO ...............................................................82

LI M U
1. Tnh cp thit ca ti: L thuyt thng tin bt cn xng c bit n ln u tin vo nhng nm 1970 (A.G.Akerlof) v c Micheal Spence (1973), Joseph Stiglitz (1975) b sung v hon thin. Thng tin bt cn xng c th xy ra trc khi tin hnh k kt hp ng. Cc bn tham gia giao dch c tnh che y thng tin, ngi mua khng c thng tin xc thc, y v kp thi nn tr gi thp hn gi tr ch thc ca hng ha khi dn n la chn bt li (adverse selection) cho nh u t. Mt khc, thng tin bt cn xng cn gy ra ri ro o c (moral hazard) sau khi hp ng c giao kt nhng mt bn c hnh ng che y thng tin m bn kia kh lng kim sot, hoc mun kim sot th cng phi tn km chi ph. Trong cng trnh nghin cu ni ting c cng b , ba nh kinh t hc cho rng bt cn xng thng tin c th lm th trng dn bin mt. i vi TTCK Vit Nam, s ra i v chnh thc i vo hot ng cch y hn 9 nm nh du mt bc pht trin mi c ngha quan trng trong qu trnh hon thin h thng th trng ti chnh, nhm p ng nhu cu vn ca nn kinh t ang khng ngng chuyn i vn hnh theo c ch th trng. C th ni TTCK hin ti tuy khng tht s ln, nhng cng pht huy c vai tr l knh huy ng vn tch cc ca Chnh ph. Ngoi ra, vic hnh thnh TTCK cng lm cn cn li sut trn th trng tn dng iu chnh ngy cng ph hp hn vi tnh hnh pht trin kinh t t nc. Bn cnh nhng thun li do vic huy ng vn t TTCK em li cho cc doanh nghip nim yt, cng to c hi u t cho cc c nhn, t chc trong v ngoi nc. Tuy nhin nhng kh khn gn y phn no lm cho th trng chm pht trin v cha pht huy c ht vai tr thc th l nhng vn nh h thng lut php cha bao qut, chnh sch iu hnh cn mang tnh mnh lnh hnh chnh, cht lng ca ngi iu hnh cn yuv l do quan trng nht l mc minh bch thng tin cn thp.C kin cho rng trn mt th trng cn mi nh

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Vit Nam, khi m cc ngun thng tin khng bt buc hay thng tin thay th khc cha xut hin th ngi u t ch c th da vo thng tin bo co ti chnh m doanh nghip nim yt cng b xc nh chin lc u t. Tuy nhin vi vi cn nhiu bt cp trong vic cung cp thng tin ca cc doanh nghip nim yt s gy nn tnh trng bt cn xng v thng tin s dn n vic cc nh u t a ra cc quyt nh u t khng chnh xc, gy cung cu o, th trng bong bng v tim n nguy c sp th trng. Thc t, cc thc trng v bt cn xng thng tin trn TTCK Vit Nam hon ton c th khc phc bng nhng gii php thch hp. Do , nhm tc gi la chn v nghin cu ti: Bt cn xng thng tin trn Th trng chng khon Vit Nam Thc trng v Gii php vi mong mun gp phn lm TTCK Vit Nam cng khai v minh bch thng tin hn. T , TTCK Vit Nam s pht trin nhanh chng v gp phn thc y nn kinh t quc dn ni chung. 2. Tng quan tnh hnh nghin cu: Vn bt cn xng thng tin c cp n trong mt s nghin cu trc c trn th gii. Tiu biu l cc cng trnh nghin cu ca G.A.Akerlof (1970), M.Spence (1973) v J.Stiglitz (1975), y l nhng cng trnh t nn mng cho l thuyt bt cn xng thng tin (Asymmetric Information) hin i. Gii Nobel Kinh t 2001 dnh cho 3 hc gi ny khng nh v tr ca l thuyt bt cn xng thng tin trong kinh t hc hin i. Ti Vit Nam, cc hc gi bt u quan tm n l thuyt bt cn xng thng tin v xut hin nhng ti mang tnh cht chuyn su. in hnh l ti nghin cu khoa hc cp B nm 2008, m s B2007-08-23, Mi lin h gia thng tin BCTC v gi c phiu trn TTCK Vit Nam, do TS. Nguyn Vit Dng (H Ngoi Thng) ch nhim; hay lun vn thc s kinh t nm 2008, nh hng ca thng tin bt cn xng n nh u t trn TTCK Tp. HCM, ca L An Khang, H Kinh t Tp. HCM.

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Cc ti trn ch ra nhng mi lin h gia thng tin v th trng, lng ha nhng bt cp cn tn ti v a ra mt s gii php nhm pht trin th trng. Tuy nhin, do c th ca cc ti, cc tc gi mi ch tp trung vo cc kha cnh chi tit, v d nh TS. Nguyn Vit Dng mi phn tch nhng tc ng ca thng tin BCTC, L An Khang mi ch phn tch nhng tc ng n nh u t th trng Tp. HCM. Trong khi , Sinh vin Vit Nam cc ngnh kinh t - ti chnh vn cha c ti no c tnh h thng khoa hc v vn bt cn xng thng tin. 3. i tng nghin cu ti nghin cu tp trung vo 3 thnh phn tham gia TTCK Vit Nam: cc cng ty i chng, cc c quan nh nc lin quan v nh u t. T , nhm tc gi s ch r ra nhng thc trng v bt cn xng thng tin trn TTCK Vit Nam v nhng nguyn nhn t 3 i tng ny. 4. Phm vi nghin cu: Nhm tc gi thc hin nghin cu nhng cng ty i chng v cc nh u t hot ng trn TTCK Vit Nam. Trong , ti tp trung nhiu hn vo nhm cc cng ty i chng ang nim yt trn S GDCK Tp. HCM v S GDCK H Ni. V thi gian nghin cu, nhm tc gi tng hp, phn tch, nh gi k t khi TTCK Vit Nam chnh thc giao dch nm 2000 n thng 7/2009. 5. Mc tiu nghin cu: Trn c s phn tch nhng thc trng bt cn xng thng tin trn TTCK Vit Nam, nhm tc gi a ra nhng gii php v pha nh nc, doanh nghip v nh u t nhm gp phn thc y s pht trin ca TTCK Vit Nam.

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6.Phng php nghin cu: Trn c s ca phng php duy vt bin chng v duy vt lch s, ti s dng nhng phng php nghin cu truyn thng nh sau: din gii, quy np, phn tch, tng hp, so snh, rt ra nhng nhng lun c logic nht, t tng hp v lun gii nhng i tng nghin cu. 7. Kt qu nghin cu d kin: H thng ha c s l lun v bt cn xng thng tin trn TTCK; Phn tch v lun gii thc trng bt cn xng thng tin trn TTCK Vit Nam; xut nhng gii php c th, hiu qu v c tnh ng dng cao nhm hn ch bt cn xng thng tin v thc y TTCK Vit Nam pht trin. 8. Kt cu ti: Ngoi phn li m u v kt lun, ti gm 3 chng: Chng I: C s l lun v Th trng chng khon v l thuyt Bt cn xng thng tin trn Th trng chng khon Chng II: Thc trng bt cn xng thng tin trn Th trng chng khon Vit Nam Chng III: Mt s gii php kin ngh nhm hn ch bt cn xng thng tin v bo v nh u t trn Th trng chng khon Vit Nam

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CHNG I:
C S L LUN V TH TRNG CHNG KHON V L THUYT BT CN XNG THNG TIN TRN TH TRNG CHNG KHON I.1. S lc v Chng khon v Th trng chng khon: I.1.1. Khi nim Chng khon (Securities): Theo Frederic S.Mishkin (1992), Chng khon (cn c gi l Cng c ti chnh Financial Instruments) l nhng tri quyn (quyn c hng) i vi thu nhp tng lai ca ngi vay. i vi ngi bn (cc t chc pht hnh nh cc doanh nghip, tp on,), chng l ti sn n. i vi nhng ngi mua, chng l ti sn c. Chng khon c th c chng nhn bng mt t chng ch (certificate), bng mt bt ton ghi s (book-entry) hoc d liu in t. Chng khon c 4 loi1: C phiu (Stock): l mt loi chng khon c pht hnh di dng chng ch hoc bt ton ghi s, xc nhn quyn s hu v li ch hp php ca ngi s hu c phiu vi ti sn hoc vn ca CTCP. Tri phiu (Bond): l mt loi chng khon quy nh ngha v tr n ca ngi pht hnh (ngi vay tin) phi choc ho ngi nm gi chng khon (ngi cho vay) mt khon tin xc nh, thng l trong nhng khong thi gian c th, v phi hon tr khon cho vay ban u khi n o hn. Chng khon c th chuyn i (Conversational Securities): l nhng chng khon cho php ngi nm gi, ty theo la chn v nhng iu kin nht nh, c th i n ly mt chng khon khc.
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TS. o L Minh (ch bin), Gio trnh Nhng vn c bn v Th trng Chng khon, UBCKNN 2002

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Chng khon phi sinh (Derivatives): l nhng cng c ti chnh c gi giao dch c da trn cc ti sn khc (c gi l Ti sn gc Underlying assets). Bn loi chng khon phi sinh c bn l Hp ng tng lai (Futures), Hp ng k hn (Forwards), Hp ng quyn chn (Options) v Hp ng hon i (Swaps). I.1.2. S lc v Th trng chng khon: Theo TS. Nguyn nh Th (2008), ph trng khoa Ti chnh Ngn hng, H Ngoi Thng, TTCK l mt c ch thng qua ngi mua v ngi bn c th tin hnh tm kim, giao dch, trao i v mua bn chng khon. I.1.2.1. Lch s hnh thnh v pht trin ca Th trng chng khon: Lch s ra i ca TTCK c th c coi l bt u t th k 12 Php khi nhng nh mi gii chng khon u tin tin hnh giao dch chng khon ca chnh ph. TTCK phi chnh thc hnh thnh v pht trin khp chu u t th k XV cho ti th k XVII v l tin cho s ra i ca cc S GDCK Chu u. Hat ng mi gii v giao dch chng khon thng c thc hin ti cc qun caf m cc nh mi gii hn gp mt nhau. Nm 1460, S GDCK u tin trn th gii c xy dng ti Antwerp, B. S giao dch ny c xy mi li vo nm 1531 v tn ti sut t thi gian ti khi b chy vo nm 1858. Sau v chy, S giao dch Antwerp c xy dng li vi mt kin trc hon ton mi v tn ti t n nay. Sau s ra i ca S giao dch Antwerp, cc s giao dch khc bt u c hnh thnh t nm 1602 (Bng 1.1). V mc d ra i sau Antwerp, S GDCK Amsterdam li c coi l S GDCK lu i nht trn th gii: y l ni nhng c phiu v tri phiu doanh nghip u tin trn th gii c giao dch.

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Bng 1.1: S ra i ca cc TTCK trn Th gii Nm S giao dch Ch thch S giao dch u tin trn th gii Cng ty East India pht 1602 S GDCK Amsterdam (H Lan) ra i hnh c phiu quy m ln u tin trong lch s 1698 S GDCK London (Anh) ra i 1724 S GDCK Paris (Php) ra i 1769 S GDCK Lisbon (B o Nha) ra i 1790 S GDCK Philadelphia (PHLX) ra i 1792 S GDCK New York (NYSE) ra i 1801 S GDCK Brussels ra i 1875 S GDCK Bombay ra i 1878 S GDCK Tokyo ra i S Giao dch xuyn lc a u tin Chu S GDCK Amsterdam sp u hnh thnh - Euronext Tp on Giao dch Chng khon xuyn lc 2007 a v lin lc a ln nht th gii ra i NYSE Euronext nhp vi Paris v Brussels NYSE Euronext sp nhp vi S Giao dch u tin Chu S Giao dch u tin M

1460 S GDCK Antwerp (B) ra i

2000

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Sau hng trm nm hot ng, TTCK hin nay tr thnh mt th trng ton cu, hat ng khng ngng ngh. Thng k ca Lin on cac S GDCK Th gii (World Federation Exchanges) cho thy gi tr th trng ca cc s giao dch ln nht th gii vt hn 20000 t USD. I.1.2.2. Th trng ti chnh v chc nng ca Th trng chng khon: Theo TS. o L Minh (2002)2, Th trng ti chnh l ni din ra s lun chuyn vn t nhng ngi c vn nhn ri ti nhng ngi thiu vn. Th trng ti chnh cng c th nh ngha l ni mua bn, trao i cc cng c ti chnh. S 1.1: Chc nng lun chuyn vn ca Th trng ti chnh

TI CHNH GIN TIP CC TRUNG GIAN TI CHNH VN VN

VN

Ngi cho vay vn: 1. H gia nh 2. Doanh nghip 3. Chnh ph VN TH TRNG TI CHNH VN

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

TI CHNH TRC TIP Ngun: Frederich S.Mishkin (1992)

TS. o L Minh (ch bin), Gio trnh Nhng vn c bn v Th trng Chng khon, UBCKNN 2002

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Thng thng, th trng ti chnh c chia thnh hai loi chnh l th trng tin t v th trng vn. Th trng tin t l ni giao dch mua bn cc cng c n c thi hn o hn t hn 1 nm. Th trng tin t bao gm th trng cho vay ngn hn, th trng lin ngn hng v th trng hi oi; Th trng vn l ni din ra cc giao dch mua bn cc loi ti sn ti chnh hoc cng c n trung v di hn (thi hn o hn trn 1 nm). Th trng vn bao gm TTCK, th trng cho vay di hn v th trng tn dng thu mua. TTCK l mt b phn ca th trng vn. S 1.2: Quan h gia Th trng ti chnh v Th trng chng khon

Trn th trng ti chnh, TTCK ng vai tr l mt b phn cc k quan trng. Cc chc nng chnh ca TTCK: Huy ng vn u t cho nn kinh t; Cung cp mi trng u t cho cng chng; To tnh thanh khon cho cc chng khon;

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nh gi hot ng ca doanh nghip; To mi trng gip chnh ph thc hin cc chnh sch kinh t v m. I.1.2.3. Cc ch th tham gia Th trng chng khon: Theo TS. o L Minh (2002), cc t chc v c nhn tham gia TTCK c th chia thnh 3 nhm: Nh pht hnh, Nh u t v Cc t chc c lin quan n chng khon. Nh pht hnh: l cc t chc thc hin huy ng vn thng qua TTCK. Bao gm cc doanh nghip, cc t chc ti chnh, chnh ph v chnh quyn a phng; Nh u t: l nhng ngi thc s mua v bn chng khon trn TTCK. Nh u t c th chia thnh 2 loi: nh u t c nhn v nh u t c t chc. Cc t chc c lin quan n chng khon bao gm: Cc t chc kinh doanh trn TTCK: Cng ty chng khon, cc Ngn hng thng mi,; Cc t chc qun l: C quan qun l nh nc, S GDCK, Hip hi cc nh kinh doanh chng khon, T chc lu k v thanh ton b tr chng khon,; Cc t chc khc: Cng ty dch v my tnh chng khon, Cc t chc ti tr chng khon, Cc cng ty nh gi h s tn nhim, I.2. Vai tr ca thng tin ti chnh trn Th trng chng khon: Thng tin ti chnh l nhng thng tin c kh nng tc ng n gi ti sn ti chnh trn th trng. C nhiu ngun thng tin khc nhau trc tip hoc gin tip t doanh nghip hoc mi trng bn ngoi. S sau tm tt cc ngun thng tin ti chnh:

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S 1.3: Cc ngun thng tin ti chnh c kh nng tc ng n gi ti sn ti chnh do doanh nghip pht hnh

Ngun: TS. Nguyn Vit Dng (2008) Vai tr ca thng tin trn TTCK c nhn mnh trong nhng nghin cu ca Eugene Farma vo nm 1965, Farma c coi l cha ca l thuyt th trng hiu qu. C th coi tnh hiu qu ca th trng ti chnh l c s ca ton b l thuyt ti chnh hin i. Theo Farma (1965), mt th trng ti chnh c coi l hiu qu khi v ch khi ton b cc thng tin sn c v mt ti sn ti chnh c giao dch trn th trng c phn nh tc th vo gi ca n.

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Theo nhng nghin cu ca Bachelier (1900) v Graham & Dodd (1934)3, Farma phn bit 3 loi th trng hiu qu : Hiu qu phn b ngun lc (Allocative efficiency): khi cc ngun vn c u t c hiu qu nht v do vy ng gp v s pht trin kinh t; Hiu qu vn hnh (Operational efficiency): khi chi ph giao dch ti thiu nhm duy tr v vn hnh cc trung gian ti chnh; Hiu qu thng tin (Information efficiency): khi gi chng khon trn th trng vo mi thi im u phn nh tt c cc thng tin sn c v doanh nghip pht hnh cng nh nh hng ca cc s kin ti hiu qu ti chnh tng lai ca doanh nghip . Nh vy, thng tin l mt trong ba yu t cu thnh nn tnh hiu qu ca th trng. C th ni thng tin c vai tr quan trng nht v quyt nh n gi c phiu trn th trng. Th trng c thng tin minh bch v cng khai s hnh thnh nn gi chng khon hp l v thu ht nh u t tham gia, thc y s pht trin ca TTCK ni ring v nn kinh t quc dn ni chung. I.3. L thuyt bt cn xng thng tin (Ansymmetric Information): I.3.1. Gii thiu s lc v l thuyt bt cn xng thng tin (Asymmetric Information: Cng vi L thuyt Th trng hon ho, L thuyt bt cn xng thng tin (Ansymmetric Information) nu bt ln vai tr ca thng tin i vi Th trng ti chnh. L thuyt bt cn xng thng tin (Asymmetric Information) ln u tin xut hin vo nhng nm 1970 v khng nh c v tr ca mnh trong nn kinh t hc hin i bng s kin nm 2001, cc nh khoa hc nghin cu l thuyt ny l George Akerlof, Michael Spence v Joseph Stiglitz cng vinh d nhn gii Nobel kinh t.
3

TS. Nguyn Vit Dng (2008), Mi lin h gia thng tin t BCTC v gi c phiu trn TTCK Vit Nam, ti nghin cu khoa hc, M s B2007-08-23, B Gio dc v o to, trang 114-116

21

Bt cn xng thng tin c th xy ra trc khi tin hnh k kt hp ng. Cc bn tham gia giao dch c tnh che y thng tin, ngi mua khng c thng tin xc thc, y v kp thi nn tr gi thp hn gi tr ch thc ca hng ha. Hu qu l ngi bn cng khng cn ng lc sn xut hng c gi tr v c xu hng cung cp nhng sn phm c cht lng thp hn cht lng trung bnh trn th trng. Rt cuc trn th trng ch cn li nhng sn phm cht lng xu- nhng tri chanh b i, hng tt b loi b, dn n la chn bt li (adverse selection) cho c hai bn. Nh vy, hin tng la chn bt li cn tr vic giao dch trn c s hai bn cng c li. Bt cn xng thng tin cn gy ra hin tng tm l li (moral hazard) sau khi hp ng c giao kt nhng mt bn c hnh ng che y thng tin m bn kia kh lng kim sot, hoc mun kim sot th cng phi tn km chi ph. I.3.2. Cc khi nim v bt cn xng thng tin: 1. Bt i xng thng tin l khi nim m t cc tnh hung trong nhng ngi tham gia tng tc trn th trng nm c thng tin khc nhau v gi tr hoc cht lng ca mt ti sn ang c giao dch (trao i) trn th trng . Ni mt cch khc, nu nh khng tn ti tnh trng bt i xng i vi vic tip cn cc thng tin v ti sn, th cc bn tham gia th trng c hiu l "i xng" v thng tin. 2. Khoa hc thng tin chng minh s la o lin quan n bt i xng v thng tin. Bn la bit bn cht, gi tr ca mn hng nhng khng cung cp thng tin cho ngi mua, ngi mua cng khng c kh nng kim chng cht lng hng ha m mnh mua ti thi im mua hng. (Tin s L ng Doanh, nguyn Vin trng Vin Qun l Kinh t). 3. Bt cn xng thng tin trn TTCK xy ra khi mt hoc nhiu nh u t s hu c thng tin ring (Kyle, 1985 trch trong Ravi, 2005) hoc c nhiu thng tin i chng hn v mt cng ty (Kim v Verrecchia, 1994 v 1997 trch trong Ravi, 2005).

22

I.3.3. Nhng nghin cu u tin v bt cn xng thng tin trn th gii 4: I.3.3.1. G.A. Akerlof (1970): Th trng nhng qu chanh: Theo Auronen (2003, tr.7), ngi u tin gii thiu v l thuyt bt cn xng thng tin l G.A. Akerlof (1970). Nm 1970, ng cng b nghin cu ca mnh trong bi "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism" trn tp ch Quarterly Journal of Economic. y c coi l nn mng cho l thuyt bt cn xng thng tin. Trong nghin cu ca mnh, Akerlof phn tch nhng th trng hng ha ti ngi bn bit nhiu thng tin v cht lng hng ha hn ngi mua. V d in hnh l th trng -t c, Akerlof dng t V chanh (Lemons) ch nhng chic xe c c cht lng km, t ny tr nn ni ting v c a vo t in kinh t nhm ch nhng sn phm cht lng km. Trn th trng xe c, nhng ngi bn bit nhiu thng tin v cht lng sn phm hn nhng ngi mua. Ngi bn bit n s tn ti ca vn thng tin phi i xng ny v n kch thch anh ta mo him bn hng ha c mt cht lngm vi gi nh hng ha cht lng cn tt. Ngi mua cng bit n s tn ti ca vn thng tin phi i xng nn c gng khi b h bng cch chn mua cc hng ha c gi trung bnh vi lp lun rng trong trng hp b mc la th cng khng n ni thit hi lm. H qu l nhng ngi c xe c cht lng tt s khng bn c gi cao v s rt khi th trng, dn dn th trng s ch cn li nhng chic xe c cht lng km (nhng v chanh). iu ny l do ri ro la chn i nghch (adverse selection), h qu u tin ca bt cn xng thng tin. I.3.3.2. Michael Spence (1973): Pht tn hiu Spence (1973) ch ra rng nhng ngi bn hng c cht lng cao c th hn ch ri ro la chn i nghch bng c ch pht tn hiu (Signaling). Tip tc pht trin nghin cu ca Akerlof (1970), trong mt bi bo cng b
4

Information for public of The Nobel Foundation (2001), Markets with Asymmetric Information: http://nobelprize.org/nobel_prizes/economics/laureates/2001/public.html

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vo nm 1973 (da trn lun vn tin s ca mnh), Spencer xt th trng lao ng l mt th trng c bt cn xng thng tin gia nhng ngi xin vic v ngi thu lao ng. Spence coi bng cp l mt c ch pht tn hiu v nng sut ca ngi lao ng: nu nhng ngi km nng lc phi mt nhiu thi gian v n lc hn nhng ngi c nng lc t c cng trnh hc vn th nhng ngi c nng lc c th pht tn hiu bng cch t c nhng bng cp m ngi km nng lc khng th t c. V d khc v c ch pht tn hiu l t l tr c tc ca cc doanh nghip, c th coi y l tn hiu v li nhun trong tng lai ca cng ty l tt hay xu. I.3.3.3. Joseph Stiglitz (1975): C ch sng lc B sung cc nghin cu ca G.A.Akerlof (1970) v M.Spence (1973), J.Stiglitz a ra c ch sng lc (Screening) vo nm 1973. Stiglitz t ra vn l bn thn nhng ngi c t thng tin hn cng c th t ci thin tnh trng ca mnh thng qua c ch sng lc. ng ch ra rng bn c t thng tin hn c th thu thp thng tin t bn kia bng cch a ra cc iu kin giao dch hp ng khc nhau. V d in hnh l cc cng ty bo him thng cung cp nhng loi hp ng bo him vi cc mc ph bo him khc nhau, tng ng vi mc bi thng khc nhau. Cc khch hng s t la chn loi hp ng bo him ph hp vi mnh, do t phn ha thnh cc loi khch hng khc nhau. Nhng khch hng c ri ro thp thng thch loi hp ng c ph bo him thp trong khi khch hng c ri ro cao li la chn hp ng c ph bo him cao. Tri qua hn hai thp k, l thuyt v th trng c bt cn xng thng tin tr nn v cng quan trng v l trng tm nghin cu ca kinh t hc hin i. Bt cn xng thng tin cng tr nn ph bin v trm trng khi tnh minh bch ca thng tin, kh nng tip cn thng tin v c s h tng thng tin yu km.

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I.3.4. H qu ca bt cn xng thng tin trn Th trng chng khon Theo Frederic S.Mishkin (1992), bt cn xng thng tin s dn n hai h qu: La chn i nghch (Adverse Selection) v Tm l li (hay cn gi l Ri ro o c Moral Hazard). I.3.4.1. La chn i nghch (Adverse Selection): La chn i nghch l ri ro do bt cn xng thng tin gy ra trc khi giao dch c tin hnh. Ri ro la chn i nghch trn th trng ti chnh xy ra khi mt ngi c ri ro tn dng ln li l ngi tch cc hn trong vic tm kim cc khon vay v nh vy kh nng c cho vay cao hn. Chnh v vy, ngi cho vay (borrowers) c th quyt nh khng cho vay bt k khon tin no nhm trnh ri ro v n, v nh vy loi tr c nhng ngi i vay (lenders) c kh nng tr n tt. V d ngi A (borrower) c mt khon tin 1.000 USD nhn ri. Trn th trng c hai ngi vay tin (lenders): ngi B ch vay tin khi m bo chc chn khon u t s em li li nhun; ngi C liu lnh hn v sn sng u t vi ri ro ln nhm thu c li nhun ln, s ch ng tm kim cc khon vay v c kh nng vay n cao hn. Do bt cn xng thng tin, A khng bit y thng tin v B v C v c th quyt nh khng cho vay, mc d s c lc B (c kh nng tr n chc chn) cn vay tin u t vo nhng d n gi tr. I.3.4.2. Ri ro o c (Moral Hazard): Ri ro o c l ri ro do bt cn xng thng tin gy ra sau khi giao dch c tin hnh. Ri ro o c trn th trng ti chnh xy ra khi ngi i vay (lenders) s dng cc khon tin vay vo nhng mc ch sai lch so vi cam kt khi i vay, do dn n kh nng khng tr c n cao hn. Tng t ri ro la chn i nghch, ngi cho vay (borrowers) c th quyt nh khng cho vay bt k khon tin no.

25

V d ngi A (borrower) c mt khon tin 1.000 USD nhn ri. Ngi B (lenders) vay khon tin vi cam kt s u t vo nhng d n an ton v hp php. Tuy nhin, B li cm tin i c bng vi mong mun thng c 100.000 USD. Nu thng, B s hon tr c khon vay v c khon li nhun ln 99.000 USD. Tuy nhin, kh nng thua cc ca B l rt cao, do khon vay s khng c hon tr. Do bt cn xng thng tin, A khng bit chnh xc B s s dng khon tin vay u t vo mc ch g v c th quyt nh khng cho vay. Nh vy, bt cn xng thng tin cn tr s lu thng vn trn th trng ti chnh, khin chc nng lun chuyn vn ca th trng ti chnh khng c thc hin tt. iu ny gy tr ngi cho s pht trin ca th trng ti chnh, c bit ti cc nc ang pht trin nh Vit Nam. I.3.5. Nhng tc ng ca bt cn xng thng tin trn Th trng chng khon: I.3.5.1. Tc ng n cc nh u t: Do bt cn xng thng tin khin gi c phiu khng phn nh c y v tc thi tnh hnh hot ng ca doanh nghip nn cc nh u t khng th xc nh c li nhun k vng mt cch chnh xc. iu ny gy ra mt s tc ng n nh u t nh sau: Mt s nh u t nm c nhiu thng tin s thu c li nhun c bit cao hn li nhun th trng: iu ny l do cc doanh nghip c nhng ngun thng tin tt cha c cng b, do gi c phiu trn th trng ca cc doanh nghip ny ang b nh gi thp hn gi tr thc (undervalued). Tuy nhin, mt s nh u t, bng cch ny hay cch khc, nm c nhng ngun thng tin v mua vo c phiu vi gi r, thu c li nhun c bit cao hn li nhun ca th trng. Mt s nh u t nm c t thng tin s phi b ra chi ph c bit cao hn chi ph th trng: tri ngc vi iu trn, nhng nh u t nm c t thng tin s mua phi nhng c phiu c gi th trng cao hn gi tr thc

26

(overvalued) nn s phi chu chi ph cao hn chi ph th trng, thu li nhun thp v c th thua l. H qu l nhng nh u t c t thng tin s dn t b th trng. iu ny s tc ng ngc tr li nhng nh u t c nhiu thng tin (khi khng c ngi mua th h s khng bn c c phiu v thu v li nhun nh k vng) v nhng ngi ny cng s chuyn hng u t sang nhng lnh vc khc hp dn hn. I.3.5.2. Tc ng n cc Doanh nghip: Do tc ng ca bt cn xng thng tin, cc nh u t khng cn nim tin v ng lc (v li nhun) tham gia TTCK. iu ny khin cho vic huy ng vn thng qua c phn ha ca cc doanh nghip tr nn kh khn, h phi chuyn sang nhng hnh thc huy ng vn khc nh vay vn ngn hng hay pht hnh tri phiu, Nhng hnh thc ny lm tng chi ph huy ng vn ca doanh nghip v tc ng n s pht trin ca nn kinh t quc dn. Ngoi ra, cc doanh nghip s khng cn ng lc tham gia Th trng ti chnh ni chung v TTCK ni ring. I.3.5.3. Tc ng n s pht trin ca Th trng chng khon: Th nht, do nhng tc ng ca bt cn xng thng tin n nh u t v doanh nghip khin cc thnh phn kinh t khng cn nim tin v ng lc tham gia TTCK. iu ny ngn cn s pht trin ca TTCK ni ring v ton b nn kinh t ni chung. Th hai, nhiu nh u t c th li dng li th v thng tin ca mnh lm gi mt s loi c phiu (thc t, iu ny thng xuyn din ra trn TTCK Vit Nam, c bit l i vi cc c phiu trn S GDCK H Ni), to cung cu o trn th trng, to bong bng v khin th trng tim n nguy c sp I.3.6. Gii php l thuyt hn ch bt cn xng thng tin Trong nhiu nghin cu v bt cn xng thng tin trn th gii (G.A.Akerlof 1970, M.Spence - 1973 v J.Stiglitz 1975), cng nh trong nc (L An Khang 2008, Nguyn Vit Dng - 2008), ba gii php nhm hn ch bt cn xng thng tin

27

trn TTCK l: Pht tn hiu (Signaling); Sng lc (Screening) v C ch gim st. I.3.6.1. Pht tn hiu (Signaling): i vi th trng ti chnh, giao dch c hiu qu th ngi i vay c th vay c vn vi chi ph thp, ngi cho vay chc chn kh nng thu hi c n hay ngi cho vay v i vay phi nm r quyn li v trch nhim ca ring mnh. Thng thng ngi i vay l ngi nm r thng tin v mnh nht th nn h s c li nhiu hn trong giao dch. Tuy nhin, ngi cho vay s khng d dng cho vay nu nh h khng bit r v khch hng ca mnh. Th nn, ngi i vay phi pht tn hiu rng mnh l ngi c kh nng tr c n tt. Vn pht tn hiu trong trng hp ny l: Uy tn ca cng ty, qui m v danh ting cng ty, nng lc ti chnh, ti sn m bo, Ngc li ngi cho vay cng phi pht tn hiu ngi i vay thc hin trch nhim ca mnh trong hp ng vay nh c ch x l ti sn, li sut cho vay, Cng ging nh th trng ti chnh, nh u t khi mua c phiu ca mt cng ty nim yt trn TTCK, t nhiu h cng cn bit cng ty hot ng ra sao, sn xut ci g, V th cng ty mun nng cao v th, bn c phiu vi gi cao v hp l, n phi cho nh u t thy c danh ting, hiu qu hot ng v tim nng pht trin ca n. I.3.6.2. Sng lc (Screening): hn ch ri ro la chn i nghch ca mnh, cc ngn hng thng p dng hn mc tn dng khc nhau i vi mi i tng vay, d n vay v thi hn vay. i vi t chc bo him, c ch sng lc c th hin qua vic ch bo him mt phn, iu ny cho thy ngay c i vi nhm bt cn cng phi c trch nhim mt phn ca mnh trong s c bi thng c th xy ra. TTCK, ngoi tr mt s nh u c, a phn nh u t mong mun mnh s u t vo nhng cng ty c kh nng mang li hiu qu cao v bn vng. V vy c ch sng lc i vi nh u t l u t vo cc cng ty c thng tin minh

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bch, uy tn, lm n hiu qu v c tim nng pht trin cao. I.3.6.3. C ch gim st: C ch gim st c p dng nhm mc ch kim sot ri ro o c. C ch bao gm: gim st trc tip v gim st gin tip. Gim st trc tip: nh u t s b ra ngun lc t c kim sot thng tin, c ch gim st ny tn nhiu chi ph v sc lc, kh nng gim st ca nh u t mun gim st cng ty nim yt s b hn ch. Gim st gin tip: thng qua cc qui nh ca cc nh t chc th trng (UBCKNN, S GDCK), mc nhin cc cng ty nim yt phi c trch nhim thng bo trc tip hoc gin tip n nh u t v nh u t cng thng qua cc quyn li c qui nh m c th tip cn gim st gin tip cng ty nim yt. Ngoi ra cn c gim st th trng: cn c nh gi ca th trng bit nhiu thng tin hn v cc cng ty nim yt sau khi thc hin giao dch. C ch gim st c thc hin rt cht ch trn TTCK. V nh u t khng th b ra mt s tin m khng bit s tin c s dng nh th no.

29

CHNG II:
THC TRNG V BT CN XNG THNG TIN TRN TH TRNG CHNG KHON VIT NAM II.1. S lc v TTCK Vit Nam: Nu so snh vi TTCK Th gii th TTCK Vit Nam cn rt non tr vi khng y 10 nm hot ng chnh thc. S ra i ca TTCK Vit Nam c nh du bng vic Th tng Chnh ph ra quyt nh 127/Q-TTg ngy 11/7/1998 v vic thnh lp cc Trung tm Giao dch Chng khon ti H Ni v Tp. H Ch Minh. S xut hin ca TTCK to nn nhng c hi u t mi cho cc ch th c tin nhn ri trong nn kinh t. S lng nh u t khng ngng gia tng qua nhng nm hot ng l minh chng r rang cho s quan tm ca cng chng u t i vi TTCK Vit Nam. Bng 2.1: S pht trin ca TTCK Vit Nam qua cc con s Nm 2000 2001 10 2002 15 2003 20 2004 22 2005 41 2006 193 2007 249 2008 338

S 5 CTNY Vn ho th trng 0,28 CP/ GDP (%) S CTCK 3

0,34

0,48

0,39

0,64

1,21

22,7

43

17,5

11

13

14

55

70

96

S ti khon 2.908 khch hng

8.774

13.520

15.735

21.616

31.316

95.000

300.000

350.000

(Ngun: UBCKNN)

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II.1.1. Cc thnh phn tham gia TTCK VN: Trn TTCK Vit Nam, cc thnh phn tham gia khng c phn loi nh cc loi nh u t trn cc TTCK pht trin do cc nh u t trn TTCK Vit Nam cha c chin lc u t c th m ch n thun chy theo li nhun. V vy, trn TTCK Vit Nam, cc nh u t c phn ra theo t cch php l ca h: Nh u t c nhn: l nhng ngi c vn nhn ri tm thi, tham gia mua bn trn TTCK vi mc ch kim li. i tng ny thng hn ch v hiu bit v cc kin thc v TTCK Vit Nam ni ring v TTCK Th gii ni chung. H u t vi mc ch u t kim li trong di hn. Thnh phn ny chim n hn 97% s lng Nh u t trn TTCK Vit Nam Nh u t t chc: l cc nh ch u t thng xuyn mua bn chng khon vi s lng ln trn th trng. Cc nh ch ny c th tn ti di cc hnh thc sau: cng ty u t, cng ty bo him, Qu lng hu, cng ty ti chnh, ngn hng thng mi v cc cng ty chng khon. i tng ny c hiu bit v kin thc su rng v TTCK Vit Nam ni ring v TTCK Th gii ni chung. H thng u t theo nhng chin lc trung v di hn. y l ng lc chnh thc gp phn ln vo s pht trin ca cc TTCK ang pht trin nh Vit Nam. Tuy nhin, h ch chim s t trong s lng Nh u t trn TTCK Vit Nam. Cc thnh phn khc tham gia th trng bao gm: Nh pht hnh: L cc t chc thc hin huy ng vn thng qua TTCK di hnh thc pht hnh cc chng khon. Cc cng ty chng khon: L nhng cng ty hot ng trong lnh vc chng khon, c th m nhn mt hoc nhiu trong s cc nghip v chnh l mi gii, qun l qu u t, bo lnh pht hnh, t vn u t chng khon v t doanh.

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Cc t chc lin quan: U ban chng khon Nh nc: l c quan thuc Chnh ph thc hin chc nng qun l nh nc i vi TTCK Vit nam. S GDCK: l c quan thc hin vn hnh th trng v ban hnh nhng quyt nh iu chnh cc hot ng giao dch chng khon trn S ph hp vi cc quy nh ca lut php v UBCK. Cng ty dch v my tnh chng khon: l t chc ph tr, phc v cc giao dch chng khon. Cng ty nh gi h s tn nhim: l cng ty chuyn cung cp dch v nh gi nng lc thanh ton cc khon vn gc v li ng thi hn v theo nhng iu khon cam kt ca cng ty pht hnh i vi mt t pht hnh c th. Ngoi ra, nu so snh vi cc TTCK pht trin ni chung th TTCK Vit Nam khng c market maker ( ngi to lp th trng). y l mt c im ring ca TTCK Vit Nam do c quy nh gi trn v gi sn khi mua bn chng khon. II.1.2. Bt cn xng thng tin trn TTCK Vit Nam: Sau gn hn 9 nm hnh thnh v pht trin, TTCK Vit Nam ang dn dn hon thin thc hin vai tr l mt knh huy ng vn cho nn kinh t. TTCK Vit Nam t c nhng thnh tu ht sc ng khch l, c th hin thng qua nhng con s pht trin hng nm ni trn. Mi trng php l cho hot ng ca th trng ngy mt c ci thin c v phm vi iu chnh v tnh hiu lc php l. Qu trnh hi nhp ca TTCK Vit Nam vo TTCK Khu vc v Th gii c thc y ngy mt mnh m. Bn cnh , hot ng ca TTCK Vit Nam vn cn mt s hn ch nh c cu hng ha trn th trng mt cn i do cc nh u t ch yu quan tm vo vic pht hnh v kinh doanh CK vn (c phiu) hn l CK n (tri phiu); Hot ng trn cc b phn ca th trng th cp cha m bo c tnh ng b v n nh cn thit. c bit l vn v thng tin bt cn xng trn TTCK Vit Nam ang l mt vn ni bt.

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Thng tin trn TTCK Vit Nam ni chung cha m bo c tnh minh bch v hiu qu. Nhng ngun thng tin chnh thc (cng b t S Giao dch, UBCKNN,) ngy c hon thin m bo tnh chnh xc, cng bng v kp thi nhng cha p ng c nhu cu thng tin ca th trng. Hot ng cng khai thng tin ca cc cng ty i chng cn nhiu bt cp. Nh u t nhiu lc khng c thng tin, khng c cung cp thng tin mt cch y v kp thi nn gnh chu nhiu thit hi. Nguyn nhn ca hn ch ny l do h thng cng b thng tin trn TTCK cn th s, mang tnh hnh thc; Cc quy nh v cng b thng tin vn cn nhiu k h, cha cht ch, cha tnh rn e v thc cng khai thng tin ca cc nh pht hnh cn thp. II.2. Khung php l quy nh v vic cng b thng tin i vi cc cng ty i chng ti Vit Nam II.2.1. Nhng vn bn php lut lin quan n quy nh cng b thng tin i vi cc cng ty i chng ti Vit Nam T nm 1998 ti nay, chnh ph ban hnh hn 130 vn bn quy nh v cc hot ng trn TTCK, xy dng nn mt khung php l cho hot ng kinh doanh chng khon ti Vit Nam. Trong , vn "cng b thng tin" trn TTCK c quy nh c th trong nhiu vn bn, bao gm cc vn bn di y: Ngh nh s 48/1998/N-CP ngy 11/07/1998 ca Chnh ph v chng khon v TTCK: y l vn bn php quy t nn mng cho vic iu chnh cc hot ng v chng khon v TTCK. Ti cc chng II, III, IV v V ca ngh nh ny u cp ti vic minh bch ho cc thng tin kinh t trn TTCK. iu 70 v iu 71 ca ngh nh ny nu r cc hnh vi mua bn ni gin v thng tin sai s tht l b nghim cm. Tuy nhin ngh nh ny cha nu c ch ti x pht c th i vi tng hnh vi b nghim cm. Quy ch thnh vin, nim yt, cng b thng tin v giao dch chng khon, ban hnh km theo Quyt nh s 79/2001/Q-UBCK ca Ch tch UBCK Nh nc ngy 29/12/2000: vn bn c th ha quyn hn v trch nhim

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trong hot ng ca cc thnh vin, nim yt, cng b thng tin v giao dch chng khon. Trong , cc quy nh chi tit v hat ng cng b thng tin i vi tng i tng c th c nu ti chng IV. iu 39 chng IV c 4 mc nh quy nh v cc nghim cm ca php lut trong hot ng cng b thng tin ca t chc qun l qu, cng ty nim yt, v ngi c lin quan. 4 mc ny cha c th ho v bao qut c cc hnh vi c th gy mt cn bng thng tin trn th trng. Quy ch khng a ra quy nh x pht i vi cc hnh vi ny. Ngh nh 144/2003/N-CP ngy 28/11/2003: y l vn bn thay th cho Ngh nh 48/1998/N-CP. Trong ngh nh ny, hot ng cng b thng tin c quy nh chi tit v c th hn so vi ngh nh s 48/1998/N trong chng s VI. Chng s VI quy nh v i tng, ni dung, phng tin cng b thng tin cng nh cch thc cng b thng tin trong nhiu trng hp khc nhau i vi t chc pht hnh, t chc nim yt. Ti chng XI - Cc hnh vi b cm, cc hnh vi gy bt cn xng thng tin trn th trng c quy nh ti iu 103, iu 105, iu 106 iu 103, cc hnh vi mua bn ni gin c chi tit ho hn tuy nhin iu 105 Thng tin sai s tht, 106 - Bn khng, vn cn cha r rng. Mc x pht i vi cc hnh vi vi phm ch dng li mc x pht hnh chnh hoc truy cu trch nhim hnh s v n b thit hi, khng nu mc x pht c th nn khng mang tnh rn e. Lut chng khon 70/2006/QH11 ban hnh ngy 29/06/2006: y l o lut u tin, k tc v pht trin cc vn bn quy phm php lut trc v cc hot ng lin quan ti chng khon ti Vit Nam. Trong o lut ny, bn cnh yu cu i vi bo co ti chnh v cng b thng tin xuyn sut cc chng, chng VIII quy nh chi tit v c th v hot ng cng b thng tin trn TTCK. Cc quy nh ny chi tit v c h thng hn so vi ngh nh 144/2003/N-CP, c bit 7 iu t iu 100 ti iu 107 nu ra ngha v cng b thng tin c th i vi tng nhm i tng

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tham gia vo hat ng trn TTCK. S chi tit v c th ho ny to mt nn tng tt cc thnh vin ca TTCK c th thc hin quy trnh cng b thng tin mt cch hp php v hiu qu. i vi cc hnh vi vi phm lut php trong hot ng bo co v cng b thng tin, mc x pht ch dng li mc pht cnh co v pht tin v khng nu ra mc x pht c th. Thng t hng dn v vic cng b thng tin trn TTCK s 38/2007/TTBTC ban hnh ngy 18/04/2007: y l quy nh quan trng, t nn tng cho mi hot ng cng b thng tin ca tt c cc thnh vin tham gia vo TTCK ti s giao dch. Bn cnh vic hng dn c th cc bc tin hnh cng b thng tin, thi hn v hnh thc cng b, thng t cn c ban hnh km cc mu vn bn quy chun phc v vic cng b thng tin. Quy ch gim st giao dch chng khon trn TTCK ban hnh km theo quyt nh s 127/2008/Q-BTC ngy 32/12/2008 ca b trng B ti chnh: Quy ch quy nh nguyn tc v ni dung c bn lin quan n hot ng gim st giao dch chng khon i vi cc th trng giao dch chng khon tp trung, th trng giao dch chng khon cng ty i chng cha nim yt, nhm m bo ngn nga v chn chnh cc vi phm php lut, duy tr s cng bng, cng khai ca TTCK, bo v quyn v li ch hp php ca cc nh u t. Quy ch quy nh tng i c th v quyn hn v trch nhim ca b my gim st gm c UBCKNN, SGD chng khon, TTGD chng khon v cc ngha v ca i tng gim st. y l mt bc tin quan trng trong vic minh bch ho thng tin trn TTCK, ph hp vi k hoch pht trin TTCK nm 2006-2010 ca th tng chnh ph. Thng t hng dn giao dch in t trn TTCK 50/2009/TT-BTC do B ti chnh ban hnh ngy 16/03/2009: y l vn bn hng dn v quy nh v giao dch in t trn TTCK, c th ho lnh vc hot ng ny trong Ngh nh v giao dch in t trong hot ng ti chnh 27/2007/N-CP ban hnh ngy 23/02/2007. Quy nh v hot ng giao dch in t l mt c s h

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tng quan trng cho vic pht trin h thng thng tin cn xng trn TTCK do giao dch in t l giao dch c tnh phn hi nhanh v lin tc. Tuy cha th bao qut ht cc hot ng giao dch in t, c bit l trn TTCK cha c nim yt (OTC market - Over the counter market), nhng thng t 50/2009/TT-BTC t nn mng cho vic quy chun ho v kim sot thng tin i vi giao dch in t trn TTCK. Mc x pht i vi cc hnh vi vi phm vn bn php quy ny c quy nh trong ngh nh 27/2007/N-CP l pht hnh chnh hoc truy cu trch nhim hnh s. Mc pht ny cn cha c th v c dn chiu ti cc vn bn php lut khc. Ngh nh 161/2004/N-CP ca Chnh ph v x pht vi phm hnh chnh trong lnh vc chng khon v TTCK: y l vn bn quy phm php lut quy nh c th v cc mc x pht i vi cc trng hp vi phm trong lnh vc chng khon v TTCK, h tr cc vn bn php quy khc trong vic thc hin ch ti x pht. Trong , mc x pht i vi cc hnh vi vi phm php lut trong hot ng cng b thng tin ca cc i tng tham gia vo TTCK cng c quy nh c th. Mc pht tin ti a theo ngh nh ny l 70.000.000 VN, y l con s cha c tnh rn e khi t trong mi tng quan vi thu nhp t hat ng chng khon v thit hi m cc hnh vi vi phm gy ra. Tuy ra i t nm 2004, ti nay ngh nh c thc hin trong gn 5 nm nhng s trng hp b tc giy php hnh ngh l rt t. II.2.2. nh gi chung v khung php l Khi qut chung, khung php l ca Vit Nam i vi cc hat ng cng b thng tin trn TTCK c hnh thnh tng i ng b. Da trn nn tng php lut quc t v lnh vc ny, nh nc ta ang tch cc hon chnh cc vn bn quy phm php lut v vn ny. H thng php lut i vi hot ng cng b thng tin trn TTCK ngy cng c nh nc quan tm

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hn, iu ny c th hin mc chi tit tng ln trong cc quy inh i vi hot ng ny ti cc vn bn php quy. c bit, trong qu I nm 2009, vic xy dng c s h tng v lut php i vi hot ng cng b thng tin c xc tin khng ngng, trong phi k ti Quy ch gim st giao dch chng khon trn TTCK v Thng t hng dn giao dch in t trn TTCK. Hnh ng ny th hin quyt tm ca nh nc trong vic xy dng mt mi trng thng tin hiu qu cho hot ng ca TTCK. Tuy nhin, trn thc t, cc quy nh ca php lut i vi hot ng nhy cm ny cn cha c tnh hiu lc cao. Nguyn nhn chnh ca thc trng ny l do tnh thiu hon chnh ca h thng php lut. Trong nhiu vn bn lut, cc quy nh cn chng cho, cha bao qut c ht cc quan h pht sinh trn TTCK, gy kh khn cho cc thnh vin tham gia vo TTCK. Quy trnh xy dng v sa i lut php tn rt nhiu thi gian khng ph hp vi s pht trin nhanh v tnh bin ng ca th trng hin nay. Sau mt thi gian bin ng mnh m ca TTCK, mt s quy nh t ra khng cn ph hp nhng li kh sa i, gy nn hin tng lch lut ca cc doanh nghip. Ch ti x pht i vi cc hnh vi vi phm cn thiu linh hot v cha tho ng xt trong mi tng quan vi thu nhp t chng khon, hu qu m bt cn xng thng tin gy ra v mc pht ti a ca cc nc trn th gii. i vi mt cng ty chng khon, v d nh cng ty SSI, li nhun sau thu nm 2007 l 864 t ng, nm 2008 l 250 t ng, th s tin pht 70.000.000 cha sc rn e. i vi cc hnh vi mua bn ni gian, bn khng, hay cng b thng tin sai s tht, thit hi th trng phi gnh chu c th ln hn con s 70.000.000 nhiu ln. Mc pht ti a trong lut chng khon ca nc Nht l 500 triu Yn Nht, tng ng vi 95 t ng.

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II.3. Cng b thng tin ca cc cng ty i chng: II.3.1. Thc trng cng b thng tin theo quy nh: Theo mc IV ca Thng t s 38/2007/TT-BTC ban hnh ngy 18/07/2007 ca B Ti Chnh v vic Hng dn v vic cng b thng tin trn TTCK, cc cng ty i chng c ngha v cng b thng tin theo 4 nhm sau: II.3.1.1. Thng tin nh k: y l nhng thng tin c cp nht lin tc nh bo co ti chnh qu, bo co ti chnh c nm, bo co thng nin. Th nht, nhiu cng ty thng xuyn cng b thng tin chm hn quy nh: Theo quy nh trong Thng t 38/2007/TT-BTC, thi hn cng b bo co ti chnh nm l 10 ngy k t khi c bo co ti chnh kim ton, thi hn cng b bo co qu l 5 ngy k t khi c bo co ti chnh (khng cn kim ton). Hin nay, a s cc cng ty i chng u cng b thng tin chm hn quy nh v dng nh thnh thng l. c bit l cc cng ty i chng cha nim yt (OTC), nh u t ch yu tm thng tin qua cc din n, qua cc mi quan h c sn hoc qua tin n. Ti hi ngh cng ty nim yt 2009 din ra ti TP.HCM ngy 10/04/2009, ng Nguyn Th Th, trng ban qun l pht hnh cho bit, tnh n 31.3.2009, c 72/177 cng ty chim hn 41% trn sn H Ni v 91/181 vi gn 50% trn sn TP.HCM cha cng b bo co ti chnh c kim ton. Cn cng b bo co thng nin, mi ch c 33/177 sn H Ni v 32/181 cng ty sn TP.HCM lm vic ny.5 Ngc li v nhng ma bo co trc, s lng cng ty chm cng b bo co ti chnh qu 4/2008 chm ti S GDCK H Ni (HNX) l 37/168, ti HoSE l 66/170.6
5

M Giang, Cn nhiu bt cp trong qun tr cng ty, Si Gn Tip Th 13/04/2009 Minh c, Cng b thng tin: Chuyn c lun mi, Thi bo Kinh t Vit Nam s 09/04/2009

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i vi cc cng ty i chng cha nim yt, vn ny cn nghim trng hn khi m cc nh u t ch c th tm hiu thng tin qua cc mi quan h sn c, qua cc din n chng khon hoc tin n. Th hai, bo co ti chnh qu ca nhiu cng ty i chng cha y ni dung theo quy nh: Theo Thng t 38/2007/TT-BTC, ni dung cng b thng tin bo co ti chnh qu bao gm: Bng cn i k ton, Bo co kt qu hot ng kinh doanh, Bo co lu chuyn tin t, Bn thuyt minh bo co ti chnh. Tuy vy, trong bo co ti chnh qu ca nhiu cng ty, c bit l cc doanh nghip nim yt trn S GDCK H Ni (HaSTC, nay l HNX), mi ch gm Bng cn i k ton v Bo co kt qu hot ng kinh doanh. Th ba, bo co ti chnh ca nhiu cng ty i chng cha chnh xc, thm ch l sai lch, bin li thnh l: C mt hin tng trn TTCK Vit Nam l cc cng ty i chng thng s dng cc nghip v k ton dn s l vo BCTC qu IV, vic ny gip cho kt qu kinh doanh ca cc qu I, II, III tr nn n tng hn, y gi c phiu ca doanh nghip ln cao. Thc cht, c th coi y l mt hnh ng nh la nh u t khi khng phn nh ng tnh trng kinh doanh ca doanh nghip trong BCTC. a s bo co ti chnh c nm ca cc doanh nghip sau khi kim ton khc bit so vi khc bit so vi cng b trc . Theo thng k, gn 200 doanh nghip trn tng s 357 doanh nghip nim yt c BCTC c nm 2008 kim ton sai lch so vi BCTC cha kim ton.7 Trong , nhiu doanh nghip c mc chnh lch cc khon mc trng yu ln ti hng trm t ng, bin li thnh l. Minh chng r nt cho thc t ny l trng hp ca CTCP Bng Bch Tuyt (M CK: BBT). Sau khi kim ton BCTC c nm 2007, cng ty kim ton AISC
7

Minh c, C hi ln minh bch ha thng tin ti chnh, Thi bo Kinh t Vit Nam s 27/04/2009

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iu chnh hi t v kt qu kinh doanh 2006 ca BBT t li 2,3 t thnh l 8,5 t.8 Sau v vic ny, c phiu ca BBT b a vo din b kim sot v b hn ch giao dch, gy thit hi ln cho nhiu nh u t. Ngoi ra, BBT cng ng trc nhiu rc ri nh thay i b my lnh o, b thanh tra v pht hin nhng sai phm, mt lng tin ca nh u t, v.v. Hay nh trng hp ca CTCP Mai Linh cng b bo co ti chnh c nm 2007 kim ton c li, nhng thc t li ngc li khi kt qu hot ng kinh doanh ca cng ty ny t nm 2005 n nm 2007 b l v c nhiu khon b loi tr. Cng ty gii thch l do cng b nhm BCTC c nm hp nht v cha hp nht, y thc s l mt l l rt km thuyt phc. UBCKNN c thng bo khng cho Cng ty C phn Mai Linh c pht hnh c phiu thng. Nhng nguyn nhn ch yu l do cc doanh nghip cha t thc c quyn li v trch nhim trong vic cng b thng tin. Ngoi ra, vic x pht cc doanh nghip chm cng b thng tin nh k cn qu nh (10.000.000 n 20.000.000 theo mc 3b, iu 10 Ngh nh 36/2007/N-CP; hay nh trng hp ca CTCP Bng Bch Tuyt sau khi b thanh tra, mc pht ch l 90.000.000 9), cha sc rn e. Thm vo , cc nh u t cha nm nhng hiu bit v php lut, v chng khon thc c quyn li ca mnh trong vic yu cu cc cng ty i chng cung cp y thng tin trong bo co ti chnh nhm phc v cho mc ch u t ca mnh. Cng khng th khng k n trch nhim ca nhng c quan qun l khi cha ban hnh nhng o lut nhm bo v nh u t c tnh php l cao (o lut Sarbanes Oxley 2002 ca M l mt tham kho hu ch).

BCTC c nm 2006 v 2007 ca CTCP Bng Bch Tuyt (Ph lc 4) Hong V, Bng Bch Tuyt b pht 90 triu ng, Thi bo Kinh t Vit Nam ngy 13/12/2008.

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II.3.1.2. Thng tin bt thng: y l nhng thng tin bt buc cng b trong vng 24 gi hoc 72 gi ty theo ni dung thng tin nh ti khon ca cng ty ti ngn hng b phong to hoc ti khon c php hot ng tr li sau khi b phong to; Tm ngng kinh doanh; Quyt nh vay hoc pht hnh tri phiu c gi tr t ba mi phn trm (30%) vn thc c tr ln; Quyt nh ca Hi ng qun tr v chin lc, k hoch pht trin trung hn v k hoch kinh doanh hng nm ca cng ty; Quyt nh thay i phng php k ton p dng; v.v. (Thng t 38/2007/TT-BTC) Nhn chung cc thng tin bt thng ny cha ph bin ti TTCK Vit Nam nn thi gian qua s lng cc cng ty i chng vi phm cc quy nh ny cn t. Tuy nhin, cc cng ty vn cha ch ng trong vic cng b nhng thng tin bt thng. Theo b Trn Anh o, Gim c qun l v thm nh nim yt HoSE: Ni ng hn l cc cng ty ch t gic cng b thng tin tt, cn thng tin xu th phi i n khi HoSE gi in nhc nh mi chu cng b10. II.3.1.3. Thng tin theo yu cu: L cc thng tin phi cng b trong thi hn 24 gi, k t khi nhn c yu cu ca UBCKNN, bao gm cc thng tin lin quan n cng ty i chng nh hng nghim trng n li ch hp php ca nh u t v thng tin lin quan n cng ty i chng nh hng ln n gi chng khon v cn phi xc nhn thng tin . a s cc cng ty thng xuyn vi phm hoc l l khng cng b nhng thng tin xu gy nh hng n gi c phiu ca cng ty. Nguyn nhn l do quy nh cng b v lnh vc ny vn cha r rng, vn cn chung chung, v d nh gy nh hng nghim trng n li ch nh u t hoc gy nh hng ln n gi chng khon. y l khe h cc cng ty i chng li dng nhm che y nhng thng tin bt li. iu cn thit l phi lng ha mt cch cht ch nhng nh hng nghim trng, nh hng ln trong quy nh.
10

Hunh Duy, Vn cha ch ng cng b thng tin bt thng, CafeF.vn ngy 18/11/2008.

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II.3.1.4. Cng b thng tin v giao dch ca cc c ng ni b Thnh vin Hi ng qun tr; Ban kim sot; Gim c hoc Tng gim c; Ph Gim c hoc Ph Tng gim c; K ton trng ca t chc nim yt; C ng ln; v ngi c lin quan khi c nh giao dch c phiu ca t chc nim yt bt buc phi cng b thng tin giao dch trc khi giao dch. Thc t, cc c ng ni b v nhng ngi c lin quan, k c nh u t c nhn hay nh u t c t chc, u pht l quy nh ny. Hin tng cc nh u t giao dch xong ri mi bo co cho UBCKNN, S GDCK vn xy ra thng xuyn. Theo thng k trn HoSE v HNX, trong 10 thng u nm 2008 trong tng s 279 giao dch c lin quan n c ng ni b c 95 giao dch vi phm quy nh cng b thng tin, chim 34% tng s giao dch. y mi ch l phn ni ca tng bng chm, nu tnh n nhng vi phm cha b pht hin th con s thc t c th cn ng ngi hn nhiu. Mt in hnh cho nhng vi phm ny l v vic vi phm ca cc c ng ni b ca CTCP Xut nhp khu Lm thy sn Bn Tre (FBT): Li dng thng tin ni gin, 5 c ng ni b ca cng ty mua vo s lng c phiu ln n 1.424.410 c phiu (tng ng 10,56% s lng c phiu lu hnh thi im). Ngay sau khi hon tt vic mua vo c phiu FBT, cc c nhn ni trn ng k bn ra trong thi gian rt ngn. S vic b UBCKNN pht gic v x pht vi tng s tin pht 190 triu ng.11 Nguyn nhn ca thc trng ny l do cc quy ch minh bch thng tin ca cc cng ty i chng cha tht s r rng, cc c ng ni b cng ban lnh o cng cha t gic trong vic cng b thng tin v nhng giao dch ca mnh. Thm na, mc x pht cc trng hp vi phm vn ca qu nh, cha sc rn e. Ngay trong v d v FBT trn, tnh t thng 7/2009 n thi im cc c ng bn ra c phiu, gi c phiu FBT tng gp i, c chng li nhun thu c ca cc c ng trn t nht cng gp 10 ln s tin pht.11
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Mai Phng, Giao dch ni gin, x pht qu nh, Thanh Nin Online 25/03/2009 (Ph lc 3)

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II.3.2. Mt s nhng tn ti khc II.3.2.1. BCTC ca cc cng ty con b hp nhtcha c cng b rng ri Khi cng khai thng tin v BCTC hp nht cui nin cc cng ty i chng u ch cng b ni dung ca BCTC hp nht cng BCTC ca cng ty m m khng a ra BCTC ca cc cng ty con c hp nht. iu lm gim ngha v tnh minh bch s liu ca mt s ch tiu nhy cm lin quan n doanh thu, li nhun,... trn BCTC. y cng l mt thiu st trong quy nh ca nh nc khi Thng t 38/2007/TT-BTC ch quy nh ni dung BCTC hp nht bao gm BCTC hp nht cui nin v BCTC ca cng ty m. II.3.2.2. Bo co ti chnh song ng cha c ch trng Nh u t nc ngoi l mt trong nhng lc lng quan trng v nhy cm i vi s pht trin ca mt TTCK mi ni nh Vit Nam. Tuy vy, cc cng ty i chng vn cha ch trng vic cng b bo co ti chnh song ng, trong khi nhu cu v BCTC song ng ca cc t chc nc ngoi vi doanh nghip l rt ln. Mt s cng ty nim yt trn TTCK cng quan tm n vic lp BCTC dnh ring cho nh u t nc ngoi (CTCP chng khon Si Gn SSI, Ngn hng CP Si Gn Thng tn Sacombank, CTCP pht trin u t cng ngh FPT,...). Nhng y ch l thiu s trong tng s hn 350 doanh nghip nim yt trn TTCK Vit Nam. II.3.2.3. Cc thng tin cha c cng b mt cch minh bch, cng bng n cc nh u t Mt s doanh nghip nim yt c s phn bit trong vic cung cp thng tin cho nh u t. Cc nh u t th ch, cc c ng chin lc thng c u tin cung cp thng tin ch doanh nghip khng tin hnh cng b rng ri. Hin tng

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ny to tm l bt an cho nh u t c nhn khi nhng thng tin chnh thc h c cha chc l nhng thng tin y . Trn th trng Vit Nam, thng tin c bo mt khng cht ch, v vy c hin tng r r cc thng tin cha c hay khng c php cng b. Cc thng tin ny c nh hng trc tip n hot ng mua bn ca nh u t v v vy, nh u t khi nm c lng thng tin ny s c li th rt ln so vi nhng nh u t cn li. Chnh iu ny dn n hin tng xut hin tin n tht thit lin quan ti doanh nghip hay ngi ng u doanh nghip, gy tc ng xu ti gi c phiu ca cc doanh nghip, thm ch khin cc nh u t mt lng tin vo doanh nghip. II.4. Thc trng p dng cc nguyn tc qun tr cng ty ( Corporate Governance) nhm tng cng minh bch thng tin: II.4.1. Khi nim v nhng nguyn tc v qun tr cng ty: Qun tr cng ty l khi nim ra i t khong nm 1985 n nay. y l mt h thng cc quy tc m bo cho cng ty c iu hnh mt cch c nh hng v c kim sot mt cch c hiu qu v quyn li ca c ng v nhng ngi lin quan n cng ty. Trn th gii, trc nm 2000, vic qun tr cng ty c phn nhiu quc gia, ngay c nc c TTCK pht trin mnh m cng u da trn ba nguyn tc: Th nht, s dng cc thnh vin Hi ng Qun tr (HQT) c lp (independent directors) hn ch vic lm quyn ca ban gim c, ng thi bo v quyn li ca cc c ng. Th hai, s dng v tn nhim i ng k ton lp nhng bo co ti chnh c tnh xc thc nhm gip c ng c thng tin y khi u t vo cng ty.

44

Th ba, s dng v tn nhim cc nh phn tch ti chnh xem xt v phn tch cc trin vng kinh doanh cng nh mc lnh mnh v ti chnh ca cc cng ty d kin pht hnh hay ang pht hnh chng khon ra cng chng, nhm cung cp y thng tin cho cng chng mun u t. Mt trong nhng ni dung quan trng trong qun tr cng ty l s cng khai v minh bch ha thng tin cng nh ra c cc c ch cho php kim sot vic cng b thng tin ca lnh o cng ty. Tuy nhin, sau mt lot nhng v b bi xy ra ti cc cng ty, tp on ln lin quan n vn qun tr cng ty nh v Enron ( 2001), Worldcom ( 2002), Tyco ( 2002) M, hay v Vivendi Universal ( 2002) Php, nhiu cu hi v bn cht thc s ca qun tr cng ty c t ra. Qun tr cng ty tr thnh mt vn cp thit mang tnh ton cu ha, ko theo s quan tm ca khng ch cc nh qun l v m hay cc doanh nghip m cn c cc nh u t v gii nghin cu. II.4.2. Giai on hnh thnh v pht trin: Nm 2002, y ban Chng khon a cc iu khon lin quan n qun tr cng ty ( corporate governance) vo bn iu l mu dnh cho cc cng ty nim yt, mc d vn cha c mt khi nim r rng. Nm 2003, Vin Nghin cu qun l kinh t Trung ng dch bn bo co v cc nguyn tc qun tr cng ty c cng b ln u vo thng 5 nm 1999 ca t chc OECD. Nm 2007, B Ti Chnh ban hnh quyt nh s 12/2007/Q-BTC ngy 13/3/2007 v nhng quy ch qun tr cng ty p dng cho cc cng ty nim yt trn S GDCK/ Trung tm Giao dch Chng khon. Tuy nhin, quy nh vn cn chung chung, cha c th, r rng theo 1 chun mc nht nh no; quy nh cha tp trung m cn ri rc khi c rt nhiu nhng quy nh hng dn khc km theo; cha c quy nh v x pht c th.

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Cng trong nm 2007, Hi Cc nh qun tr doanh nghip Vit Nam (VACD) ra i. Theo ng Hn Mnh Tin, Ch tch VACD, mt trong 5 mc ch ln nht ca VACD l tp trung xy dng h thng chun mc v nguyn tc qun tr doanh nghip Vit Nam, t "tng bc xy dng h thng chun mc cng nh phng php qun tr mang sc thi ring ca Vit Nam12. Ngy 24/10/2008, D n Nng cao cht lng qun tr cng ty ti Vit Nam ra mt cng vi l k kt bin bn ghi nh gia Tp on ti chnh quc t IFC (thnh vin ca nhm Ngn hng th gii) v U ban chng khon Nh nc. Qua , IFC s hp tc vi cc c quan nh nc lin quan v cc cng ty trong nc hng ti vic to dng mt nn vn ho qun tr cng ty tt, cng c nim tin ca cc nh u t v gp phn pht trin mt khu vc kinh t t nhn ln mnh v c tnh cnh tranh hn Vit Nam. II.4.3. Thc trng v ch qun tr cng ty ca cc cng ty i chng Vit Nam H thng qun tr cng ty Vit Nam nhn mt cch tng quan c nhiu tin b so vi nhng thp k trc. Mt s doanh nghip bit p dng m hnh qun tr cng ty theo hng hin i, linh hot. V d nh CTCP Khoan v Dch v khoan du kh (PVD) thu hn mt cng ty t vn nc ngoi xy dng Bo co thng nin. Hay mt s cng ty cng bt u xy dng c ch thnh vin c lp nh trng hp Ngn hng TMCP Chu (ACB) mi ng Trn Xun Gi, nguyn B trng B K hoch v u t v lm ch tch hi ng qun tr th nghim vic thu c ng c lp lm Ch tch v u vin HQT. iu ny th hin rt r nhng n lc ca cc doanh nghip trong vic tin ti hon thin cc quy tc qun tr cng ty cho ring mnh. Tuy nhin, s doanh nghip nh vy li cha nhiu, v vn cn nhiu tn ti trong cch thc qun tr doanh nghip ca cc cng ty i chng.
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ng Nguyn, Ra mt Hi cc nh qun tr Doanh nghip Vit Nam, Thi bo Kinh t Vit Nam 23/10/2007

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Theo thng k, n qu II/2009, vn cn nhiu cng ty cha ban hnh quy ch qun tr cng ty, trong sn H Ni c n 109/168 cng ty, chim 64,88% v sn TP.HCM l 68/177 cng ty, chim 38,42%13. C th ni ch qun tr cng ty ca cc cng ty i chng Vit Nam hin nay thuc dng yu km nht th gii, c bit v mt bo v nh u t. Trong Bo co Mi trng kinh doanh 2008 ca World Bank, Vit Nam xp th 170/181 nc v Ch s bo v nh u t. Bng 2.2: nh gi v Ch s bo v u t ca Vit Nam qua mt s ch tiu Ch tiu Kh nng tin cy ca thng tin cng b Ngha v ca ngi qun l Kh nng khi kin ca c ng Bo v quyn c ng Xp hng im 4/10 0/10 2/10 2/10 170/181 (Ngun: Bo co Mi trng kinh doanh 2008 ca World Bank) II.4.3.1. Hin cc doanh nghip t nhn Vit Nam vn thng p dng theo kiu truyn thng: l ly m hnh qun l gia nh p dng vo trong qun l cc cng ty t nhn d m hnh ny li thi v km hiu qu so vi s thay i v pht trin nhanh chng ca nn kinh t th trng. iu ny lm hn ch rt nhiu tnh nng ng cng nh hiu qu ca cng tc qun tr. Trong cc doanh nghip nh nc, vic qun tr vn b tc ng bi hin tng b phi, a s t thiu s.
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M Giang, Cn nhiu bt cp trong qun tr cng ty, Si Gn Tip Th 13/04/2009

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S khc bit d nhn thy nht gia qun tr cng ty truyn thng v qun tr cng ty kiu mi l tnh lin kt gia li ch ca hi ng qun tr v li ch ca cc c ng trong khi y c coi l mt trong nhng mc tiu chnh ca quy tc qun tr cng ty. Vi kiu qun tr truyn thng, li ch ca c ng ln v nhng ngi iu hnh cng ty thng ln hn li ch ca cc c ng nh trong khi vi m hnh qun l doanh nghip hin i th song song vi vic ti a ha gi tr cng ty, s cn bng li ch gia cc c ng l mt yu t then cht dn n s thnh cng v pht trin bn vng ca doanh nghip II.4.3.2. Nhiu vi phm trong cng tc qun tr doanh nghip cn tn ti: in hnh l vic ban qun tr v ban gim c cng b thng tin bo co ti chnh sai lch, che giu c ng v nh u t v tnh hnh hot ng ca cng ty cho n vic ch tch HQT b qua kin ca c ng, i di c ng c t chc qua loa, hnh thc; hay c vic nhng ngi iu hnh qun l cp cao ca cng ty lin kt vi nhau gian ln ti sn, rt qu cng ty, ly tin ca cng ty chi dng ring, u t vo nhng d n c li cho c nhn; cha thc hin chnh sch phi c 1/3 thnh vin HQT l thnh vin c lp khng iu hnh; trng ban kim sot khng c chuyn mn v k ton II.4.3.3. Vai tr ca Ban kim sot cha thc t, mi ch mang tnh hnh thc: Ban kim sot ra i nhm gim st hot ng qun l v iu hnh cng ty. Chnh v vy, trong mt doanh nghip, Ban kim sot thng phi c v th cao v c lp. Tuy nhin trn thc t, Vit Nam hin nay, vic Ban kim sot hu ht l do Hi ng qun tr bu ra ch khng phi do i hi c ng bu nh thng l hn ch rt nhiu quyn hn cng nh chc nng ca Ban ny. Ban kim sot do khng c tnh c lp tng i vi cc thnh vin ban gim c nn nhng yu km trong cng tc iu hnh v qun tr cng ty cng v th m khng c cng khai r rng.

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II.4.3.4. Mt s v d in hnh: Vit Nam, cch thc hp i hi c ng v HQT cng nh cch thc lu tr cc vn bn quan trng c lin quan n cc cuc hp ln ca doanh nghip vn cn nhiu vn khng r rng, minh bch v cha theo mt chun mc nht nh no. in hnh nh i hi ng C ng nm 2009 ca Tng CTCP Bo Minh gy xn xao cho cc c ng khi ch tch HQT li khng iu hnh cuc hp nh thng l, m thay vo l mt thnh vin khc ca HQT. Hay nh vic trn bn ch ta cng khng c bin tn, chc danh ca tng ngi trong ban qun tr khin khng t c ng khng phn bit c u l v c tch HQT v ai ang l ngi iu hnh i hi. Vic biu quyt cng l mt vn khng r rng. Thng thng th s c ba phng n l ng , khng ng v kin khc biu quyt ti i hi c ng. Nhng ti mt s cng ty ln, ch ta ch hi duy nht mt phng n ai ng ? , hoc c hi hai phng n ai ng ? v ai khng ng ? khin nhng c ng c kin khc nh phi gi tay biu quyt khng ng m khng c c hi a ra kin xut ring. Hay nh trng hp ca cng ty Bng Bch Tuyt 2008, HQT mi ca cng ty khi ln nhm chc thiu trung thc v khng cng khai cc thng tin v bo co ti chnh mt cch minh bch, thm ch cn chm tr trong vic np bc co ti chnh nh k dn n hu qu l c phiu cng ty b S GDCK TP.HCM ra quyt nh ngng giao dch trong mt thi gian. II.4.4. Nguyn nhn: Nghin cu v vn ny TS. Nguyn nh Cung, Trng ban Kinh t v m (Vin Nghin cu qun l Trung ng) cho rng h qu ca mt thc trng kh ph bin ti Vit Nam vi a s thnh vin HQT vn l nhng c ng ln, v trong nhiu cng ty th ch tch HQT cn kim nhim c v tr tng gim c l s dn n s xut hin ca mt h thng qun tr tp quyn b cc c ng ln thu tm.

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V c mt thc t thy r l a s cc c ng ln vn cha c c nhng hnh x hp l trong cng tc qun tr v nhng li ch chung v v s pht trin bn vng ca cng ty. Theo Tin s Phm Tr Hng (2008), mu thun c bn trong qun tr cng ty i chng nc ta hin nay l mu thun v li ch gia ngi i din cho ton b c ng (ch tch hi ng qun tr, cc thnh vin hi ng qun tr, tng gim c) vi chnh cc c ng trong cng ty.14 Nhng ngi i din cho ton b c ng ny c th hnh ng v li ch c nhn hay v li ch ca mt b phn c ng c th lc no m phng hi n quyn li ca cc c ng cn li trong cng ty. Cng theo ng Hng, Vit Nam php lut hin hnh hu nh cha c mt iu lut no quy nh r rng v ch ti i vi cc hnh vi vi phm v qun tr, vi phm li ch ca cc c ng m tt c ch mi dng li hnh thc vn bn rt chung chung. II.5. Thc trng v hot ng k ton v kim ton ca cc cng ty i chng: TTCK Vit Nam va pht trin trong mt thi gian ngn nhng tc pht trin li rt nhanh, cha ng nhiu ri ro trong . Cc qui nh v k ton v kim ton mi c chuyn i trong thi gian 20 nm gn y. Do , ch k ton v kim ton Vit Nam, cha ng u v gy nhiu tranh lun. Cc quy nh mi dng li vic hng dn chung chung, ri rc, khng c quy nh c th nht qun trong chun mc, quyt nh v vic p dng cc ch tiu k ton, kim ton gy nn hin tng lch lut v s bt ng kin trong vic lp cc BCTC hin nay. Thc t cho thy c mt lng ln cc DN vn v tnh hay c lm sai vi cc quy nh v chun mc nh hng ti thng tin trn BCTC.

14

TS. Phm Tr Hng, 2008, Qun tr cng ty i chng : Vn v khuyn ngh, u t chng khon ngy 5/6/2008.

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II.5.1. Thiu minh bch t t chc k ton ca DN: II.5.1.1. BCTC sai lch: Do nhiu nguyn nhn khch quan v ch quan nh trnh nng lc v tnh lim khit ca h thng kim sot ni b, trong qu trnh k ton v lp cc BCTC thng tin b phn nh sai lch gia tng li nhun thu ht nh u t. Nu khng c quy nh bt buc v kim ton vi cc cng ty i chng th mt lng ln cc doanh nghip vi BCTC o d dng qua mt c UBCKNN v nh u t15. Trong t chc k ton th vic hch ton cc c tnh k ton gy nhiu tranh ci v bt ng gia k ton v kim ton. c tnh k ton l mt gi tr gn ng ca mt ch tiu lin quan n BCTC c c tnh trong trng hp thc t pht snh nhng cha c s liu chnh xc hoc cha c phng php tnh ton chnh xc hn, hoc mt ch tiu thc t cha pht sinh nhng c c tnh lp BCTC. Hch ton k ton cc c tnh l vic mang nng tnh ch quan. Trong chun mc k ton Vit Nam s 29 v Thng t s 13/2006/TT-BTC ngy 27/2/2006 quy nh r v cc c tnh k ton v mc trch lp. Cc cng ty i chng c xu hng tnh gim cc c tnh gia tng li nhun, cn cc cng ty khi kim ton li c mt ci nhn nng n hn v vic trch lp qu t nh vy. Do vy sau khi kt qu kim ton c cng b, vic chuyn li thnh l lm mt i lng tin ca nh u t vo cc BCTC v t chc k ton, trnh v tnh lim khit ca ban qun tr cng ty. Mt s k thut m cc cng ty thng s dng thi li nhun bao gm: gim t l khu hao, gim mc d phng gim gi hng tn kho, gim t l d phng phi thu kh i, gim mc d phng u t ti chnh, tng cng khuyn mi thi doanh thu, y mnh sn xut cao hn mc cng sut bnh thng

15

Nguyn Cng Phng, V tnh trung thc ca ch tiu li nhun, Hip hi k ton v kim ton Vit Nam 11/09/2008

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gim gi thnh sn phm, tr hon vic thc hin mt s d n, tr hon vic ghi gim gi tr nhng ti sn m gi tr thp hn gi tr thun, bn cc khon u t chng khon nhm tng li nhun16 Cc phng php ny nu c p dng trong khun kh cho php ca cc quy nh php l th l mt knh a n nh u t thng tin lc quan v DN, nhng trn thc t cc DN vn dng sai cc quy nh ny lp ra cc mc d phng, khu hao thp qu mc cho php khin cho li nhun trc v sau khi kim ton chnh nhau n hng t ng. Vi cc cng ty nim yt trn sn chng khon, khon trch lp v hon nhp d phng u t ti chnh l mc nhy cm nht. C nhiu cng ty trch lp d phng gim gi hng tn kho, gim gi cc khon u t ni chung qu ln, vt qu mc cn thit gim bt s li thc t, gim bt thu thu nhp doanh nghip phi np hoc qu thn trng vi cc din bin ca th trng. Ngc li, nhiu cng ty trch lp d phng gim gi qu t so vi mc gim gi thc t ca cc khon u t che du tnh trng lm n yu km, to ra bc tranh gi to v thc trng hot ng ca cng ty. Theo Thng t 13/2006/TT-BTC do B ti chnh ban hnh theo , ti thi im lp d phng nu cc chng khon do doanh nghip u t b gim gi so vi gi ang hch ton trn s k ton th phi trch lp d phng tn tht cc u t ti chnh theo quy nh. Nu s d phng tn tht u t ti chnh phi trch lp bng s d khon d phng, th doanh nghip khng phi trch lp khon d phng tn tht u t ti chnh.

16

Trn c Nam, Thng tin ti chnh minh bch Hiu sao cho ng, Doanh nhn Si Gn cui tun s 204 ngy 29/06/2007

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Nu s d phng phi trch lp cao hn s d khon d phng, th doanh nghip trch thm vo chi ph ti chnh ca doanh nghip phn chnh lch. Nu s d phng phi trch lp thp hn s d khon d phng, th doanh nghip phi hon nhp phn chnh lch vo doanh thu hot ng ti chnh. Cng theo Thng t hng dn v quy nh c 2 cng thc trch lp d phng gim gi u t vi nhng khon cn lp. Trong cc loi chng khon u t v c t do mua bn trn th trng, mc trch lp d phng c tnh theo cng thc: Cng thc 2.1: S lng CK b gim gi ti thi im lp BCTC

Mc d phng gim gi u t = CK

Gi CK hoch x [ ton trn s k ton

Gi CK thc t trn th trng

i vi cc khon u t vo cc cng ty con, cng ty lin kt v cc khon u t ti chnh di hn khc, phi trch lp d phng nu t chc kinh t m cng ty ang u t b l (tr trng hp l theo k hoch c xc nh trong phng n kinh doanh trc khi u t) mc trch ti a cho mi khon u t ti chnh bng s vn u t v c tnh theo cng thc: Cng thc 2.2: Mc phng tht d tn cc = [ Vn gp Vn ch s hu thc c Vn u t ca doanh nghip ] x Tng gp thc t ca cc bn ti t chc kinh t

thc t ca cc bn ti t chc kinh t

khon u t ti chnh

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Tuy nhin, 3 quy nh khng r rng nn xy ra nhiu bt cp trong vic thc hin v tun theo nhng yu cu v trch lp d phng gim gi u t, nh vic kt qu kim ton ca cc cng ty sai lch so vi s liu do chnh cng ty thc hin (nh ni phn thc trng cng b thng tin ca cc cng ty i chng). V d nh trng hp ca Ngn hng thng mi c phn Si Gn Thng Tn (m STB), li nhun trc thu ca c tp on t 1.243 t ng. Tuy nhin, sau khi kim ton li, ch cn gn 1.110 t ng, chnh lch n 133 t ng, tng ng 10,7%. Nguyn nhn ch yu do s khc bit v phng php trch lp d phng gim gi i vi cc loi c phiu cha nim yt gia STB v pha kim ton.17 Theo , STB xc nh gi tr ca c phiu da trn nguyn tc chit khu dng c tc d kin thu c trong tng lai. Sau , so snh gia gi tr hp l vi gi s sch, nu gi tr hp l thp hn gi s sch, STB trch lp d phng. Trong khi , Cng ty kim ton PWC da trn gi th trng (xc nh t bng gi tham chiu ca cc cng ty chng khon ang nim yt hoc xc nh theo xu hng ca c phiu nim yt cng ngnh) so snh vi gi s sch. II.5.1.2. Hp nht BCTC: Vic hp nht BCTC ca cc cng ty, tp on ln cng l mt vn nan gii v qui trnh hp nht cc BCTC cn mi m vi khi lng cng vic ln, cc tp on mt nhiu thi gian hn. Hin nay cc quy nh v BCTC hp nht cn ri rc ti nhiu chun mc, thng t hng dn, cha i vo c th gy kh khn cho c k ton vin v kim ton vin x l thng tin. Mt khc, trn thc t cng l mt im m cc doanh nghip s dng ph php cc BCTC. C ba cp sai phm trong cng b bo ci ti chnh hp nht ca cc tp on, tng cng ty. l sai lch hon ton so vi tnh hnh thc t, thiu chnh xc, v chm ch trong bo co ln cc c quan chc nng. Cc cng ty thc hin
17

Thu Hng, Bt nht t vic thiu chun lp d phng, u t Chng khon 31/03/2009

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vic ny nhm vo 3 mc ch chnh: t hng kt qu kinh doanh thu ht cc nh u t, to nim tin cho cc t chc tn dng m doanh nghip ang quan h v du i thc trng kinh doanh bi t mnh ang tri qua. Khi hp nht BCTC, doanh nghip phn nh thiu chnh xc v trung thc vn ti sn v tnh hnh hot ng. Khi qut nhng yu t dn ti sai lch ny l cc nguyn nhn nh khng tnh phn gp vn bng thng hiu, hay l i phn vn u t vo cc cng ty c phn, cng ty trch nhim hu hn, u t ra bn ngoi18 C nhng trng hp c xc nh l tnh trng, tnh sai. Mt th thut k ton c nhiu doanh nghip p dng s dng l chuyn chi ph sang k hch ton sau tng li nhun cho k ny. C mt cch lch lut i vi yu cu minh bch, c cc tp on, tng cng ty s dng kh nhun nhuyn l tng hp bo co ca tt c cc n v trc thuc thnh bo co hp nht, bt chp quy nh phi s dng bt ton loi tr i vi cc khon u t, li nhun pht sinh trong ni b tp on, tng cng ty. iu ny gy nn tnh trng tnh trng, khng phn nh chnh xc hot ng ca tp on, tng cng ty. Khi m cc tp on, tng cng ty bnh trng v c quy m v lnh vc hot ng, vic a ra cc bo co ti chnh cng phc tp hn. V nhng bn bo co ti chnh hp nht dng nh li c che y k hn. Cc bn BCTC cng thng xuyn xin gia hn nhiu ln trong 1 thi gian di gy ra kh khn cho cc nh u t trong vic nh gi v chn la. Thm ch, cho n nm 2009 vn c cc cng ty nim yt trn sn chng khon cha gi c BCTC c kim ton n.

18

Anh Qun, Bo co ti chnh ca tng cng ty, tp on: 3 cp sai phm, Thi bo Kinh t Vit Nam online ngy 23/03/2009

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II.5.2. Kim ton vn cha ng sai phm: Hin nay s lng cc cng ty kim ton ngy cng gia tng. C mt cu hi t ra l, liu cc cng ty kim ton ny c cht lng v trnh kim ton c 1 BCTC khng cn cha cc sai phm trng yu? Trn thc t nhng nm va qua, chnh vic kim ton thiu nng lc v lim khit gp phn vo vic lm gim tnh minh bch ca cc BCTC. Th nht, v kim ton bo co ti chnh ca cc cng ty pht hnh v nim yt chng khon. i vi mt s nghip v k ton quan trng ca doanh nghip cha c phn nh y do thiu cc chun mc k ton v kim ton ph hp trong quy nh ch k ton hin hnh nh vic tng vn iu l, c phiu qu, cc bin ng bt thng... nhiu cng ty cha thn trng khi kim ton cc loi nghip v ny, c khi cn b qua sai st r rng ca doanh nghip c kim ton. C trng hp cng ty kim ton vn dng chun mc nc ngoi xc nhn vn cn c vo s c phiu cha pht hnh nhng khng lu ngi c trong bo co kim ton. Hn na, mt s bo co ti chnh ca cng ty pht hnh v nim yt c kim ton c phn thuyt minh cn s si, gy kh khn cho UBCKNN cng nh cc nh u t trong vic theo di v nh gi tnh hnh hot nh ca cc cng ty ny trn TTCK, c bit l nhng ch tiu c bin ng ln, nhng thng tin v tnh hnh sn xut kinh doanh, tnh hnh ti chnh ca doanh nghip m cha c y trong cc bo co ti chnh. Th hai, v cht lng kim ton bo co ti chnh ca cc cng ty chng khon cng cn mt s sai st nh trnh by cu th, khng kim sot k cc thng tin trong bo co ti chnh, thng tin trong thuyt minh bo co ti chnh cn s si, vic hch ton ca mt s cng ty chng khon cn cha tun th ch k ton cng ty chng khon nhng trong bo co ti chnh kim ton khng nu kin.

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Trc tnh hnh , nm 2007 cc c quan qun l v chng khon c quy nh bo co ti chnh hng nm ca cc cng ty nim yt c phiu trn sn chng khon phi s dng dch v kim ton ca cc doanh nghip kim ton c c quan qun l v chng khon chp thun. Quyt nh s 89/2007/Q-BTC v vic ban hnh Quy ch la chn doanh nghip kim ton (DNKT) c chp thun kim ton cho t chc pht hnh, t chc nim yt v t chc kinh doanh chng khon cng quy nh v cc iu kin bt buc vi cc cng ty kim ton c chp thun kim ton cho cc cng ty nim yt trn sn chng khon. Ti Quyt nh s 781/Q-UBCK ngy 27/11/2008 ca UBCKNN cng c quy nh c th danh sch cc cng ty kim ton iu kin kim ton cho cng ty nim yt. Do tnh trng thiu minh bch trong BCTC c nguyn nhn xut pht t cng ty kim ton c gim xung ng k. y cng l 1 bin php pht hin hiu qu cc sai phm trng yu trong BCTC pht sinh t t chc k ton. II.6. Thc trng s dng thng tin ca nh u t: II.6.1. Kin thc nh u t trn th trng Vit Nam qua cc giai on: TTCK Vit Nam mi hnh thnh t nm 2000 v cn kh non tr so vi th gii. Tm thi c th chia th trng Vit Nam thnh 3 giai on theo tnh cht ca giao dch trn th trng:

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Bng 2.3: TTCK Vit Nam qua cc giai on v c im ca Nh u t Thi gian Giai on I c im th trng c im nh u t

T 2000 Giai on thnh lp ca Nh u t giai on ny l n th trng; giao dch km nhng ngi c kin thc v 2005 si ng kinh nghim trong lnh vc ti chnh. S lng cng ty nim yt: t Trnh ca nh u t tng i cao; cc hnh vi trn th S lng ti khon giao trng t b nh hng bi cc dch: khong 30.000 ti yu t bn ngoi. khon Mt s nh u t l nhng S lng nh u t tham ngi c th gy nh hng gia: t ln ti th trng. T 2005 Giai on th trng khi Nh u t c nhn giai on n ng; giao dch cc k si ny tham gia a dng hn; 2008 ng. gm nhiu thnh phn x hi. S lng cng ty nim Trnh ca nh u t thp yt: tng nhanh c v s hn trc do s lng nh u lng, quy m ln ngnh t tng nhanh nhng kin thc ngh v kinh nghim kinh doanh cn hn ch. S ti khon giao dch tng nhanh, hn 300.000 Hin tng chng khon tng ti khon. im hng lot giai on ny lm ny sinh tm l ch quan S lng nh u t tham trong nh u t; lm ny sinh gia: ng, bao gm nhiu xu hng mua bn ngn hn, thnh phn trong x hi sm hin thc ha li nhun. Cc hnh vi mua bn ch yu theo cm tnh, d b nh hng bi cc yu t bn ngoi nh tin n hay bo co ca cc t chc.

Giai on II

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Giai on III

T 2008 Giai on th trng iu Khng hong kinh t ko theo n nay chnh; giao dch km phn suy thoi ti chnh khin s si ng hn trc. lng nh u t lt sng gim ng k so vi nm S lng cng ty nim 2007. yt: tip tc tng nhng khng si ng nh trc. Trnh nh u t cao hn do c s tham gia tch cc ca S lng ti khon giao khi ngoi ng thi nh s dch: c iu chnh gim; sng lc mnh m ca th a phn l cc ti khon trng trong khng hong ti giao dch c nhn chnh. S lng nh u t tham Xu hng giao dch vn tip gia: t hn trc; tch cc tc l ngn hn v b l do lo tham gia hn. ngi v tnh n nh ca th trng trong tng lai gn.

Bng di y tng hp nh gi trnh nh u t trong cc giai on qua mt s tiu ch. Cc nh gi cho thy trnh ca nh u t c nhn trn TTCK Vit Nam hin nay mc tng i thp. Bng 2.4: nh gi trnh nh u t c nhn trn TTCK Vit Nam STT 1 2 3 4 5 Tng Tiu ch nh gi Kin thc ti chnh im 2000-2005 4 2005-nay 2 1 2 1 1 10 Ngun: TS. Nguyn Vit Dng (2008)

Cc mi quan h trong lnh vc 5 ti chnh Hiu bit v TTCK Vit Nam Hiu bit v TTCK Th gii Tim lc ti chnh c nhn 5 3 2 27

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II.6.2.Thc trng s dng thng tin chng khon trong vic ra quyt nh u t Vit Nam: II.6.2.1. a s nh u t c nhn thng u t da trn nhng ngun thng tin khng c ngun gc r rng, t da trn nhng thng tin chnh thc: th trng Vit Nam hin nay, khi cha c cc t chc nh gi tn dng uy tn nh Standard & Poor, Moody hay Goldman Sach th r rng vic da vo cc thng tin chnh thc nh bo co ti chnh hay bn co bch ca cng ty s l xu hng tip cn thng tin chnh ca cc nh u t. Tuy nhin, cc nh u t nh l li khng th yn tm vo ngun thng tin chnh thng ny do cc cng ty bng mt cch no , sa sang li bo co ti chnh ca cng ty mnh cho p . Nguyn tc ca bo co ti chnh l cng minh bch cng tt nhng Vit Nam, rt nhiu doanh nghip tm n l do m bo cc b mt thng mi v b quyt duy tr kh nng cnh tranh ch phi cng b thng tin mc ti thiu, gy bn khon v s mt lng tin cho nh u t. Chnh s bt cn xng thng tin gia doanh nghip v nh u t khin nh u t b mt phng hng cng nh mt lng tin vo cc thng tin chnh thc ca doanh nghip. Chnh v th, nh u t s c xu hng tm nhng ngun thng tin khc ngoi ngun thng tin chnh thc, h tm mi cch nghe ngng bt k thng tin no trn th trng, cho d nhng thng tin khng c ai kim chng v lun lun l cc thng tin mun mng. Vic th trng trn ngp trong s hn lon ca thng tin khin cho nh u t tr nn mt mi v do , khng xc nh c k vng c nhn ca mnh. Khi , xu th ca u t s l bung xui tt c chy theo tm l by n vi hi vng s ng lun lun ng.

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II.6.2.2. Tm l by n v tm kim li nhun: C mt thc t trn TTCK Vit Nam l tc ng ca cc bo co ti chnh v thng tin chnh thc ln gi c phiu l khng mnh m, v vy nh u t c nhn kh c th ra quyt nh u t ch vi nhng thng tin chnh thc t pha doanh nghip. Mt khc, do xu hng u t ca nh u t c nhn l ngn hn v cht li nn nu thng tin b thiu, nh u t s khng th xc nh c k vng u t ca mnh. H qu tt yu l nh u t s t b k vng c nhn chy theo k vng ca th trng. Trong giai on 2007 2008, TTCK Vit Nam thng c xu hng tng vo u tun v gim vo phin cui tun, hay nh gim im trc cc t ngh l, ngh Tt. y chnh l biu hin ca vic u t chp git, theo s ng ca cc nh u t nh l Vit Nam. C th thy r s tng phn khi nhn vo ng thi u t ca cc nh u t nc ngoi. Theo thng k ca UBCKNN, n thng 3/2008 trn th trng c khong 9800 nh u t nc ngoi tham gia; trong c 600 nh u t t chc v khong 9200 nh u t c nhn. Trong khi , vi hn 350.000 ti khon giao dch, cc nh u t trong nc chim n hn 97% s ti khon trn th trng. Nu theo tm l chung ca th trng Vit Nam th vi s lng t i nh vy, chc chn khi ngoi s b chi phi bi din bin th trng. Tuy nhin s thc li chng minh iu hon ton ngc li. Trong sut thi gian 2007 2008, c th thy l giao dch ca khi ngoi hon ton khng b nh hng bi th trng. Xu hng u t ca khi ngoi l trung v di hn nn vic x l thng tin cng hon ton khc so vi nh u t trong nc. Cc nh u t nc ngoi c xu hng a dng ha danh mc u t v c k hoch u t tng cng ty rt c th. Khi ngoi la chn c phiu rt kht khe da trn nhiu thng s phn tch k thut nh bo co ti chnh, li nhun trn c phiu, chin lc u t ca doanh nghip, thnh phn hi ng qun tr, ban kim

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sot... Thm ch tng lai pht trin ca ngnh m doanh nghip ang hot ng cng c khi ngoi em ra phn tch, xem xt. Ngoi ra, h cng quan tm cc c hi trn th trng v h thng cc chnh sch v m. Nhng iu ny khc hn so vi a s cc nh u t nh l trong nc. II.6.2.3. a s nh u t c nhn cha trnh v kin thc phn tch cc ngun thng tin chnh thc u t: in hnh cho thc trng ny l vic cc nh u t s dng cc bo co kim ton cho bo co ti chnh. Tnh trng thng tin bt cn xng xy ra v nhng ngi s dng bo co khng c hoc khng bit cch c cc bo co kim ton, bo co ti chnh mt cch thn trng. Trn thc t, c rt nhiu nh u t ch nhn vo cc bo co ti chnh gc ca cng ty nim yt c du kim ton th vi vng u t lun m khng c bo co kim ton. Mt cng ty c gn mc kim ton khng c ngha l BCTC ca cng ty khng cha ng cc gian ln v sai st trng yu. Nh trong trng hp ca CTCP Bng Bch Tuyt, li mt phn cng thuc v cc nh u t khi h khng c k (hoc khng kin thc c) cc bo co kim ton trong BCTC c nm 2006 ca Cng ty nhn ra cc khon mc nhy cm c th nh hng ln n li nhun ca Cng ty. n khi kim ton li vo nm 2008, chnh cc nh u t l nhng ngi chu thit u tin. Do vy, ngi s dng bt buc phi c cc bo co kim ton bit c kin kim ton vin v nm bt c thc trng ti chnh sau khi c kim ton ca DN. Khi bo co kim ton c cung cp y th chnh nhng ngi s dng li khng ch trng, lm mt thng tin m ng ra mnh nhn c v trnh ri ro khi u t.

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CHNG III
MT S GII PHP KIN NGH NHM HN CH BT CN XNG THNG TIN V BO V NH U T TRN TTCK VIT NAM III.1. Kinh nghim hn ch bt cn xng thng tin v bo v nh u t ca TTCK M: Vn bt cn xng thng tin l mt vn ton cu, xy ra bt c TTCK no trn th gii, t cc th trng ang pht trin cho ti nhng th trng tin tin nht. cc th trng pht trin, vn ny thm ch cn ni cm hn, cc vi phm ngy cng tinh vi v kh pht hin. Chnh iu thc y nhng nh hoch nh chnh sch (policy maker) ca cc nc ngy cng ci tin v hon thin hn h thng lut php nhm hn ch bt cn xng thng tin v bo v nh u t trn th trng. Kinh nghim ca cc nc tin tin l bi hc rt hu ch i vi nhng th trng ang hnh thnh v pht trin nh trng hp Vit Nam. C th ni TTCK M l TTCK pht trin nht th gii v cc th on, vi phm v cng b thng tin cng tinh vi nht th gii. Tuy nhin, h thng php lut ca M tng i hon chnh v lin tc c i mi thch nghi vi nhng bin ng khng ngng ca th trng. Mt trong nhng yu t quan trng to nn tnh minh bch cao trn TTCK M l h thng k ton, kim ton ca quc gia ny cng nhng o lut bo v nh u t ca quc gia ny. V h thng k ton, kim ton: h thng k ton, kim ton ca M rt cht ch v lun c s tham gia kim sot ca nhiu c quan chc nng v t chc khc nhau. V lnh vc k ton, h thng cc chun mc k ton ca M c thit lp bi Hip hi cc k ton vin Cng chng ca Hoa K (AICPA) v sau ny l y ban cc chun mc k ton ti chnh FASB (Financial Accounting Standards Board). i vi cc vn quan trng, FASB c t vn tr gip bi Ban t vn cc chun mc k ton ti chnh FASAC (Financial Accounting Standards Advisory

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Council). Cc chun mc k ton hnh chnh li c ban hnh bi Ban cc chun mc k ton hnh chnh GASB (Government Accounting Standards Board), trc thuc Hip hi k ton ti chnh FAF (Financial Accounting Foundation). Rt nhiu cc c quan quan trng trong lnh vc k ton ca M song song tn ti v lin kt mt thit vi cc c quan ny, v d nh Hip hi k ton Hoa K AAA (American Accounting Association). Cc c quan ny phi hp xy dng v lin tc pht trin h thng cc chun mc k ton, nhm to ra cc bo co ti chnh trung thc nht ca cc cng ty. Tng t, i vi hot ng kim ton, chnh ph Hoa K cng thnh lp cc c quan chng nng v t chc gim st tin hnh hot ng kim tra cho, nhm m bo s minh bch v trong sch ca cc t chc kim ton. 3 t chc quan trng nht l y ban gim st hot ng kim ton cho cc cng ty i chng PCAOB ( Public Company Accounting Oversight Board), Trung tm chng trnh kim tra cho cc cng ty kim ton cho cng ty i chng CPCAF (Center for Public Company Audit Firm Peer Review Program), v cui cng l Hip hi cc k ton vin Cng chng ca Hoa K (AICPA). H thng k ton kim ton ca M khng ngng a ra nhng sa i i vi lut php to mt mi trng kinh doanh linh hot v minh bch hn. Gn y nht, FASB ni lng gi tr k ton hp l gip cc cng ty ng bin vi s khng hong ca th trng. iu ny c th hin vic thay v tnh gi tr c phiu da trn gi th trng nh quy nh trc y ca M, gi tr c phiu c th c tnh theo cc nguyn tc c li hn cho cng ty m vn phn nh ng gi tr thc s ca cc c phiu, c bit l cc c phiu khng c giao dch. Tuy nhin, h thng k ton, kim ton ca M vn b l nhng thiu st. u tin, vic h thng k ton da trn cc lut l to ra nhng khe h cc doanh nghip lch lut v trn thu. Do theo phng php ny, k ton vin ch cn s dng k nng tt m khng cn thm cc k nng phn tch, nhn mnh v mt th tc thay v bn cht. V d nh vic sa li d liu k ton l phm php nhng vic

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bin th cng qu li c chp nhn do cc nguyn tc k ton s chp nhn nu s bin th l do s trng hp tnh c vi d liu thc t. M hnh kim ton da trn c s cc ri ro ca M bc l im yu khi vic phn tch ti chnh ch tp trung vo li nhun v ri ro ca qu trnh kinh doanh m khng cn h tr hot ng ca cc nhn vin kim ton. iu ny d gy ra ri ro o c i vi cc kim ton vin. C th ly v d t rt nhiu cc v vic vi phm nh ca tp on Enron, World Com, Rite Aid Sau khi hng lot nhng v vi phm nghim trng xy ra vo u nhng nm 2000, gy nh hng nghim trng n th trng v gy ra thit hi ln n cc nh u t, y ban Chng khon M (SEC) ban hnh nhng iu lut mi nhm bo v quyn li nh u t. o lut Sarbanes-Oxley (cn gi l SOX) vi 1107 iu lut v tnh cng khai v minh bch thng tin c Quc hi Hoa K ph chun ngy 30/07/2002 l vn bn php lut quan trng nht, c tc ng mnh nht n vic hn ch bt cn xng thng tin v bo v nh u t trn TTCK M. Ti mt s TTCK pht trin khc cng c nhng o lut tng t nhm m bo tnh cng khai v minh bch ca th trng: Bill 198 (Ontario, Canada), J-SOX (Nht Bn), CLERP9 (Australia), Lut Chng khon Php (Php), L262/2005 (), y u l nhng tham kho hu ch i vi TTCK Vit Nam. Trong khun kh nghin cu, ti ch cp n nhng nt ni bt ca SOX. K t ban hnh nm 2002, SOX th hin vai tr quan trng trong vic ngn chn nhng hnh vi vi phm v thng tin trn TTCK M. Su im ni bt ca o lut l: Mc 302 v Trch nhim qun tr vi BCTC (Corporate Responsibility for Financial Reports): cc gim c iu hnh, gim c ti chnh phi trc tip k vo cc bo co ti chnh c ban hnh chnh thc v m bo tnh

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trung thc ca bn bo co . Nu c nhng sai phm, th h c th phi ngi t. Mc 401 v tnh minh bch trong cc bo co thng k (Disclosures in periodic reports): Bo co ti chnh c nh pht hnh cng b phi chnh xc v trnh by ph hp, khng cha cc thng tin sai lch hoc thng tin gy hiu nhm. Cc bo cc ti chnh phi bao gm cc khon n, giao c v giao dch ngoi bng. C quan th y cn phi nghin cu v bo co v quy m ca cc giao dch ngoi bng to tnh minh bch trong bo co. C quan th y cng cn phi m bo cc nguyn tc k ton c bn v cc quy nh khc gip nh pht hnh co bo co mt cch chn thc v c ngha Mc 404 v nh gi kim sot ni b (Management Assessment of Internal Control): cc cng ty phi lp ra ban gim st k ton thc hin chc nng gim st hot ng kt ton trong ni b ca tp on, ng thi gim st cht hot ng ca cc cng ty kim ton cho tp on . Cc cng ty c yu cu phi cng b thng tin trong bo co hng nm ca h lin quan n phm vi v ph hp vi kim sot ni b. Cc cng ty phi ng k k ton, trong cng mt bo co, chng thc v bo co v vic nh gi v hiu qu ca cc c cu kim sot ni b v cc th tc cho cc bo co ti chnh... Hng nm, cc cng ty phi c bo co kim sot ni b, trong cc thng tin v tnh hnh ti chnh ca cng ty phi c s chng thc ca cng ty kim ton. Mc 409 v thi hn cng b thng tin (Real time issuer disclosures): Nh pht hnh buc phi cng b ra cng chng theo ng thi hn cc thng tin v thay i quan trng trong iu kin v hot ng ti chnh. Nhng thng tin c cng b ny phi c trnh by mt cch d hiu v c h tr

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bng cc thng tin mang tnh xu hng v nh tnh ph hp nh cc bng biu. Mc 802 v cc mc pht hnh s i vi cc ti danh lin quan n sa i ti liu (Criminal penalties for altering documents): Mc ny p dng cc khon tin pht v/hoc 20 nm t giam i vi hnh vi thay i, hy hoi, gy tn tht, che giy v lm sai lch cc ghi chp, vn bn hoc cc vt th hu hnh vi ng c che giu, gy cn tr hoc nh hng ti vic thanh tra hp php. Mc ny cng p dng cc khon tin pht v/hoc 10 nm t giam i vi bt c trng hp no c vi phm cc quy inh v vic lu tr cc ti liu kim ton v ti liu lin quan trong thi hn 5 nm. Ngoi ra, cc ch ti x pht vi phm ca M cng rt nghim khc. Nhng hnh pht ny c tnh rn e tt i vi cc cng ty i chng v khin h phi tun th cc quy nh mt cch nghim tc. Cc hnh vi vi phm nguyn tc v cng b thng tin, cc hnh vi c tnh la o, gy tn tht ti quyn li ca cc nh u t, u c c quan php lut ca Hoa K th l v x l nghim minh. V d nh vo ngy 18/05/2009, cng ty Monster Worldwide Inc. phi chu mc pht 2,5 triu la M do hnh vi c tnh backdate thng tin v cc khon chi ph ca mnh, to ra li nhun o nh la cc nh u t. Trc , vo nm 2007, cng ty Brocade phi tr khon tin pht 7 triu la M cho hnh vi vi phm tng t.19 i vi cc hnh vi vi phm ca c nhn, hnh pht cng khng gim nh m linh hot theo mc nghim trng ca v vic. Ngy 30/06/2009, Bernard Maddoff b buc ti la o. Cc cng t vin ngh mc pht 150 nm t giam cho trng hp ny, ng thi tch thu ton b ti sn. y l mt hnh pht rt nng, c tnh rn e i vi tt c cc thnh vin trong TTCK bao gm c cc c nhn v cc t chc.
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Cc bn tin ca y ban Chng khon M (SEC) http://www.sec.gov/news/press/2007/2007-107.htm v http://www.sec.gov/news/press/2009/2009-113.htm

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TTCK Vit Nam vn ang trong giai on hnh thnh v pht trin, vic cn thit l phi i tt n u nhm rt ngn khong cch mt cch nhanh chng vi cc nc pht trin. Vic p dng kinh nghim ca cc TTCK pht trin khng phi l rp khun m phi c tnh cht chn lc, ph hp vi hon cnh c th vo tng thi k nht nh ca TTCK Vit Nam, hc tp nhng im tin tin v rt ra bi hc t nhng thiu st ca cc nc . III.2. Mt s kin ngh nhm nng cao tnh minh bch v hiu qu thng tin trn TTCK Vit Nam: III.2.1. Hon thin khung php l v cng b thng tin. Tng cng c ch gim st v x l vi phm cng b thng tin: III.2.1.1. Hon thin khung php l v cng b thng tin: Hin ti, bn cnh Quy ch cng b thng tin ca 2 S GDCK, Thng t s 38/2007/TT-BTC ca B Ti Chnh ban hnh ngy 18/04/2007 v quy nh cng b thng tin trn TTCK v Ngh nh s 36/2007/N-CP ca Chnh Ph ban hnh ngy 08/03/2007 v x pht hnh vi phm hnh chnh trong lnh vc chng khon v TTCK l nhng vn bn php lut quan trng, thng c s dng trong vic cng b cng tin ca cc cng ty i chng. Tuy vy, nhng vn bn php lut ny vn cn tn ti nhng iu bt cp nh ni mc II.2.2 chng II ca ti. Do , nhm tc gi c mt s kin ngh nhm hon thin hn khung php l v cng b thng tin i vi cc cng ty i chng: Cc vn bn cn phi c ni dung c th, quy nh r rng ngha v v ni dung thng tin cn cng b, lng ha r rng nhng khi nim cn chung chung, mp m (v d nh khi nim gy nh hng ln, gy tc ng mnh ln gi chng khon trong mc 3, iu II ca Thng t s 38/2007/TT-BTC)

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Cc vn bn php lut phi r rng, y , khng chng cho nhm m bo hiu qu thc thi cao, trnh tnh trng nh hin nay l km theo nhng vn bn php lut l mt lot nhng thng t hng dn thi hnh. Mt khc, h thng cc vn bn iu chnh hot ng cng b thng tin i vi cc cng ty i chng cn phi linh hot, c d tr n pht sinh trong tng lai ca TTCK, trnh tnh trng hng u v nh hin nay. Cc vn bn ny phi ng b, thng nht, ph hp vi cc vn bn php lut iu chnh cc hot ng khc trn TTCK. Cn thit phi lm r vai tr, trch nhim ca tng ch th lin quan n vic cng khai, minh bch thng tin trn TTCK nhm bo v li ch hp php ca Nh u t. Cc d tho lut lin quan mi cn phi c cng khai, minh bch, ly kin rng ri ca cc bn lin quan v kin ng gp ca gii u t. Mt hnh mu in hnh l cc K hp Quc hi, UBCKNN, S GDCK, Chnh ph c th t chc nhng cuc hp vi nhng i din ca cc thnh phn trong gii u t (c ng ln, c ng nh, nh u t c nhn, nh u t c t chc,...) nhm c nhng kin ng gp xy dng nhng iu lut c th bo v li ch ca a s nh u t. III.2.1.2. Tng cng c ch gim st: C ch gim st hot ng cng b thng tin ca cc cng ty i chng ti Vit Nam hin nay c th m t qua s sau:

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S 3.1: C ch gim st hot ng cng b thng tin ti Vit Nam y ban Chng khan Nh nc

S GDCK

Ban Qun l pht hnh

Ban Qun l kinh doanh

Hot ng cng b thng tin Thanh tra UBCKNN

C th thy c ch gim st hot ng cng b thng tin hin nay ti Vit Nam kh l chng cho; cc c quan chc nng vn cha c s phi hp nhp nhng, cha c s phn quyn c th; cc quy nh gim st cha ng b. iu ny khin cho hot ng gim st trn TTCK vn cha t hiu qu cao. Do , tng cng v hon thin cng tc gim st, cn: Quy nh r chc nng, nhim v ca tng c quan, n v c chc nng gim st hot ng cng b thng tin trn th trng. Xy dng mt quy trnh v cc tiu ch gim st mt cch c th r rng. Thnh lp mt c quan duy nht chu trch nhim v vic gim st thng tin. C quan gim st ny trc thuc B Ti Chnh v c nhng trch nhim:

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Gim st hot ng giao dch trn cc S GDCK; gim st hot ng cng b thng tin; m bo quy trnh v t lnh giao dch, lu k, thanh ton chng khon mt cch cng khai, minh bch v ng php lut.

Gim st hot ng ca cc cng ty chng khon trong hot ng mi gii, t vn u t, t vn nh gi doanh nghip.

Gim st hot ng ca cc qu u t chng khon, c bit l cc qu nc ngoi trong vic thc hin cc quy nh v t l c phiu, cng b thng tin

Gim st lung tin chy vo TTCK bng cch gim st cc hot ng huy ng, cho vay, cm c u t vo TTCK; gim st cc lung tin u t trc tip vo TTCK t nc ngoi.

Quyn hn ca T chc gim st ny cn c quy nh r rng trong Lut Chng khon

Nng cp h thng Cng ngh - Thng tin ti 2 S GDCK v Trung tm lu k Chng khon c th gim st cc hot ng giao dch hng ngy mt cch c h thng, nhanh v chnh xc hn nhm sm pht hin cc hnh vi vi phm. III.2.1.3. X pht nghim khc cc vi phm v cng b thng tin: V x l cc vi phm, cc ch ti x l c quy nh trong Ngh nh s 36/2007/N-CP do Chnh ph ban hnh ngy 08/03/2007, km theo l Thng t s 97/TT-BTC do B Ti Chnh ban hnh hng dn thi hnh mt s iu ca Ngh nh. Mc x pht quy nh l t 5.000.000 n 50.000.000 ty vo i tng v mc vi phm, c th hin qua bng sau:

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Bng 3.1:Ch ti x pht vi phm cng b thng tin Khung x pht (triu ng) i tng Hnh vi Bo co khng y ni dung theo quy nh ca php lut; bo co khng 5 10 ng thi hn theo quy nh ca php lut; bo co khng ng mu biu quy nh. Cng ty i chng, Cng b thng tin khng y , kp 20 30 t chc nim yt, thi, ng hn theo quy nh ca php lut. Cng b thng tin nhng trong c 30 50 cha ng nhng thng tin sai s tht, gy bin ng gi nghim trng trn th trng. Ngun: Ngh nh s 36/2007/N-CP C th thy xt v mc thit hi c th pht sinh do cc hnh vi vi phm cng b thng tin th nhng mc x pht nh trn cn qu nh. ngn chn v rn e vic vi phm cng b thng tin nhm trc li, khung x pht trong lnh vc cn c nng cao hn. Nhm tc gi ti xut mt s khung hnh pht sau y: Pht tin t 30 50 triu ng i vi cc cng ty i chng, t chc nim yt, bo co khng y ni dung theo quy nh ca php lut; bo co khng ng thi hn theo quy nh ca php lut; bo co khng ng biu mu quy nh.

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Pht tin t 50 150 triu ng i vi cc cng ty i chng, t chc nim yt, cng b thng tin khng y , kp thi, ng hn theo quy nh ca php lut. Pht tin t 150 200 triu ng i vi cc cng ty i chng, t chc nim yt cng b thng tin trong c cha ng nhng thng tin sai s tht, gy bin ng gi nghim trng trn th trng. Pht tin tng ng vi 2 5% tng gi tr giao dch i vi c ng ni b, c ng ln, thnh vin ban lnh o, ngi c lin quan n c ng ni b, vi phm quy ch cng b thng tin lin quan n giao dch ca c ng ni b. Nu c bng chng chng minh giao dch da trn thng tin ni gin (v d trng hp ca FBT cp mc II.3.1.4), mc pht tin c th l 10 30% tng gi tr giao dch v phong ta ti khon giao dch trong vng 3 6 thng ty mc vi phm. Khi t trch nhim dn s vi nhng c nhn tung tin n tht thit, gy tc ng ln ln gi c phiu ca cc cng ty i chng, gy nh hng ln n hot ng kinh doanh ca cc t chc hot ng trn TTCK (v d nh trng hp CTCK VNDirect b tung tin n ph sn vo cui nm 2008). III.2.2. Tng cng nhn thc v tnh t gic minh bch thng tin ca cc cng ty i chng: Bn cnh vic ci thin chc nng phn b ngun lc ca TTCK, nhiu nghin cu l thuyt v thc nghim trn th gii ch ra nhng li ch cho t chc pht hnh v nim yt khi tng cng cng b thng tin20. Nhng li ch ny c th th hin trn s sau:

20

Nguyn Vit Dng (2008), Mi lin h gia thng tin t BCTC v gi c phiu trn TTCK Vit Nam, ti nghin cu khoa hc, M s B2007-08-23, B Gio dc v o to, trang 114-116

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S 3.2: Nhng li ch ca tng cng cng b thng tin

Nhm tc gi kin ngh mt s gii php sau y: Quy nh r rng trong cc vn bn php lut trch nhim lin i ca Tng gim c, Ch tch Hi ng qun tr cc cng ty i chng trong cc s vic vi phm quy nh v cng b thng tin ca cng ty. Trong nhng vi phm c bit nghim trng, nhng lnh o ny hon ton c th b ngi t. Khi , nhng ngi ng u doanh nghip v quyn li ca mnh s phi tht cht hn nhng quy nh v cng b thng tin trong ni b doanh nghip. C nhng ch khen thng thch hp vi nhng cng ty i chng cng b thng tin y , ng hn, theo quy nh v cng b thng tin nhm khuyn khch cc doanh nghip thc hin tt nhng quy nh cng b thng tin. Tng cng cng tc truyn thng cho nhng cuc thi/s kin vinh danh nhng doanh nghip c bo co ti chnh/bo co thng nin tt nhm gy tc ng ln hn ti cc Nh u t, t s thu ht cc doanh nghip tham gia hn. Thc t, c Cuc bnh chn Bo co thng nin hng nm, nhng vn cha thu ht c nhiu doanh nghip tham gia (ch c 30%

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doanh nghip nim yt trn HoSE tham gia cuc bnh chn 200821) v cha c ting vang rng ri n cc gii u t. III.2.3. Nng cao cht lng thng tin trn TTCK: Thng tin chnh thc trn TTCK c cng b rng ri, chnh xc, c cht lng s lm gim ri ro la chn i nghch (adverse selection), t s ci thin chc nng phn b ngun lc ca th trng v khin tnh thanh khon c phiu tng cao, em li li ch cho cc cng ty i chng v c nhng nh u t. thc hin iu , mt s gii php kin ngh sau c th hu hiu: Cho php thnh lp nhng cng ty chuyn tm kim v bn thng tin v th trng. in hnh cho hnh mu ny l Thompson Reuters, Bloomberg, trn th trng Anh v M. Km theo , cn thit lp mt c ch gim st nhng cng ty ny nhm trnh nhng gian ln trong vic cung cp tin. Tng cng cng tc gim st thng tin trc v sau khi cng b. t ra quy nh nghim ngt v h thng cng b thng tin ca cc cng ty i chng, c bit l cc trang web chnh thc ca cc doanh nghip nim yt. Trn thc t, a s cc doanh nghip nim yt vn cha ch trng pht trin h thng trang web chnh thc ca mnh, a s vn cn s si, thiu thng tin, cp nht chm; thm ch c nhng doanh nghip nim yt khng c trang web chnh thc. Nng cp h thng thng tin ca cc th ch trung gian hin c l 2 S GDCK, cc Cng ty Chng khon v UBCKNN. III.2.4. Hon thin c ch k ton, kim ton: Bo co ti chnh lun l ngun thng tin quan trng nht trong nhng quyt nh u t ca th trng. tng cng vai tr ca thng tin bo co ti chnh, h thng k ton v kim ton cn c hon thin hn v ci tin khng ngng.
21

Hi L, Chn nm mi by nhiu ngy, Thi bo Kinh t Si Gn s 10/07/2009

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Nhm t c nhng mc ch ny, cn c nhng gii php hiu qu v kh thi. Nhm tc gi xut mt s gii php sau: Ci tin h thng chun mc k ton, kim ton nhm tip cn gn hn so vi cc chun mc quc t. Nhng ci tin ny s phi tnh n s bin ng khng ngng ca th trng ti chnh v d phng nhng pht sinh c th xy ra. Bn cnh , Nh nc cn ban hnh nhng vn bn hng dn c th hn v vic p dng nhng chun mc c trong nhng hon cnh ph hp. Cn phi thng nht gia cch tnh khon trch lp v hon nhp d phng u t ti chnh t gim thiu s chnh lch gia kt qu trc v sau khi kim ton. Cc doanh nghip cn phi thc hin theo st nhng ch k ton do B ti chnh ban hnh. Hin thc y v chnh xc nhng quy nh v vic trch lp d phng tn tht, trch lp d phng gim gi Nhm p ng nhu cu ca cc nh u t l c c nhng bo co ti chnh kim ton trung thc, ng tin cy, c cht lng, cc cng ty kim ton trong lnh vc ny cn c nng lc, uy tn, m bo cht lng. c c iu ny, cn: a ra nhng tiu ch chi tit v y nh gi cc cng ty kim ton trn th trng, c th chia thnh ba loi: A, B v C. Nhng nh gi ny cn c cng khai trn cc phng tin thng tin i chng. T , cc cng ty i chng c th chn la cng ty kim ton ph hp vi nhu cu. ng thi, khi nhn vo cc BCTC, nh u t c th c nhng nhn nh ring v cht lng kim ton ca BCTC (thc t, nu so snh BCTC A do PwC kim ton vi mt BCTC B do mt cng ty kim ton nh khc kim ton, nh u t chc chn s tin tng BCTC A hn).

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Cc cng ty i chng cn nng cao hn cht lng kim ton ni b ca mnh. B phn kim ton ni b ca cng ty cn phi c trch nhim c quy nh r nu c nhng vi phm trong cng tc kim ton BCTC ty theo mc nghim trng.

Cc doanh nghip kim ton cn phi nng cao cht lng i ng kim ton vin. Vic t chc cc chng trnh o to ring dnh cho i ng k ton ca cc doanh nghip v kim ton vin ca cc cng ty kim ton, c bit nhng cng ty nh, l cn thit. Hip hi kim ton c th cp nhng hc bng tu nghip ti nc ngoi cho nhng kim ton vin xut sc c sng lc qua cc k thi tuyn hng nm.

Da vo kinh nghim ca TTCK M, Vit Nam c th quy nh vic kim ton ca cc tp on ln khng c thc hin bi mt cng ty kim ton ring l. Cc nghip v kim ton ring r s c chia cho nhiu cng ty kim ton khc nhau nhm trnh tnh trng tp trung li ch dn n nhng tiu cc c th xy ra.

Cc t chc hip hi ngh nghip nh Hi kim ton vin hnh ngh Vit Nam (VACPA), cn th hin r v nng cao vai tr thng qua vic c chuyn giao mt s chc nng ca B Ti Chnh nh gim st hot ng kim ton. Ngoi ra, Hip hi cn nng cao cht lng o to v nhng chun mc trong cc k thi kim ton vin hnh ngh c th la chn nhng kim ton vin xut sc, phc v cho s pht trin ca ngnh Kim ton Vit Nam. III.2.5. Hon thin cc nguyn tc v qun tr cng ty (Corporate Governance) trong cc cng ty i chng nhm tng cng minh bch thng tin: Da trn kinh nghim p dng cc c ch qun tr cng ty nhm bo v nh u t cc Th trng pht trin trn th gii (c bit l o lut Sarbanes-Oxley nm 2002 ca M), Vit Nam c th p dng mt s bin php sau:

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Cn lut ha cc quy nh, ch ti v qun tr cng ty cho cc cng ty i chng, c bit l cc doanh nghip nim yt. Cc doanh nghip mun nim yt trn sn cn c nhng quy ch qun tr cng ty ring nh l mt iu kin bt buc. i vi nhng doanh nghip nim yt trn sn Chng khon, cn bt buc phi lp ra quy ch qun tr cng ty ring ca mnh trong vng mt thi gian nht nh (c th l t 6 thng n 1 nm) nhm duy tr vic nim yt, nu khng s b chuyn xung sn UpCom. Cc doanh nghip ny c th t mnh lp ra quy ch da trn nhng hiu bit v qun tr cng ty (nhng phi c s kim duyt ca UBCKNN hoc cc B lin quan) hoc nh s tr gip ca cc chuyn gia, cng ty t vn. Nhng thnh vin Ban lnh o nh Thnh vin HQT, Tng gim c v nhng ngi qun l c lin quan phi tham gia cc kha hc, tp hun, bi dng v qun tr cng ty hng nm nhm nng cao cht lng qun tr cng ty. Cc quy nh v i hi C ng cn cht ch v r rng hn. ng thi, HC ca cc cng ty i chng cn c cng khai v minh bch hn, v d nh vic cho cc phng vin ca cc bo kinh t - ti chnh c tham gia i hi. Hin ti vic cc phng vin tham gia HC ca cc cng ty i chng, c bit l cc tp on Nh nc l rt kh khn (trn thc t, iu ny vi phm Lut Bo ch), h thng phi bng cch ny hoc cch khc kim/lm gi mt tm th c ng tham gia. iu ny do nhiu cng ty i chng mun che giu nhng mt cha tt trong hot ng ca mnh v n phn no ngn cn cc thng tin v tnh hnh doanh nghip n vi ton th gii u t, khin thng tin trn TTCK tr nn bt cn xng hn. Ban kim sot cn phi c vai tr thc t v r rng hn nhm m bo Ban lnh o cc doanh nghip khng v mc tiu li nhun m thc hin cc hnh vi vi phm php lut. Vic ny s lm gim ri ro o c (moral

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hazard) trn TTCK v s em li li ch v lu di cho nh u t v bn thn doanh nghip. Ngoi ra, c cu v Ban kim sot cn phi thay i, trng ban kim sot cc cng ty i chng phi l ngi do B Ti chnh c xung (hin ti Ban kim sot cc cng ty i chng do HQT bu ra, h thng l nhng ngi nm gi t nhiu c phiu ca bn thn cng ty h kim sot) nhm trnh nhng tiu cc c th xy ra. III.2.6. Nng cao cht lng ngun nhn lc v kin thc nh u t: Nhm nng cao cht lng thng tin trn TTCK, nh u t cn phi bit r nhng quyn li ca mnh trong vic nhn c nhng thng tin minh bch, chnh xc. Mun vy, trc ht nh u t cn phi c kin thc v hiu bit su rng v TTCK Vit Nam ni ring v TTCK Th gii ni chung nhm s dng thng tin mt cch hiu qu nhm a ra nhng quyt nh u t chnh xc. Vit ny s em li li nhun cho cc nh u t, qua thc y s pht trin ca TTCK Vit Nam. Xt trong trng hp Vit Nam, cng tc ny c th tp trung vo nhng ni dung sau: Thc hin nhng chng trnh ph cp kin thc c bn v chng khon v TTCK cho ton dn trn cc phng tin thng tin i chng. ng thi, cc chng trnh thng tin v kinh t ni chung v chng khon ni ring cn c tng thi lng v c dnh nhng gi cao im trn cc phng tin thng tin i chng nh truyn hnh, bo, i, Tng cng vic minh bch v cng khai thng tin trn cc phng tin thng tin i chng. Hin nay, iu ny vn cn gp rt nhiu tr ngi v s phn i, c bit l t nhng ngi c nhng ngun thng tin ni gin vi mc ch li nhun ring. in hnh cho trng hp ny l trng hp ca Knh thng tin ti chnh chng khon CafeF.vn trong thi gian gn y. Trc mi phin giao dch, CafeF.vn thng c nhng bi tng hp kin ca cc CTCK nhn nh v

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TTCK22, nhng bn tin ny c cng chng u t rt hoan nghnh. Tuy nhin, mt s khng t nh u t c nhn, cng nh CTCK (v d nh CTCK Thng Long) c kin phn i kh gay gt.23 Thc t, nhng bn tin gp phn gip nh u t nhn c nhiu thng tin hn, phn no nng cao kin thc ca nh u t v cn c khuyn khch hn na. Cp nht v chun ha cc chng trnh o to v chng khon ngn hn v cc chng trnh ging dy trong cc trng H khi Kinh t theo nhng chun mc quc t. Trc ht, nhng ngi ging dy v nhng ngi ang lm vic ti cc t chc nh UBCKNN, 2 S GDCK, cc CTCK, cn b lnh o cc doanh nghip, cn cp nht thng xuyn nhng kin thc theo chun quc t. iu ny s nng cao cht lng nh u t, nng cao trnh qun l ca Nh nc v TTCK, cht lng v hiu qu cc hot ng kinh doanh chng khon v nng cao cht lng qun tr doanh nghip. Tn dng, khai thc c hiu qu s gip ca cc t chc quc t v nhng kinh nghim ca cc nc pht trin nhm nng cao cht lng ngun nhn lc trong lnh vc Ti chnh Chng khon v nng cao kin thc nh u t. Nhng ging vin, cng nh nhng ngi tr tui hot ng trong ngnh c kin thc, trnh ngoi ng cn c c i hc tp, o to v thc tp cc TTCK ti cc nc tin tin. Vic a nhng bin php trn vo thc t khng phi l mt vic d dng v nhanh chng, cn phi c mt khong thi gian nht nh. t c hiu qu thng tin trn TTCK nhanh chng, Nh nc cn ch ng a ra nhng bin php tc ng ti TTCK. Theo TS. Nguyn Vit Dng (2008), trng b mn Ti chnh doanh nghip khoa Ti chnh Ngn Hng H Ngoi Thng, Nh nc c th thc hin mt s nhng bin php tc ng sau:
22

Knh Thng tin Ti chnh Chng khon http://cafef.vn

23

Cng ty Chng khon Thng Long, Thanglong Talk No.10 Bn thng 7 hay li n chi, http://www.thanglongsc.com.vn

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Th nht: cung cp thm kinh ph, c nhng ch u tin cho nhng chng trnh nghin cu v pht trin TTCK trong iu kin nn kinh t chuyn i ca Vit Nam; h tr kinh ph cho cng tc o to ngun nhn lc, tp trung tng cng cc chng trnh o to ph cp kin thc c bn v chng khon v TTCK n ton dn. Th hai: khuyn khch s sng to, m rng quyn t ch v ti chnh cho cc nh ch ti chnh. Khuyn khch cc doanh nghip, t chc tham gia TTCK u t cho cng tc nghin cu v o to nhn lc cho th trng v nng cao kin thc nh u t bng cc chnh sch nh cho vay vn u i vi nhng hot ng nghin cu o to. Bn cnh , nhng c nhn vi nhng n nghin cu kh thi, c tnh thc tin cao c th c vay vn vi iu kin u i t cc qu ca doanh nghip, ti cc Ngn hng thng mi hoc c bo lnh tn dng u t theo quy nh ca php lut. Th ba: Tng cng khai thc cc ngun vn ngoi nc bng vic to iu kin cho cc t chc khai thc ngun vn nc ngoi t hot ng hp tc quc t qua nhiu hnh thc khc nhau nh: Hp tc nghin cu, o to song phng, a phng; c nhng chnh sch hp l thu ht nhng nh khoa hc nc ngoi n Vit Nam lm vic; cho php t chc, c nhn nc ngoi thnh lp t chc nghin cu v o to v chng khon v TTCK ti Vit Nam di hnh thc lin doanh hoc 100% vn nc ngoi theo quy nh ca php lut.

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KT LUN
Trong qu trnh nghin cu, nhm tc gi t c mt s kt qu sau: Th nht, ti tng hp, h thng ha c s l lun v bt cn xng thng tin v vai tr ca thng tin trn TTCK Vit Nam. Trn c s , c th ly lm nn tng pht trin cc ti nghin cu su rng hn. Th hai, ti a ra ci nhn ton cnh mt cch c logic v bt cn xng trn TTCK Vit Nam. Qua , ti phn tch nhng thc trng v nguyn nhn ca tnh trng thiu cng khai v minh bch thng tin trn TTCK Vit Nam. Cui cng, ti xut nhng gii php c th nhm gp phn nng cao tnh minh bch v cng khai thng tin trn TTCK Vit Nam. Nhm tc gi tin rng nhng gii php xut ny s c p dng trong thc t v khc phc c nhng hn ch ang tn ti. Do hn ch v khun kh ti, thi gian nghin cu v kinh ph, ti vn cn tn ti mt s hn ch nh: cha lng ha mi lin h gia thng tin v gi c phiu, cha phn tch c nhiu trng hp v cc cng ty i chng cha nim yt. Nhng nghin cu tip theo cn pht huy nhng u im ca ti v khc phc nhng hn ch ny. Nhm tc gi mong mun ti s l mt ti liu tham kho hu ch gip nhng sinh vin quan tm n vn thng tin trn TTCK ly lm c s nghin cu nhng ti su rng v thit thc. Bn cnh , nhm tc gi cng mong mun nhng cng ty i chng, c quan nh nc v nh u t c th ng dng ton b hoc mt phn nhng gii php xut trong ti. Qua , nng cao cht lng thng tin trn TTCK Vit Nam v thu c nhng li ch to ln.

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DANH MC TI LIU THAM KHO


Ting vit: TS. Nguyn Vit Dng, 2008, Mi lin h gia thng tin t BCTC v gi c phiu trn TTCK Vit Nam, ti nghin cu khoa hc, M s B2007-0823, B Gio dc v o to; L An Khang, 2008, nh hng ca thng tin bt cn xng n nh u t trn Th trng chng khon Tp. HCM, Lun vn thc s kinh t, trng H Kinh t Tp. HCM; TS. o L Minh (Ch bin), 2002, Gio trnh Nhng vn c bn v Th trng Chng khon, UBCKNN; PGS,TS. Nguyn Vn Tin, 2005, Ti chnh quc t hin i trong nn kinh t m, NXB Thng K; TS. Nguyn nh Th, 2008, Tp bi ging mn Th trng chng khon, H Ngoi Thng; Ngh nh s 36/2007/N-CP do Chnh ph ban hnh ngy 08/03/2007; Thng t s 97/2007/TT-BTC do B Ti Chnh ban hnh 08/08/2007; Thng t s 38/2007/TT-BTC ban hnh ngy 18/04/2007; Trang web ca UBCKNN: http://www.ssc.gov.vn/ ; Trang web ca S GDCK Tp. HCM: http://hsx.vn/ ; Trang web ca S GDCK H Ni: http://hnx.vn/ ; Cc bi vit trn cc phng tin thng tin i chng v Ti chnh Chng khon: Trn c Nam, Thng tin ti chnh minh bch Hiu sao cho ng, Doanh nhn Si Gn cui tun s 204 ngy 29/06/2007;

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ng Nguyn, Ra mt Hi cc nh qun tr Doanh nghip Vit Nam, Thi bo Kinh t Vit Nam 23/10/2007;

TS. Phm Tr Hng, 2008, Qun tr cng ty i chng : Vn v khuyn ngh, u t chng khon ngy 5/6/2008;

Nguyn Cng Phng, V tnh trung thc ca ch tiu li nhun, Hip hi k ton v kim ton Vit Nam 11/09/2008;

Hunh Duy, Vn cha ch ng cng b thng tin bt thng, CafeF.vn ngy 18/11/2008;

Hong V, Bng Bch Tuyt b pht 90 triu ng, Thi bo Kinh t Vit Nam ngy 13/12/2008;

Anh Qun, Bo co ti chnh ca tng cng ty, tp on: 3 cp sai phm, Thi bo Kinh t Vit Nam online ngy 23/03/2009;

Mai Phng, Giao dch ni gin, x pht qu nh, Thanh Nin Online 25/03/2009;

Thu Hng, Bt nht t vic thiu chun lp d phng, u t Chng khon 31/03/2009;

Minh c, Cng b thng tin: Chuyn c lun mi, Thi bo Kinh t Vit Nam s 09/04/2009;

M Giang, Cn nhiu bt cp trong qun tr cng ty, Si Gn Tip Th 13/04/2009;

Minh c, C hi ln minh bch ha thng tin ti chnh, Thi bo Kinh t Vit Nam s 27/04/2009;

Ch.Giang, Nhiu cng ty chm np bo co ti chnh, Ngi Lao ng s 02/05/2009;

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Hi L, Chn nm mi by nhiu ngy, Thi bo Kinh t Si Gn s 10/07/2009;

Cng ty Chng khon Thng Long, Thanglong Talk No.10 Bn thng 7 hay li n chi, http://www.thanglongsc.com.vn.

Ting nc ngoi: o lut Sarbanes Oxley do Quc hi M ph chun ngy 30/07/2002; Frederich S.Mishkin, 1992, The Economics of Money, Banking and Financial Markets, 7th edition, Pearson Publish; Auronen, L., 2003, Asymmetry Information: Theory and Applications; Information for public of The Nobel Foundation (2001), Markets with Asymmetric Information:

http://nobelprize.org/nobel_prizes/economics/laureates/2001/public.html;

Cc bn tin ca y Ban Chng khon M: http://www.sec.gov/news/press/

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