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M U
***

Tnh cp thit ca vic nghin cu ti

Kinh t Vit Nam c nhng bc tin vt bc, sau hn hai mi hai nm chuyn i t nn kinh t k hoch ho sang nn kinh t th trng, nht l trong khong hn mi nm tr li y vi mc tng trng bnh qun 7%, nm nm gn y bnh qun 7,5%, ring nm 2007 l 8,5% (ngun: gso.gov.vn), xu th pht trin kinh t ngy cng mnh m lm sc bt cho th trng ti chnh pht trin mt cch nhanh chng, nhm mc ch p ng nhu cu v vn phc v hot ng sn xut kinh doanh ngy cng tng trong ton nn kinh t. Yu cu v vn thc y th trng vn khng ngng pht trin, t dn n s ra i ca TTCK l mt tt yu khch quan, khi m cc t chc ti chnh trung gian c trc y, khng th m nhn tt vai tr cung ng vn cho nn kinh t. Thi trng chng khon l mt th trng cao cp, hot ng ca th trng c nhng yu cu rt khc bit so vi cc th trng truyn thng nh th trng hng ho, dch v, th trng lao ng , hng ho lu thng, mua, bn trn th trng l chng khon, y l cc cng c chu chuyn vn ca nn kinh t, nhng hot ng kinh doanh trn TTCK da vo thng tin l chnh, ly nim tin lm c s cho s tn ti v pht trin ca th trng. Trong cc loi thng tin c cung cp trn th trng th TTKT c cung cp i dng cc bo co ti chnh qu, nm l nhng thng tin c vai tr quan trng c bit, n c nh hng ln n mi quan h cung cu chng khon, l ng lc cho quyt nh mua vo, bn ra ca nh u t trn th trng sau khi phn tch cc BCTC c cng b. Mt khc ng trn phng din v m nn kinh t, nhng TTKT ca cc DNNY cng phn no ni ln tnh hnh chung ca ton nn kinh t, tnh hnh sc kho ti chnh quc gia.

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Chnh v nhng l do trn, yu cu u tin ca th trng l phi xy dng c mt h thng nh gi cht lng TTKT, mt mng li CBTT hin i v rng khp, nhm ngoi vic thng tin cng b c cht lng cao, n cn phi c truyn i nhanh chng, kp thi, cng nh phi lm sao cho cc ch th hot ng kinh doanh trn th trng c quyn bnh ng trong tip nhn thng tin. Tuy nhin k t khi TTCK Vit Nam c thnh lp cho n nay, hin tng bt cn xng trong tip nhn thng tin thng xuyn xy ra, thc trng thng tin l bo co ti chnh thng nin cung cp trn th trng cn nhiu bt cp, cn phi c b khuyt cho ph hp vi xu th pht trin chung ca ton nn kinh t. V vy, chng ti vi vic nghin cu nhng m hnh cng b thng tin trn th trng chng khon mt s nc trn th gii, kt hp vi iu tra, kho st, thng k, phn tch thc trng cng b thng tin k ton trn TTCK Vit Nam, thng qua ti:

Cc gii php hon thin vn cng b thng tin k ton ca cc doanh nghip nim yt trn Th trng chng khon Vit Nam.
Vi mong mun a ra mt s nhn xt nh gi, ng thi kin ngh nhng gii php hon thin vn cng b thng tin k ton, nhm mc ch xy dng mi trng kinh doanh lnh mnh, tng cng tnh minh bch, trung thc, kp thi, cng nh tng bc nng cao cht lng thng tin c cng b trn th trng, xy dng TTCK pht trin hiu qu, cng bng, n nh v bn vng.

Mc tiu tng qut

TTCK c th pht trin n nh v bn vng c hay khng phn ln ty thuc vo mi trng kinh doanh, cht lng hng ho giao dch trn th trng, thng tin c cung cp trn th trng l yu t gp phn tng thm cht lng, cng c nim tin ca cc ch th kinh doanh. V pha Nh nc nhm thc hin iu ny, ban hnh Lut Chng khon v cc vn bn hng dn thi hnh vo

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u nm 2007. i vi TTCK Vit Nam, y l ln u tin c mt h thng lut php hon chnh. c th phn no nhn nh ng th trng, chng ti chn ra ba nm 2006 2007 2008 nghin cu, nh gi, v cc l do sau: - Nm 2006 l nm c mc tng t bin v s lng cng nh gi tr c phiu cc cng ty ng k v nim yt nhiu nht trn TTCK k t ngy mi thnh lp cho n nay (SGDCK Tp HCM: nm 2005: 35 cng ty; nm 2006: 106 cng ty). - Nm 2007 l nm ln u tin Quc hi ban hnh Lut Chng khon, Chnh ph v B Ti chnh ban hnh cc vn bn hng dn thi hnh nhm hon chnh h thng lut php v chng khon v th trng chng khon. - Nm 2008 l nm th hai cc bo co ti chnh, nht l bo co ti chnh nm c thc hin v cng b trong iu kin c mt h thng lut php hon chnh trn TTCK. - Mt l do quan trng na l cng trong nhng nm ny, hin tng u t trn lan vo th trng chng khon. T na cui nm 2006 n u nm 2007, c khong 10 t la M v 300 ngn t ng ca nh u t nc ngoi v cc t chc c nhn trong nc bm vo TTCK v th trng bt ng sn1, ngay lp tc to ra giai on th trng bong bng ( u nm 2006 VNIndex trong khong trn 300 im, tng mnh vo cui nm 2006 v u nm 2007, t nh vo ngy 12/3/2007: 1.170 im, v tr li trong khong trn 300 im vo cui nm 2008) , y cng l nguyn nhn gy nn tnh hnh lm pht cao khin Chnh ph phi s dng chnh sch tht cht tin t. - Mt khc trong giai on ny cng tn ti nhiu bt cp trong iu hnh v m TTCK, cng vi hin tng khai thc qu mc th trng gy nn hu qu khng tt, nh hng n s pht trin ca TTCK. Vn ny chng ti xin c trnh by, phn tch k trong cc phn sau. y l nhng nm tp trung kh nhiu s kin v d liu mang nhiu ngha i vi TTCK cn non tr ca Vit Nam, qua y chng ti mun chia s

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quan im v vic xy dng h thng cng b thng tin k ton trn TTCK trn cc mt nh: hnh thc, ni dung, phng tin , nhm mc ch sao cho bo co ti chnh cung cp trn th trng ngy cng trung thc, minh bch v hp l hn, gp phn tng tng cng cht lng hng ho giao dch trn th trng, to lp nim tin ca nh u t vo TTCK Vit Nam.

Mc tiu c th
Thng qua nghin cu tng quan v thng tin k ton trn TTCK, xc nh vai tr, bn cht ca thng tin k ton trn th trng, mc quan trng cng nh yu cu lu di, cn thit phi cng c h thng thng tin cng b trn th trng, ng thi c so snh, i chiu vi cc TTCK trn th gii rt ra bi hc kinh nghim nhm xy dng TTCK Vit Nam, va ph hp vi thc trng nn kinh t, va tng bc n gn vi thng l v chun mc quc t. Bc tip theo l thng qua kho st v nghin cu ngay trn TTCK Vit Nam vo nhng nm nhy cm, t a ra cc nh gi v thc trng CBTT ca cc DNNY trn th trng, nu ln mt s nguyn nhn dn n tnh trng trn, nhm tng bc c bin php khc phc v hon thin. Sau cng, cn c vo nhng nh gi ni trn, lun vn cng a ra nhng nh hng cho quy trnh cng b thng tin trn th trng, xc nh gii php, nhng kin kin ngh i vi cc ch th hot ng trn th trng vi mc ch sao cho thng tin k ton cng b trn th trng ngy cng trung thc, hp l, chnh xc, kip thi v minh bch.

Phm vi, i tng nghin cu

Do hn ch v thi gian, kh nng nghin cu v cc l do bt kh khng khc, trong lun vn ch cp n bo co ti chnh ca cc cng ty nim yt trn TTCK, v cng ch dng t liu l bo co ti chnh thng nin ca cc doanh nghip nim yt trn SGDCK TpHCM (HOSE) trong ba nm : 2006 2007

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2008, kt hp vi phn kho st, thng k thc t, phn tch, nh gi a ra nh hng v kin ngh cc gii php nhm hon thin vic CBTT trn TTCK m thi.

Phng php nghin cu

ti s dng cc phng php nghin cu nh chn mu nghin cu, iu tra, kho st, thng k m t, phn tch v cc d liu qu kh tp hp c thng qua cc biu , hnh nh, cc ch s phn tch , kt hp so snh, i chiu vi h thng lut php v cc vn bn hng dn thi hnh c lin quan n cc lnh vc m ti nghin cu, t nh gi tnh hnh thc t, a ra mt s gii php kin ngh i vi cc ch th c lin quan trn c s tun th cc nguyn tc khoa hc v m bo tnh khch quan trong cc gii php trnh by.

Kt cu ca lun vn
Ngoi phn mc lc, m u, v ph lc, ti c chia lm ba phn chnh

Chng 1
Tng quan v k ton v cng b thng tin trn Th trng Chng khon

Kt lun chng 1 Chng 2

Thc trng cng b thng tin k ton ca cc doanh nghip nim yt trn Th trng Chng khon Vit Nam.

Kt lun chng 2 Chng 3

Cc gii php hon thin vn cng b thng tin ca cng ty nim yt trn Th trng Chng khon Vit Nam.

Kt lun chng 3

Kt lun chung

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CHNG 1 : TNG QUAN V K TON V CNG B THNG TIN K TON TRN TH TRNG CHNG KHON. 1.1. Bn cht v vai tr ca thng tin k ton.

1.1.1 Bn cht ca k ton. Lch s loi ngi tri qua nhiu giai on, s pht trin x hi ca cc cng ng c dn gn lin vi s pht trin kinh t. Nhiu di ch kho c ch ra rng nn vn minh m x hi loi ngi hin nay c c, phn ln l nh vo nhng kin thc, t liu lch s li l cc ti liu c ghi chp di dng vn t c xa, trong cc nh kho c tm thy nhng ti liu c lin quan n kinh t, c vt c tm thy u tin l cc bn khc axt bng t nung cch y hn 3.300 nm trc cng nguyn, h s ghi chp bng ch tng hnh cc khon thu ca ngi Ai Cp c i 2. Cng vic ghi chp li cc s kin c lin quan n cc hot ng kinh t trong x hi lun l nhng vn thc tin c con ngi quan tm hng u, trong sut con ng hot ng cho mc ch tn ti v pht trin ca cng ng ngi, trc khi n chnh thc tr thnh mt mn khoa hc vi mt h thng cc l thuyt, gii thch da trn nhng c s khoa hc c s h tr ca cc mn hc khc nh ton hc, trit hc, logic hc, v c tn gi l hch ton k ton nh by gi. Tuy nhin, cng vic ghi chp cng c tnh cht vn ng ring ca n, giai on u vic ghi chp ch mang tnh cht phn nh, sao chp, ghi li cc s kin hin thc trong i sng kinh t, ch t khi con ngi pht minh ra ch vit v s, cng vi s ra i ca ton hc da trn cc ch s v k hiu em li cho cng vic ghi chp cc s kin kinh t gi tr thc s ca n, hch ton k ton v thng tin kinh t ngy cng c v tr quan trng v khng th thiu trong qu trnh hot ng kinh t ca con ngi nht l vo giai on hin nay.

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Vi mc ch t c hiu qu kinh t cao trong cc hot ng kinh t, thng tin k ton phi c cung cp kp thi, chnh xc, v trn tt c mi mt. Trong bi cnh kinh t x hi ngy nay, cc hot ng kinh t rt a dng, c nhiu lnh vc khc nhau, nhng d trong lnh vc no i na th thng tin k ton lun mang tnh cht quan trng v khng th thiu, qua cho php chng ta hiu r v cc hot ng kinh t m mnh ang thc hin, cng nh hiu qu ca cc cng vic ny l nh th no. Hch ton k ton chnh l cng vic ghi chp cc din bin trong hot ng kinh t da trn quan st, o lng, tnh ton v ghi li nhng s vic trn. Trong cc hot ng kinh t din ra hng ngy thng mang tnh chu k, u chu k l qu trnh u t bng nhiu phng tin khc nhau nh vn bng tin, nguyn vt liu, sc lao ng ca con ngi , cui chu k l qu trnh thu hoch, tng kt tnh ton hiu qu hot ng kinh t, xem xt ra quyt nh tip tc mt chu k ti sn xut mi, y chnh l cc i tng m trong qu trnh quan st phi ghi nhn li, v khi ghi nhn phi tun th nguyn tc v o lng, mi i tng phi c o lng vi n v o lng ph hp. Cc giai on trn phi c ghi chp vo s sch theo quy nh, ng thi dng cc php tnh, tnh ton, quy i, tng hp cc s liu ny a vo cc biu mu nhm cung cp thng tin cho cc i tng c lin quan. Cng tc hch ton c thc hin di nhiu dng khc nhau, ty theo yu cu c th ca tng lnh vc kinh t nht nh, nhn chung cng tc hch ton c cc dng sau: - Hch ton nghip v l dng ghi chp trong tng cng on ca qu trnh sn xut kinh doanh vic ghi chp ch mang tnh ghi nhn, tnh ton, tng hp tng phn khng mang tnh cht tng hp do cc ch tiu s dng t, thng tin n gin, ch yu dng lm s liu tng hp m thi.

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- Hch ton thng k l dng hch ton cung cp nhng thng tin tng hp c s dng nhiu n v o lng, nhiu ch tiu tng hp cng nh nhiu phng php, k thut tnh ton phc tp, s liu i km vi thi gian, khu vc nht nh, v th thng qua s liu thng k ngi ta c th rt ra cc quy lut vn ng, xu th pht trin ca s vt hin tng. - Hch ton k ton l vic phn nh mt cch thng xuyn, tng hp, lin tc v c h thng cc s kin kinh t pht sinh trong mt n v kinh t cn xem xt, theo di. Vic phn nh cc s kin kinh t ny thng qua cc thc o l tin, hin vt v thi gian lao ng. K ton l vic thu thp, x l, kim tra, phn tch v cung cp thng tin kinh t, ti chnh di hnh thc gi tr, hin vt v thi gian lao ng 3. Mc ch ca k ton l cung cp thng tin, thng tin c cung cp cho nhiu i tng khc nhau, v vi cc yu cu khc nhau, v th k ton c chia thnh hai phn h: k ton ti chnh v k ton qun tr. K ton ti chnh cung cp nhng thng tin tng hp tnh hnh dch chuyn cc ngun lc ti chnh trong, kt qu hot ng sn xut kinh doanh, cc hot ng khc trong doanh nghip, nhm cung cp thng tin cho cc i tng bn trong v bn ngoi, ch yu l cc i tng ngoi doanh nghip. Thng tin ca k ton ti chnh l nhng thng tin qu kh ( xy ra ri), c ghi chp li v vy i hi phi chnh xc, tin cy cao, mt khc vic quan trng nht ca bo co ti chnh l n mang tnh quyt nh cui cng. K ton ti chnh l vic thu thp, x l, kim tra, phn tch v cung cp thng tin kinh t, ti chnh bng bo co ti chnh cho i tng c nhu cu s dng thng tin ca n v k ton 4 . K ton qun tr cng cung cp nhng thng tin k ton c lin quan n hot ng sn xut kinh doanh nh chi ph, thu nhp, ca tng b phn, sn phm c th

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cng nh ca tng khu, tng loi sn phm, cc thng tin ny nhm mc ch phc v nhu cu qun tr cc cp khc nhau trong ni b doanh nghip. c im ca k ton qun tr l nhng thng tin n cung cp mang tnh nh hng tng lai (s kin sp xy ra), nh vo thng tin ca k ton qun tr, cc nh qun l thc hin chc nng qun tr ca mnh nh: hoch nh, kim sot v ra quyt nh, v vy hnh thc cng b thng tin rt a dng v ty theo thng tin cung cp m s dng cc thc o khc nhau cho ph hp. K ton qun tr l vic thu thp, x l, kim tra, phn tch v cung cp thng tin kinh t, ti chnh theo yu cu qun tr v quyt nh kinh t ti chnh trong ni b n v k ton5. K ton ti chnh v k ton qun tr c mi lin quan mt thit vi nhau, trong qu trnh cung cp thng tin hai loi k ton ny to thnh s lin kt nht qun, phn nh lin tc nhng s kin , ang v s xy ra trong sut qu trnh hot ng kinh doanh ca doanh nghip. 1.1.2 Vai tr ca thng tin k ton. Giai on hin nay, TTKT ngy cng tr nn quan trng, khi m ton cu ho kinh t pht huy tc dng ca n, t nhng thay i m hnh kinh t th trng theo hng m, thay i m hnh doanh nghip, thay i trong nhng mi quan h ca cc cng ty m, con, cng ty xuyn quc gia , s quan tm ca chnh quyn v hot ng kinh t trong v ngoi nc cho mc ch iu hnh, yu cu c c thng tin hot ng sn xut kinh doanh trong DN ca cc nh u t, nh ti tr, Hi ng qun tr, c ng gp vn , thng tin ti chnh ca doanh nghip phi c cung cp y , nhanh chng, kp thi, chnh xc v trung thc. Nhng vn thng tin k ton cung cp trc ht gip cho cc nh qun tr doanh nghip nm c ton b qu trnh hot ng kinh doanh, qu trnh chuyn dch ngun lc ti chnh ca doanh nghip, cc i tng bn ngoi doanh nghip cng t nhng thng tin c cung cp ny ra nhng quyt nh lin quan n th

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trng hng ho, th trng ti chnh tin t, quyt nh iu tit, hoch nh chnh sch v m ca cc c quan qun l. Mt khc thng tin k ton l cc bo co ti chnh thng k, cn phn nh thc trng ti chnh ca doanh nghip, t cc bo co ny nh qun l c th nh gi mt cch ng n v ton din hot ng kinh doanh m mnh ang qun l, hiu qu thc t trong cng tc iu hnh, kh nng hon thnh cc mc tiu ra v quan trng hn c l t cc thng tin ny gip cho hot ng sn xut kinh doanh ngy cng mang li hiu qu cao hn. 1.2 Vn cng b thng tin k ton trn TTCK. Cc nc c TTCK trn th gii, nhn chung u yu cu cc cng ty nim yt trn th trng phi cng b TTKT theo quy nh ca cc t chc qun l, iu hnh th trng. Cng b BCTC thng k trn th trng chng khon l cung cp thng tin ti chnh ca cc doanh nghip nim yt v: tnh hnh ti sn, ngun vn, kt qu sn xut kinh doanh, mc c tc c chia , s d vn cng b TTKT c t ra v cc l do sau: - Nhm mc ch cng khai, minh bch ho tnh hnh ti chnh ca doanh nghip nim yt, phc v yu cu ca tt c c ng trong cng ty, cng nh cc ch th khc c nhu cu. - Th trng chng khon l ni tp trung phn ln ngun vn u t cho ton b nn kinh t, hng ho ca th trng ny ch yu l c phiu ca cc cng ty nim yt, cht lng ca hng ho chnh l hiu qu kinh t hin ti, gi tr c tnh trong tng lai ca doanh nghip, v ch BCTC mi c th cung cp cho nh u t tnh hnh ti chnh theo yu cu, v c s d liu ny c dng nh u t phn tch ti chnh doanh nghip, ng thi ra quyt nh u t. - Trn TTCK cng vic kinh doanh ch yu da vo cc thng tin c cung cp trn th trng, v th yu cu ca th trng l thng tin phi c cung cp

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nhanh chng, kp thi, chnh xc v nht l phi n c vi tt c cc i tng tham gia th trng l nh nhau. - Thng tin trn th trng l mt trong nhng yu t nh u t ra quyt nh u t, nh th n chnh l mt trong nhng yu t to ra cung, cu hng ho trn th trng, y cng l yu t c bn th trng tn ti, hot ng hiu qu v pht trin bn vng. - Mt khc cc cng ty nim yt trn TTCK hu ht l nhng cng ty hng u trong cc lnh vc, ngnh ngh kinh doanh trong nn kinh t, cht lng cng ty tt hn v nhiu mt so vi cc cng ty cha iu kin nim yt, chnh v vy, cc c quan qun l, iu hnh v m, cc t chc thng k , c th thng qua cc s liu ny nh gi tnh hnh kinh t chung trong ton quc. Nh vy vn CBTT trn TTCK mang tnh cht quan trng sng cn ca th trng, thng tin c cng b mt cch chnh xc, minh bch, kip thi to ra nim tin, s an tm cho cc nh u t, to ra ng lc kch thch cung, cu hng ho trn th trng. Trong cc loi thng tin c cng b trn th trng, thng tin k ton c nh hng trc tip n hiu qu hot ng v s pht trin bn vng ca th trng. 1.2.1 TTCK v c ch hot ng ca th trng chng khon.

1.2.1.1 Th trng chng khon (Securities Market) Th trng ti chnh (Financial Market) bao gm th trng vn (Capital Market) v th trng tin t (Currency Market), TTCK l b phn chnh ca th trng vn. Th trng ti chnh c hnh thnh, tn ti v pht trin l mt tt yu khch quan ca nn kinh t th trng, n c sinh ra gii quyt cc mu thun c bn gia kh nng v nhu cu cung ng vn phc v nhng hot ng kinh t ca th trng. Trong qu trnh pht trin ca nn KTTT, nhu cu v vn cung ng cho nn kinh t ngy cng cao, tc giao dch trong sn xut, thng mi ngy cng pht

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trin, vng quay vn trong lu thng hng ho tng ln cng vi s pht trin ca nn kinh t th trng, song song vi tnh hnh pht trin ti chnh tin t, cc cng c ti chnh trn th trng tin t v th trng vn cng nhanh chng pht trin, t ny sinh cc quan h mua, bn cc loi cng c ti chnh ny, c bit l cc loi chng khon c lut php cho php lu thng, mua bn trn th trng. Chnh s pht trin ca nn kinh t th trng hnh thnh nn th trng ti chnh l ni din ra cc hot ng mua, bn cc chng khon (bao gm c hai loi ngn v di hn), vi mc ch gii quyt cc nhu cu v vn u t. Mt khc s thay i v m hnh hot ng ca doanh nghip, di hnh thc vn t c ca cng ty c chia thnh nhiu c phn c mnh gi bng nhau v c gi l cng ty c phn, quan trng hn c l vic lut php cho php mua bn cc loi c phn trong cng ty c phn, i i vi vic pht hnh c phiu huy ng vn trong cng chng phc v cho mc ch ti sn xut m rng ca doanh nghip. S pht trin ln mnh ca th trng ti chnh, cng vi yu cu thc hin c ch chuyn vn trc tip t nh u t sang t chc pht hnh m khng thng qua nh ch trung gian no, hay ni khc i l p ng yu cu chu chuyn vn u t c chi ph thp, yu cu ny hnh thnh nn mt loi th trng cao cp l TTCK, vic mua bn cc cng c ti chnh trung v di hn l chng khon vn v chng khon n, c din ra tp trung ti TTCK, trn h thng giao dch in t ca S giao dch chng khon v cc h thng giao dch khng tp trung khc c lin thng vi nhau, nhm mc ch kt ni gia t chc pht hnh v cc nh u t, mc ch p ng nhu cu mua, bn chng khon ca cc i tng ni trn. Th trng chng khon l ni huy ng vn u t cho nn kinh t, y l knh huy ng m cng mt lc c th tho mn yu cu ca nhiu ch th tham gia th trng, cng nh n c th p ng tin pht trin theo kp vi xu th

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pht trin chung ca nn kinh t sn xut hng ho m nh cao l nn kinh t th trng. Th trng chng khon c hai th trng chnh: th trng s cp v th trng th cp. 1.2.1.1.1 Th trng s cp (Primary Market) Th trng s cp l ni phn phi ln u cc chng khon ca t chc pht hnh, vic mua bn c din ra theo nhiu hnh thc: pht hnh khng thng qua u gi v pht hnh thng qua u gi, chnh trong qu trnh u gi hnh thnh nhiu loi gi khc nhau ca chng khon pht hnh, nhng a phn chng khon pht hnh trn th trng s cp bn theo mnh gi. Pht hnh c chia ra lm hai loi: Pht hnh ra cng chng ln u (Inititial Public Offering - IPO) v pht hnh tng vn iu l. Cc c quan qun l, iu hnh TTCK cc nc thng c quy nh c th i vi cc t chc pht hnh chng khon ra th trng, gm: - T chc pht hnh phi p ng quy m v vn iu l ti thiu, c cu c ng ngoi cng ty, tng gi tr v s lng c phiu pht hnh v s lng nh u t tham gia mua. - C bo co ti chnh theo ng quy nh v pht hnh chng khon. - Hot ng sn xut kinh doanh ca cng ty phi c li, khng thp hn mc quy nh v trong mt s nm nht nh. - Mc ch ca t pht hnh, k hoch s dng vn. - Thng tin v cc nh qun l cp cao ca doanh nghip. - T l nm gi ca cc c ng ln (theo quy nh ring). - Cc hnh thc bo lnh (nu c). - Cc yu cu khc

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c trng ca th trng s cp l knh u t giai on mt ca cc nh u t trong v ngoi nc, ngun vn giao dch ti y s cung ng trc tip cho nhng hot ng sn xut, kinh doanh ca cc t chc pht hnh. 1.2.1.1.2 Th trng th cp (Secondary Market) Th trng th cp l ni giao dch cc loi chng khon qua giao dch ln u trn th trng s cp, v y chnh l hng ho ca th trng. trn th trng th cp, hot ng mua i bn li din ra gia cc ch th tham gia th trng m khng lm tng thm quy m v vn u t, khng to ra ngun ti chnh mi cho cc t chc pht hnh, cc khon thu c t vic bn chng khon thuc v cc nh u t v cc nh kinh doanh chng khon, tuy nhin gia hai th trng ny lun c s gn kt cht ch vi nhau. Vic mua bn trn th trng th cp da vo: - Quan h cung cu trn th trng. - Cc gi tr ca doanh nghip nim yt trn th trng nh: gi tr hin ti, gi tr tng lai, xu th pht trin - Tm l ca nh u t. - Cc thng tin c lin quan n tnh hnh kinh t - ti chnh quc gia, th gii v tnh hnh hot ng ca cc DNNY. Th trng s cp l c s, ni cung cp hng ho cho th trng th cp, th trng s cp l tin hnh thnh th trng th cp, nu khng c th trng s cp cng s khng c th trng th cp. Nhng mt khi th trng th cp hot ng n nh c hiu qu v bn vng, chnh l ngun ng lc thc y th trng s cp pht trin v iu ny l yu t quyt nh, gip cho cc t chc pht hnh chng khon thnh cng, nhm t c mc ch huy ng vn phc v hot ng sn xut kinh doanh. Mt khc hot ng ca th trng th cp cng tho mn nhanh chng nhu cu chuyn dch vn u t gia cc nh u t trn th trng chng khon.

- 15 -

Th trng chng khon ra i nhm n mc tiu cung cp dch v chu chuyn vn vi chi ph thp, lu ng ho lnh vc u t, lm cho chng khon c tnh thanh khon cao, ng thi p ng nhu cu v vn cho hot ng sn xut kinh doanh trong ton nn kinh t. Hot ng mua bn trn TTCK c chia thnh: Th trng tp trung v th trng phi tp trung. Th trng tp trung c thc hin qua S giao dch chng khon, thng qua h thng bng giao dch in t, ti y chng khon c nim yt cc thng tin c lin quan n vic mua, bn chng khon nh: gi, khi lng, tnh hnh giao dch ca nh u t..., vic giao dch ca cc nh u t c thc hin thng qua cc cng ty chng khon l thnh vin ca S giao dch, cc lnh mua bn c truyn v h thng x l trung tm, sau d liu khp lnh s c chuyn tr tr li cc cng ty chng khon ni nh u t t lnh, hon tt th tc giao dch cho nh u t. Cng cn ni r thm, S giao dch chng khon khng phi l t chc s hu chng khon, y ch l ni giao dch, v to iu kin cho vic giao dch c thun li, cng bng, minh bch v ng php lut cho cc chng khon ca cc t chc iu kin nim yt ti S giao dch. Th trng phi tp trung (Over The Counter Market Th trng OTC). Bn cnh th trng giao dch tp trung, th trng chng khon cn c th trng giao dch phi tp trung, ti y dnh cho nhng cng ty cha iu kin giao dch ti S giao dch, vic giao dch ch yu thng qua yt gi v thng lng trc tip gia ngi mua v ngi bn v cc chng khon m h s hu, iu kin giao dch trn th trng ny tng i n gin, ch cn khng vi phm lut php trong quan h mua bn. Ngoi hai th trng chnh thc ny, trong cc quc gia c TTCK lun tn ti mt th trng th ba, l cc hot ng giao dch, mua bn cc loi chng khon

- 16 -

theo nhng hp ng ming hoc trao tay, cc hot ng mua bn ny cn c vo s tn nhim ln nhau ca cc nh u t. qun l th trng OTC, mt s nc thnh lp Hip hi kinh doanh chng khon quc gia, Hip hi ny ban hnh quy ch th trng, kt np v khai tr thnh vin, gim st vic thc hin quy ch ca cc ch th tham gia th trng. 1.2.1.2 C ch hot ng ca th trng chng khon 1.2.1.2.1 iu hnh v gim st th trng Thng l chung trn th gii, iu hnh, gim st TTCK l cc c quan qun l ca Chnh ph, chu trch nhim chnh l y ban Chng khon (Commission of Securities Market), y l c quan chc nng chuyn ngnh ca Nh nc trong lnh vc chng khon, ch thc hin cng vic qun l chung ch khng trc tip iu hnh, gim st th trng. y ban chng khon c thm quyn ban hnh cc quy nh iu chnh hot ng trn th trng, lm nn tng cho cc t chc t qun thc hin chc nng iu hnh v gim st th trng ca mnh. Ngoi ra y ban chng khon kim sot mi hot ng pht hnh chng khon ca cc cng ty nim yt ni ring v cc cng ty cng chng (Public Company) ni chung. Qun l trc tip cc t chc t qun, gim st, thanh tra cng nh x l cc t chc, c nhn tham gia th trng bo v li ch chung, trong trng hp c hin tng vi phm php lut. Trc tip iu hnh v gim st th trng chng khon gm c hai t chc chnh: S giao dch chng khon v Hip hi cc nh kinh doanh chng khon. S giao dch chng khon: L mt t chc t qun bao gm cc cng ty chng khon thnh vin. SGDCK thc hin cc chc nng:

- 17 -

- iu hnh, qun l trc tip cc hot ng giao dch chng khon din ra hng ngy, m bo vic thc hin c theo ng quy nh ca lut php. - Gim st, theo di vic thc hin gia cc cng ty chng khon thnh vin vi cc khch hng ca cng ty, khi pht hin c vi phm S giao dch s tin hnh x l theo quy nh. Trong trng hp vi phm c tnh cht nghim trng, S giao dch bo co ln y ban chng khon gii quyt. Hip hi cc nh kinh doanh chng khon: L t chc ca cc cng ty chng khon c thnh lp vi mc ch c ting ni chung cho ton ngnh kinh doanh chng khon, m bo li ch chung cho ton ngnh. Hip hi a ra cc quy nh v thc hin cc chc nng: - iu hnh, gim st th trng giao dch phi tp trung. Cc cng ty mun tham gia th trng ny phi ng k vi Hip hi, v phi chp hnh cc quy nh do Hip hi ra. - Theo di vic thc hin giao dch gia khch hng v cc cng ty chng khon thnh vin, iu tra v x l cc vi phm nu c. Hip hi cc nh kinh doanh chng khon a ra cc xut v gi vi c quan qun l, iu hnh ca Nh nc v cc vn v m ca th trng chng khon. 1.2.1.2.2 Cc ch th khc Nh pht hnh Nh pht hnh l cc t chc thc hin huy ng vn trn th trng s cp, gm chnh quyn cc cp, cc cng ty v cc t chc ti chnh vi mc ch chuyn dch ngun lc ti chnh trc tip gia nh u t v t chc huy ng, nhm mc ch phc v cc hot ng kinh t. Hng ho ca cc t chc ny gm c: Tri phiu chnh ph, tri phiu a phng, tri phiu cng ty, c phiu, chng ch qu u t Nh u t:

- 18 -

Nh u t l nhng ch th kinh doanh trn th trng chng khon, nh u t c th chia thnh 2 nhm: cc nh u t c nhn, cc nh u t l t chc. - Nh u t c nhn: l nhng ngi c vn nhn ri tm thi, tham gia mua bn trn th trng chng khon vi mc ch tm kim li nhun - Nh u t l t chc: hay cn gi l nh ch u t, thng xuyn mua bn chng khon vi s lng ln, cng vic u t c thc hin do mt b phn gm nhng chuyn gia c kinh nghim v th trng. u t thng qua cc t chc c u im l c th a dng ho danh mc u t v khi lng vn ln gip cho cc t chc u t c u th hn hn nhng nh u t c nhn. Cc t chc kinh doanh trn th trng chng khon - Cng ty chng khon: L nhng cng ty hot ng trong lnh vc chng khon, c th thc hin cc cng vic nh mi gii, t doanh, t vn u t chng khon, bo lnh pht hnh chng khon. L loi hnh cng ty kinh doanh c iu kin, cc cng ty chng khon phi m bo cc tiu chun, quy nh ca lut php v vn iu l v nhng quy nh khc ca c quan qun l th trng chng khon. - Cng ty qun l qu: Thc hin cng vic qun l qu u t chng khon, trong qu trnh hot ng cng ty c th thnh lp v qun l ng thi nhiu qu u t. Cng ty qun l qu thay mt qu u t pht hnh chng ch qu, cc qu u t hot ng kinh doanh chng khon v qun l danh mc u t. 1.2.1.2.3 Cc nguyn tc hot ng trn th trng chng khon - Nguyn tc trung gian Theo nguyn tc ny cc giao dch trn th trng c thc hin thng qua cc t chc trung gian l cc cng ty chng khon. Ti th trng s cp nh u t thng khng mua chng khon trc tip ca t chc pht hnh m mua t cc t

- 19 -

chc bo lnh pht hnh. Trn th trng th cp, thng qua nghip v mi gii, khch hng mua v bn chng khon thng qua cc cng ty chng khon. - Nguyn tc cnh tranh u gi Trn th trng s cp ln th trng th cp, gi c chng khon l do mi quan h cung cu quyt nh, mua v bn chng khon c thc hin theo phng thc u gi v t do cnh tranh gia cc ch th tham gia th trng vi nhau. - Nguyn tc cng khai Cht lng ca hng ho chng khon khng th kim tra nh cc loi hng ho thng thng khc m phi da trn nhng thng tin c lin quan. V vy lut php quy nh vic cng b thng tin l mt ngha v ca cc t chc nim yt v pht hnh chng khon, thng tin phi c cng b qua cc phng tin thng tin i chng. S giao dch, CTCK v cc t chc c lin quan khc. Nguyn tc ny nhm m bo li ch cho tt c nhng ngi tham gia th trng, mi ngi u phi tun th nhng quy nh chung, c chia s thng tin cng nh chu trch nhim nu vi phm cc quy nh . Nguyn tc ny bo v nh u t, tuy nhin n cng hm cha ngha nh u t phi t chu trch nhim v cc quyt nh u t ca mnh khi c cung cp thng tin y , kp thi, chnh xc theo ng quy nh. 1.2.1.2.4 Cc hnh vi tiu cc trn th trng chng khon Th trng no cng c nhng k li dng k h lut php trc li mt cch phi php, TTCK cng vy, cc hnh vi kh ph bin trn thi trng gm c: - u c chng khon, lng on th trng Cng vic c thc hin t mt nhm nh u t cu kt vi nhau mua hoc bn chng khon vi s lng ln gy nn cung hay cu gi to, lm cho gi c c phiu tng hoc gim t ngt, lng on th trng. - Mua bn ni gin

- 20 -

L hnh vi ca k li dng quyn hnh hay s u tin trong vic c c cc thng tin ni b ca cng ty, t mua vo hay bn ra c phiu ca cng ty trn th trng. Sau khi thng tin c cng b rng ri ra cng chng gi c phiu ca cng ty ny s c s thay i ln, to ra li nhun phi php cho nhng k mua bn ni gin. - Thng tin sai s tht L hnh vi phao tin n tht thit trn th trng hng li do mua thp v bn cao sau khi thng tin c kim chng, Lut chng khon cc nc trn th gii nghim cm vic ny, trong giai on hin nay, vi s h tr ca cng ngh thng tin th hnh vi ny cng gy ra hu qu nghim trng cho nhiu ch th tham gia trn th trng chng khon. Cc cng ty nim yt nu vi phm trong vic cng b thng tin sai s tht lm thit hi cho nh u t, ri lon th trng, s b x l thch ng theo lut php. - Lm thit hi li ch nh u t i vi cc CTCK hoc t chc u t, trong kinh doanh nghim cm: + Lm tri lnh t mua, bn ca khch hng. + Khng cung cp xc nhn giao dch theo quy nh. + T mua bn chng khon trn ti khon ca khch hng, hoc mn danh ngha khch hng mua bn chng khon. 1.2.2. Cng ty nim yt v thng tin cng b trn th trng chng khon. 1.2.2.1 Cng ty nim yt CTNY l nhng CTCP c SGDCK cho php nim yt c phiu ca mnh cho mc ch giao dch trn S, nu cng ty p ng c mt s tiu ch theo quy nh ca S. Cc hnh thc nim yt c phiu gm c nim yt ln u v nim yt b sung.

- 21 -

Nim yt ln u l sau khi c php ca SGDCK, c phiu ca cng ty c phn ln u tin c giao dch trn TTCK. Nim yt b sung gm cc dng sau: - Tng vn bng cch pht hnh chng quyn, tri phiu chuyn i, c phiu. - Tr c tc bng c phiu. - Pht hnh c phiu thng. Thay i nim yt c dng trong trng hp: - Thay i tn ca t chc nim yt. - Tch, gp c phiu Nim yt li c p dng cho: - Chng khon ca cng ty b hy nim yt - Chia, tch, sp nhp cc cng ty nim yt v cha nim yt hoc cc cng ty nim yt vi nhau. Hy nim yt trong cc trng hp: - Hy nim yt t nguyn - Hy nim yt bt buc Cc tiu chun nim yt: - Tiu chun nh lng bao gm cc tiu chun thi gian hot ng, tng vn c phn, doanh thu, li nhun, c cu, s lng c ng cng ty. - Tiu chun nh tnh thng lin quan n cht lng hot ng sn xut kinh doanh ca cng ty, c xc nh thng qua bo co kim ton ca t chc kim ton c km bo co ti chnh kim ton ca DN, cc vn c lin quan n tranh chp trong kinh doanh, cc khon n phi tr, n phi thu, cc khon lin doanh, lin kt, u t vo cng ty con, tnh hnh nhn s qun l cp cao ca cng ty, cc c ng ln, cc c ng nm quyn kim sot cng ty

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1.2.2.2 Thng tin cng b trn th trng chng khon Thng tin cng b trn th trng gm thng tin cng b trn th trng s cp v thng tin cng b trn th trng th cp. Cng b thng tin trn th trng s cp Thng tin cng b trn th trng s cp thng l nhng thng tin ca cc t chc pht hnh chng khon ln u ra cng chng. C quan qun l Nh nc chuyn ngnh (y ban chng khon) l ni nhn h s pht hnh theo lut nh, v chu trch nhim v hot ng pht hnh ca t chc pht hnh. H s pht hnh c quy nh thng bao gm mt s ti liu thng tin v tnh hnh ti chnh, kt qu hot ng kinh doanh, nhn s qun l cp cao ca t chc, c cu c ng, c ng nm quyn kim sot, c trnh by tm tt trong Bn co bch (Prospectus) v cc ti liu khc c lin quan, trnh y ban chng khon xem xt chun y. Vit Nam hin nay, UBCKNN( SSC) trc thuc B Ti chnh l c quan qun l, chu trch nhim theo di hot ng cng b thng tin v cho bn chng khon trn th trng s cp ca t chc pht hnh. Ni dung ch yu l thng qua bo co ti chnh, trong Bn co bch v Giy ng k cho bn chng khon l hai ti liu quan trng trong s cc ti liu phi trnh y ban chng khon Nh nc. Ngoi ra UBCKNN cn chu trch nhim theo di vic cng b thng tin theo quy nh ca cc t chc l cng ty i chng 6. Cng b thng tin trn th trng th cp Cng b thng tin trn th trng th cp ch yu l cng b thng tin ca cc t chc nim yt trn SGDCK. Cng b thng tin l ngha v quan trng ca cc t chc nim yt, nhng thng tin c th nh hng n gi c v khi lng giao dch ca c phiu, tri phiu ca t chc nim yt th phi c cng b kp thi, chnh xc.

- 23 -

Thng tin c cng b trn th trng c thc hin theo quy nh ca cc c quan qun l th trng trc tip v gin tip. Tun th ngha v cng b thng tin l yu cu quan trng v l iu kin bt buc khi cc t chc mun c nim yt trn S giao dch. Cn c vo thi im cng b, thng tin c chia lm 3 loi: Thng tin nh k Gm cc BCTC ca cc t chc nim yt theo quy nh nh BCTC qu, BCTC nm, trong BCTC nm phi c kim ton bi cng ty kim ton, v cc thng tin m cc DNNY phi cng b khc theo yu cu ca S giao dch chng khon. Thng tin bt thng Cc vn c lin quan n tnh hnh hot ng ca t chc nh: cc thay i v nhn s, thay i v ngun vn, ti sn, cc s kin c lin quan n tnh hnh hot ng kinh doanh ca doanh nghip, cc vn tranh chp v cc vn c lin quan khc. Thng tin cng b theo yu cu Cc t chc nim yt phi thc hin cng b thng tin theo yu cu ca cc c quan qun l, iu hnh trc tip v gin tip trn TTCK, ni dung thng tin cng b phi nu ra s kin c cc c quan qun l yu cu, nguyn nhn, mc xc thc, cc gii php x l (nu c). Thng tin v giao dch ca cc c ng ni b Nhn s cp cao v nhng ngi c lin quan trong t chc nim yt, c thc hin giao dch c phiu, tri phiu m mnh s hu, th phi c cng b thng tin trc v sau khi thc hin giao dch, k c giao dch khng thng qua h thng giao dch nh cho, tng, tha k , nu thng bo thng tin giao dch m khng thc hin cng phi cng b thng tin, ng thi nu r l do.

- 24 -

Vic thc hin cng b thng tin phi thng qua cc n phm, trang thng tin in t ca t chc nim yt, qua phng tin thng tin i chng hoc phng tin cng b thng tin ca cc c quan qun l ni trn. Tuy nhin trong trng hp c l do bt kh khng, hoc v nguyn nhn chnh ng no khc, t chc nim yt c th hon hoc c php khng cng b thng tin bt thng. 1.2.3. nh hng ca thng tin k ton i vi cc i tng s dng thng tin trn TTCK. a. i vi nh u t Th trng chng khon l loi th trng cao cp, Chng khon giao dch trn th trng mang mt gi tr ni ti kh tru tng, gi tr chng khon c quyt nh bi mi quan h cung, cu trn th trng, nhng mi quan h cung cu ny li xut pht t tm l nh u t sau khi tip nhn thng tin trn th trng t nhiu pha khc nhau, trong TTKT l loi thng tin quan trng bc nht, n cho nh u t ci nhn tng quan v tnh hnh hot ng sn xut kinh doanh ca cc t chc nim yt, ng thi y cng l yu t chnh nh u t ra quyt nh mua, bn chng khon. Thng tin k ton cn c xem nh l thng tin nn tng cho s pht trin ca th trng, kt qu dch chuyn ngun vn trong doanh nghip, tnh hnh sn xut kinh doanh ca cc t chc nim yt, mc c tc c chia trong k, cch to v s dng tin ca t chc nim yt v cc thng tin khc trong BCTC, chnh l yu t cng c nim tin ca nh u t nm gi c phiu hin ti v trong tng lai, ng thi nim tin cng l cha kho cho s thnh cng v pht trin bn vng ca TTCK. b. i vi cc t chc qun l, iu hnh v to lp th trng Cc c quan qun l iu hnh trc tip v gin tip th trng quy nh thc hin vic CBTT ca cc t chc nim yt, trc ht to s n nh cho mi trng

- 25 -

hot ng kinh doanh ca th trng v mt php l, thc y s pht trin ca th trng, thu ht cc ngun vn trong v ngoi nc u t vo nn kinh t. Cc t chc hot ng kinh doanh dch v trn th trng, ngoi vic cung cp dch v cho cc nh u t h cng l cc nh u t, nh vy nh hng ca thng tin k ton ca cc t chc nim yt c tm quan trng nhiu mt i vi hot ng kinh doanh ca h, nht l khon doanh thu dch v v chng khon t doanh, v pha cc nh u t, nh hng ca cng b thng tin cng tc ng rt ln n tm l ca h trn th trng. Ngoi ra TTCK cng l phong v biu ca nn kinh t (nu by gi cha th sau ny s), v thng thng cc DNNY l nhng cng ty c hiu qu kinh doanh cao hng u trong cc lnh vc ngnh ngh m cc t chc ny tham gia trong nn kinh t t nc, v vy thng qua nhng din bin trn th trng, cc nh qun l, iu hnh v m c th nm c thc trng sn xut kinh doanh chung ton nn kinh t, t c nhng bc i thch hp nhm pht trin kinh t quc gia. Vic cng b TTKT ni ring v vic cng b thng tin ni chung cng chnh l yu cu bc thit trong vic thc hin th trng t do cnh tranh, bnh ng, hiu qu v lnh mnh. 1.2.4 Cc yu cu v cht lng thng tin v CBTT. Bt k quc gia no c th trng chng khon, u c yu cu cng b thng tin phi kp thi, chnh xc theo ng quy nh ca php lut. Nh vy yu cu v cht lng thng tin cng b phi c t ln hng u, bi v ngun vn ca cc t chc nim yt trn th trng chng khon thc s l s hu ca nhiu nh u t l c nhn v t chc, cht lng thng tin c nh hng n nim tin ca nh u t, nh hng n gi tr c phiu, y chnh l nguyn nhn su xa c tc ng n mi quan h cung - cu . Cht lng ca thng tin c cng b cng ni ln thc trng kinh doanh trn th trng, thng tin l yu t to nn cht lng ca hng ho chng khon,

- 26 -

do vy mun c th trng hot ng tt, trc ht cng tc cng b thng tin ca cc t chc nim yt cn phi c quan tm, i hi cht lng ngy cng phi c nng cao cho ph hp vi tnh hnh pht trin ca th trng. 1.3. Thng tin k ton cng b trn TTCK mt s quc gia trn th gii. Tham kho cc quy nh v CBTT i vi cc cng ty nim yt ca 3 quc gia in hnh l: M, Php v Trung Quc. Tn gi cc t chc qun l TTCK: + M: y Ban Giao dch Chng khon (Securities and Exchange

Commission SEC) + Php: y ban Nghip v Chng khon Php (Commission des Opration de Bourse COB), nay l thnh vin ca t chc NYSE Euronext. + Trung Quc: C quan Gim qun chng khon ca Quc v Vin Trung Quc (China Securities Regulatory Commission CSRC) Quy nh v CBTT ca nhng t chc trn i vi cc CTNY nh sau:

1.3.1 Hnh thc cng b thng tin

Yu cu 1. BCTC nm 2. BCTC na nm 3. BCTC qu 4. iu kin kim ton

M X X X BCTC nm v na nm

Php X X X BCTC nm v na nm

Trung Quc X X X BCTC nm

(X) : bt buc

- 27 -

1.3.2 Ni dung CBTT Yu cu M Php Quy nh ca NYSE 1.BCTC nm v Mu 10K, 10KSB BCTC na nm Da trn quy m vn v s c ng Euronet, ho hp vi quy nh ca AMF, CNC, IFRS v US GAAP Quy nh ca AMF, 2. BCTC qu Mu 10Q CNC, IFRS v US GAAP ASBE, IAS v CSRC Trung Quc Theo quy nh ca CSRC, ho hp vi quy nh ca ASBE, IAS

1.3.3 Thi gian cng b thng tin Yu cu 1. BCTC nm 2. BCTC na nm 3. BCTC qu M T 75 n 90 ngy T 75 n 90 ngy T 40 n 45 ngy Php 90 ngy 90 ngy 45 ngy Trung Quc Trong vng 4 thng Trong vng 2 thng Trong vng 1 thng

* Phn chi tit xin tham kho ph lc km theo 1.3.4. Bi hc kinh nghim Vit Nam. 1.3.4.1 Cc th trng chng khon Chu u, Chu M Th trng chng khon Chu u, Chu M l nhng TTCK vo hng lu i v pht trin nht trn th gii, khi lng hng ho ln v a dng, v th cng vic iu hnh cc th trng ny rt chuyn nghip, h thng cc lut v k ton, kim ton theo ng thng l quc t, quy nh ca cc c quan qun l, c quan iu hnh, gim st trc tip v gin tip c xy dng v vn hnh n nh trong nhiu nm, ng thi vi trnh am hiu v lut php ca cc ch th tham gia th trng tng i tt, cng tc kim tra gim st cht ch, do vy vic

- 28 -

cung cp thng tin ca cc cng ty nim yt trn th trng c thc hin theo ng quy nh v lut php. Trong giai on gn y, vi s ra i ca th trng chng khon ton cu u tin (NYSE Euronext), cng lm tng tnh chuyn mn ho cao v tt c mi mt ca th trng, tin ti xy dng TTCK cnh tranh hon ho. Thc trng hin nay ca TTCK Vit Nam, do mi thnh lp, cc yu t ca th trng nh quy m, hng ho, s lng nh u t tham gia th trng, h thng lut l, mi trng hot ng cn ang trong giai on hnh thnh, mun pht trin v hon thin i hi phi c thi gian hot ng lm bin i c v cht v v lng ca th trng. T cc yu t ni trn TTCK u, M ch cho php chng ta i tt, n u nhng thnh tu trong m hnh xy dng, p dng nhng tin b khoa hc, k thut v h thng cng ngh thng tin, tham kho v vn dng h thng lut l, khun mu bo co ti chnh, bo co kim ton theo thng l quc t, cng nh cc vn c lin quan khc n vic CBTT trn th trng, qua xc nh m hnh th trng chng khon u, M l th trng mc tiu chin lc cho TTCK Vit Nam trong di hn nhm ti. 1.3.4.2 Th trng chng khon Trung Quc TTCK Trung Quc l mt th trng ln trn th gii (ch tnh n u nm 2008, TTCK Trung Quc c khong 12.000DNNY), tuy mi c hnh thnh v pht trin trong mt thi gian ngn, nhng TTCK Trung Quc pht trin vi tc cao. S pht trin ca TTCK Trung Quc tng ng vi s pht trin kinh t nhanh chng ca t nc ny. Nn kinh t Trung Quc c chuyn dch t nn kinh t hoch nh XHCN sang nn kinh t th trng, cc cng ty nim yt trn th trng chng khon a phn l cc doanh nghip nh nc IPO t tiu chun nim yt, nhng khi tin

- 29 -

hnh IPO, cc doanh nghip Trung Quc ch pht hnh c phiu tng vn ch khng bn vn Nh nc. Tnh hnh kinh t x hi Vit Nam c nhiu im tng ng vi tnh hnh kinh t x hi Trung Quc, cng l nhng quc gia c xut pht im l nn kinh t hoch nh XHCN chuyn sang nn kinh t th trng nh hng XHCN, cng c mc pht trin kinh t hng nm tng i cao v n nh Tuy c s khc bit v quy m nhng TTCK Trung Quc v th TTCK Vit Nam c nhiu im ging nhau trong cc lnh vc khc nh trnh cng ngh, chng loi hng ho, cc tiu chun v k ton, kim ton,cc DNNY phn ln l cc DNNN chuyn i m hnh kinh t, ngoi ra im tng ng nht l v cn bn chuyn hng i ln ca nn kinh t v xu hng ha nhp vi nn kinh t th gii ca c hai quc gia l nh nhau. V th, qua mt s phn tch ca cc t chc kinh t trong v ngoi nc cho thy TTCK Trung Quc c th l th trng nh hng v l mc tiu thc hin cho TTCK Vit Nam trong giai on hin nay.

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Kt lun chng 1 Qua xem xt, phn tch tnh cht c trng ca TTCK, cho thy cc vn c lin quan n thng tin c cng b l thc s quan trng, yu cu CBTT phi c a ln hng u, nu mun cho TTCK pht trin n nh v bn vng, v n chnh l cht lng ca hng ho chng khon l c phiu ca cc DNNY c mua, bn trn th trng. Trong cc thng tin c cng b, TTKT c v tr quan trng bc nht, cc TTKT cho thy thc trng ti chnh ca cc DNNY, y cng chnh l giy xc nhn cht lng hng ho i vi c phiu. Mt vn khng km phn quan trng l vic xc nh cht lng BCTC, TTKT mun c cht lng phi c cng nhn bi mt t chc kim ton c lp, ni dung BCTC phi tun th Lut k ton v cc vn bn hng dn thi hnh. Mt khc cc vn thc hin CBTT cng phi c t ra xut pht t l do bt cn xng trong vic ghi nhn thng tin, nht l TTKT ca cc ch th tham gia th trng, cng t nguyn nhn thng tin bt cn xng ny dn n cc hu qu l cc hin tng vi phm quy nh nguyn tc kinh doanh trn TTCK v ang thng xuyn xy ra trong nhng nm gn y. Nh vy vic thc hin cng b TTKT trn th trng cn phi c t chc sao cho va thun tin cho cc cng ty nim yt, va m bo cung cp thng tin minh bch, nhanh chng, chnh xc, kp thi, nhm bo v quyn li ca nh u t, cng chnh l bo v s tn ti v pht trin ca TTCK.

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CHNG 2 : THC TRNG CNG B THNG TIN K TON CA CC DOANH NGHIP NIM YT TRN TH TRNG CHNG KHON VIT NAM. 2.1 Lc s th trng chng khon v cc cng ty nim yt ca Vit Nam. 2.1.1 Th trng chng khon Vit Nam. Chnh ph c nh hng thnh lp TTCK t nm 1990, giao cho Ngn hng Nh nc thc hin, Ngn hng Nh nc c quyt nh s 207/Q-TCCB ngy 6-11-1993, thnh lp Ban Nghin Cu Xy dng V Pht Trin TTCK trc thuc Ngn hng Nh nc. n ngy 29-6-1995, Chnh ph ra Quyt nh s 361/Q-TTg, thnh lp Ban T Chc TTCK, gip Chnh ph ch o, chun b cc iu kin cn thit cho vic xy dng th trng. Ngh nh 75/CP ca Chnh Ph ngy 28-11-1996 thnh lp UBCKNN (SSC), l c quan trc thuc Chnh ph trc tip qun l nh nc v chng khon v TTCK, nh du ngy ra i chnh thc ca TTCK Vit Nam, sau hn su nm chun b cc iu kin cn thit cho vic xy dng th trng . Ngy 7-9-2004. Th Tng Chnh ph c Quyt nh s 161/2004/ QTTg v vic sp nhp UBCKNN vo B Ti chnh, theo ni dung Quyt nh ny UBCKNN l t chc trc thuc B Ti chnh, thc hin chc nng qun l Nh nc v chng khon v TTCK, trc tip gim st v qun l TTCK theo quy nh ca php lut. Cc t chc s nghip trc thuc UBCKNN (SSC) : 1. Trung tm Giao dch Chng khon H Ni (HaSTC). 2. Trung tm Giao dch Chng khon Thnh ph H Ch Minh nay l S Giao dch Chng khon Thnh ph H Ch Minh (HOSE) 3. Trung tm Nghin cu Khoa hc v o to Chng khon. 4. Trung tm Tin hc v Thng k.

- 32 -

5. Tp ch chng khon. Th trng s cp do UBCKNN (SSC) trc tip qun l. Th trng giao dch th cp, cng ng thi l ni phc v cng tc u gi cc c phiu IPO ln u, pht hnh tng vn ra cng chng ca cc DN (quy nh mt t pht hnh c tng mnh gi t 10 t ng Vit nam tr ln 7), th trng ny bao gm hai t chc: Trung tm Giao dch chng khon TpHCM nay l S Giao dch chng khon TpHCM v Trung tm Giao dch chng khon H Ni, hng ho ca th trng c c phiu, tri phiu v cc cng c chng khon phi sinh. Trung tm Giao dch chng khon TpHCM chnh thc khai trng i vo hot ng l ngy 20-7-2000, thc hin phin giao dch c phiu nim yt u tin trn sn giao dch vo ngy 28-7-2000, vi hai cng ty nim yt l REE v SAM, cui nm 2000 trn sn HOSE c 5 DNNY. HOSE chnh thc chuyn thnh SGDCK TpHCM theo Quyt nh s 559/Q-TTg, ngy 11-5-2007 ca Th tng Chnh ph. TTGDCK HN chnh thc khai trng i vo hot ng ngy 8-3-2005, v ngy 14-7-2005 chnh thc khai trng sn giao dch th cp vi 6 cng ty nim yt. 2.1.2. Cc Cng ty nim yt. Tiu chun nim yt c phiu trn SGDCH, TTGDCK ca cc CTCP c thc hin theo cc vn bn quy phm php lut v chng khon v TTCK, trong cc ni dung chnh v cc tiu chun nim yt nh sau: Ch tiu SGDCK 80 t ng tr ln, trng hp DN c vn t hn quy 1. Vn iu l (theo s sch k ton) nh 30%, phi mun ng 10 t ng tr ln k nim yt phi do B Ti chnh quyt nh sau khi xin TTGDCK*

- 33 -

kin Th tng Chnh ph 2. Hiu qu hot ng Hai nm lin trc c li v kinh doanh 3. C phiu v s lng c ng khng c l ly k Nm lin trc c li v khng c l ly k

20% c phiu ca cng ty do C phiu c quyn biu quyt t nht 100 c ng nm gi ca cng ty do t nht 100 c ng nm gi

4. Hn ch chuyn nhng i vi c ng l thnh vin: HQT, BKS, BG, KTT

Nm gi 100% s c phiu Nm gi 100% s c phiu do do mnh s hu trong 6 thng mnh s hu trong 6 thng u, u, 50% trong 6 thng tip 50% trong 6 thng tip theo, theo, khng tnh c phiu khng tnh c phiu thuc s thuc s hu Nh nc m hu Nh nc m mnh i mnh i din din

C h s nim yt c phiu C h s nim yt c phiu hp 5. H s nim yt c phiu. hp l theo quy nh ti l theo quy nh ti khon 2 khon 2 iu 10 Ngh nh s iu 14/2007/N-CP 10 Ngh nh s

14/2007/N-CP Cc DN mi thnh lp thuc lnh vc c s h tng hoc

6. Loi hnh doanh nghip

Mi loi hnh doanh nghip

cng ngh cao, DNNN chuyn i thnh CTCP khng phi p ng yu cu (2)

(*) Theo Ngh nh 144/2003/N-CP ngy 28-11-2003, th iu kin nim yt trn TTGDCK c cc tiu chun sau: Vn iu l t 5 t ng tr ln, 2 nm lin trc c li, i vi DNNN c phn ho ch cn nm lin trc c li.

- 34 -

Cc thnh vin HQT, BKS, KTT cam kt nm gi c phiu m mnh s hu t nht 50% trong 3 nm k t ngy nim yt. Ti thiu 20% vn c phn ca cng ty do t nht 50 c ng ngoi t chc nim yt nm gi, i vi cng ty c vn t 100 t ng tr ln, t l ny l 15%. C h s nim yt hp l. 2.2 Thng tin k ton cng b trn th trng chng khon Vit Nam

2.2.1 Theo quyt nh ca cc c quan chc nng C quan qun l th trng l UBCKNN, t ngy thnh lp theo Ngh nh 75/CP ngy 28 - 11- 1996 trc thuc Chnh ph, sau cn c vo Quyt nh s 161/2004/ Q-TTg ngy 7-9-2004, UBCNKK trc thuc B Ti Chnh. Cc vn bn quy nh v CBTT trn th trng t ngy bt u thnh lp nm 1996 cho n nay gm c: - Ngh nh 48/1998/N-CP ngy 11-7-1998, ca Chnh ph v chng khon v TTCK. - Ngh nh 144/2003/N-CP ngy 28-11-2003 ca Chnh ph v chng khon v TTCK. - Thng t 57/2004/TT-BTC ngy 17-6-2004, ca B Ti chnh hng dn v vic cng b thng tin trn TTCK. - Lut Chng Khon s 70/2006/QH11 ngy 29-6-2006 c hiu lc ngy 1-1-2007. - Thng t 38/2007/TT-BTC ngy 18-4-2007, ca B Ti chnh hng dn v vic cng b thng tin trn TTCK . Hin nay theo tinh thn thng t 38/2007/TT-BTC, vic cng b thng tin l BCTC thng nin c quy nh nh sau: Yu cu thc hin CBTT: Vic CBTT phi y , chnh xc, v kp thi theo quy nh ca php lut.

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Vic CBTT phi do Gim c hoc Tng Gim c hoc ngi c y quyn CBTT thc hin. Gim c hoc Tng Gim c phi chu trch nhim v ni dung thng tin do ngi c y quyn CBTT cng b. Vic CBTT phi c thc hin ng thi vi vic bo co UBCKNN, SGDCK, TTGDCK. Cc ti liu gi UBCKNN, SGDCK, TTGDCK c th hin di hnh thc vn bn v d liu in t theo quy nh ca UBCKNN, SGDCK, TTGDCK. Phng tin CBTT: Cc phng tin CBTT ca UBCKNN gm: bo co thng nin, trang thng tin in t v cc n phm khc ca UBCKNN, ca S giao dch chng khon, Trung tm giao dch chng khon gm: bn tin TTCK, trang thng tin in t, bng hin th in t, cc trm u cui ca SGDCK, TTGDCK, v phng tin thng tin i chng. Hnh thc cng b BCTC Cng ty nim yt phi cng b BCTC qu v BCTC nm, BCTC qu khng phi kim ton, BCTC nm phi c kim ton do t chc kim ton c chp thun ca UBCKNN cho php kim ton cc doanh nghip nim yt. Thi gian cng b bo co ti chnh Thi gian cng b BCTC nm l 100 ngy k t ngy kt thc nm ti chnh. Thi gian cng b BCTC qu l ngy th 25 ca thng u qu tip theo. Ni dung cng b BCTC: BCTC qu gm: BCKT gia nin (dng y ): BCKQHSXKD gia nin (dng y ): BCLCTT gia nin (dng y ): BTMBCTC chn lc: Mu s B 01a DN Mu s B 02a DN Mu s B 03a DN Mu s B 09a DN

- 36 -

Trng hp kt qu sn xut kinh doanh gia 2 k bo co c bin ng t 5% tr ln (d tho thng t mi quy nh 10% 8), t chc nim yt phi gii trnh r nguyn nhn dn n nhng bt thng trong BCTC qu. T chc nim yt cng b BCTC qu tm tt theo mu CBTT-03 ca thng t 38/2007TT-BTC, qua phng tin cng b thng tin ca UBCKNN, SGDCK, TTGDCK. BCTC qu ca CTNY phi cng b trn cc n phm, trang thng tin in t ca CTNY v phi lu tr t nht 12 thng tip theo ti tr s chnh ca t chc nh u t tham kho. BCTC nm gm: BCKT : BCKQHSXKD: BCLCTT : BTMBCTC: Mu s B 01 DN Mu s B 02 DN Mu s B 03 DN Mu s B 09 DN

Trng hp DNNY l cng ty m, ni dung CBTT theo quy nh ca php lut k ton v BCTC hp nht v tng hp. Cng ty nim yt phi lp v cng b bo co thng nin theo mu CBTT-02 ca thng t 38/2007TT-BTC, ng thi vi cng b BCTC nm. Cng ty nim yt phi cng b BCTC nm tm tt theo mu CBTT-03 ca thng t 38/2007TT-BTC trn 3 s bo lin tip ca mt t bo trung ng v mt t bo a phng ni cng ty ng tr s chnh hoc thng qua phng tin CBTT ca UBCKNN BCTC nm ca Cng ty nim yt phi cng b trn cc n phm, trang thng tin in t ca DNNY v lu tr t nht 10 nm ti tr s chnh nh u t tham kho. 2.2.2 Tnh hnh thc hin ca cc cng ty nim yt 2.2.2.1 S lc v tnh hnh CTNY trn SGDCK Tp HCM

- 37 -

Nm 2000 2001 2002 2003 2004 2005 2006 2007 2008

S lng CTNY 5 11 20 22 28 35 106 141 173

Khi lng CP nim yt hin ti (31/12/2007) 175.057.894 217.120.314 330.295.762 339.514.404 394.966.653 675.058.672 2.562.973.043 4.642.807.946 6.081.373.413

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Biu tnh hnh nim yt v gi tr mnh gi trn SGDCK TpHCM tnh n ngy 31/12/2008.
200 180 160 141 140 120 100 80 60 40 20 20 0 5 175 2000 11 217 2001 330 2002 339 2003 394 2004 22 28 35 1000 675 0 2005 2006 2007 2008 3000 2562 2000 106 4624 4000 5000 7000 173 60846000

Ngun: tng hp t website www.hsx.vn 2.2.2.2 Tnh hnh thc hin ca cc CTNY Cn c Thng t 38/2007/TT-BTC v vic hng dn CBTT trn TTCK, Ti Khon 1.6, iu 1, mc II c quy nh DNNY phi cng khai a ch trang thng tin in t ca mnh, tuy nhin qua thng k ngay trn cng thng tin ca cc c quan qun l trc tip v gin tip cc CTNY tnh n thi im 31-12-2008, chng ti nhn thy cn 71/173 cng ty cha cng b y cc thng tin c bn theo quy nh trong 47/173 cng ty cha thc hin cng khai website ca cng ty 9.

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T khi thnh lp TTCK Vit Nam cho n nm 2006, c quan qun l th trng thc hin vic qun l, iu hnh th trng thng qua cc vn bn ri rc ca Chnh ph, B Ti Chnh v UBCKNN, TTGDCK, ch n nm 2007, khi Lut Chng khon v h thng cc vn bn hng dn thi hnh c ban hnh, vic CBTT mi c nhng tiu chun r rng v c n np.

a. Tnh hnh thc hin cng b BCTC nm Thng k qua cc nm 2006, 2007, 2008 nh sau: Khon mc - S lng CTNY - Cng b BCTC T l (%) - y theo quy nh T l (%) - Khng y T l (%) - Hp php theo lut 10 T l (%) - Khng hp php T l (%) - C u t ti chnh T l (%) - Khng TTC T l (%) - Pht hnh tng VL T l % 2006 106 106 100 85 80,18 21 19,82 1 0,09 105 99,01 47 44.34 59 55,66 59 55,66 2007 141 141 100 118 83.68 23 16,32 12 8,51 94 91,49 76 53,90 65 46,1 104 73,76 2008 173 173 100 156 90,17 17 9,83 21 12,14 152 87.86 70 40,46 103 59,54 50 28,90

- 40 -

- Khng pht hnh tng VL T l %

47 44,34

37 26,24

123 71,10

b. Bo co ti chnh gia nin Qu IV nm 2008 trn HOSE c 173 CTNY, thng k tnh hnh thc hin nh sau: Ni Dung 1. Cng b BCTC y Trong : + Hp php + Khng hp php 2. Cng b BCTC khng y Trong : + Thiu BCKT, BCLCTT, TMBCTC + Thiu BCLCTT, TMBCTC + Thiu TMBCTC 8 32 4 18,18 72,72 9,10 S lng 129 3 126 44 T l % / Tng s 74,56 2,33 97,67 25,44

V thi gian cng b BCTC qu ch c vo khong 25% (43/173) DNNY thc hin cng b BCTC qu ng thi hn (25 ngy). * Chi tit xin tham kho ph lc km theo 2.3 nh gi tnh hnh cng b thng tin trn th trng chng khon 2.3.1 Kho st a. i tng kho st: Dng phiu ly kin cc i tng: + C quan qun l th trng chng khon + Cc DNNY trn TTCK + Cc nh u t

- 41 -

b. Ni dung v kt qu ly kin Ni dung cu hi 1. Thi hn CBTT theo thng t 38/2007/TT-BTC, c thi gian hay khng? 2. Cht lng CBTT trong cc BCTC? 3. Ni dung CBTT hp l hay cha? 4. Cc bin php x l, ch ti theo Ngh nh 36/2007/N-CP v Thng t 97/2007/TT-BTC mnh hay cha? 5. Trong DN qu v c t chc ph bin kin thc v chng khon v TTCK hay khng? 6. Cch tm hiu v chng khon v TTCK ca qu v? 7. C hay khng s trng lp trong cc quy nh v CBTT? 8. Ni dung BCTC cng b phn nh ng thc trng ti chnh ca DN hay cha? 9. Thi gian kinh doanh chng khon ca qu v? 10. Qu v l nh u t ? 11. Trong mua bn chng khon, qu v c mua bn theo nh TNN hay khng ? kin c kt qu cao nht thi gian Tt (so vi trc y) Hp l Cha

Khng T tm hiu C Cha xc nh T 2 n 3 nm Lt sng C

12.Qu v da vo knh thng tin no mua bn chng khon ? Nhiu knh thng tin 13. Theo qu v cngvic CBTT trn TTCK c nh hng nh th no i vi th trng ? 14. C hay khng hin tng che du thng tin trn th trng ? Rt quan trng C

15. Mc quan tm ca nh u t n cc ch tiu trong BCTC ( lit k theo th t mc quan tm t cao n thp) :

- 42 -

- C tc d kin c chia. - Li c bn trn mt c phiu - Li nhun sau thu TNDN - Doanh thu - Li nhun gp - Ngun vn ch s hu - Bo co kt qu hot ng kinh doanh - Bng cn i k ton - Cc khon phi thu ngn hn - Cc khon u t ngn hn - Tng ti sn - N phi tr - Ti sn ngn hn - Ti sn di hn - Thuyt minh BCTC - Bo co lu chuyn tin t 16. Mc quan tm ca nh u t n cc ch tiu phn tch ti chnh DN (lit k theo th t quan tm t cao n thp) : - Th gi c phiu trn thu nhp (P/E) - Li nhun sau thu trn vn ch s hu - Li nhun sau thu trn doanh thu thun - T l c tc trn th gi c phiu (D/P) - T l c tc trn gi tr s sch c phiu (D/B) - Li nhun sau thu trn tng ti sn (ROA) - Ch s thanh ton nhanh - Doanh thu thun trn tng ti sn - Li nhun gp trn Doanh thu thun

- 43 -

- Li nhun gp trn tng ti sn - Tng n trn tng ti sn - Ch s thanh ton hin thi - Ti sn ngn hn trn tng ti sn - N phi tr trn tng ti sn - Th gi c phiu trn thu nhp trn t l tng trng (P/E/G) - K thu tin bnh qun - N ngn hn trn vn c phn - Vng quay hng tn kho - Vng quay tng ti sn - Ti sn di hn trn tng ti sn - S ln thu nhp/ li vay - Tng ti sn trn t s n * Chi tit xin tham kho ph lc km theo 2.3.2 nh gi a. nh gi v ni dung thng tin cng b Ni dung thng tin cng b ca cc CTNY trn TTCK gm: BCKT, BCKQHKD, BCLCTT v TMBCTC, cng vi mu CBTT-02, CBTT-03 trong Thng t 38/2007/TT-BTC ( nm 2006 thc hin theo Thng t 57/2004/TT-BTC c ni dung tng t, ch khc mt s t chi tit v thi gian lu tr, quy nh li phng tin CBTT ), mun tm kim thng tin BCTC ca cc DNNY, chng ti truy cp vo cc trang web ca cc cng ty vi mc ch tm kim t liu trn danh ngha nh u t, tuy nhin cng tc cng b v lu tr ca cc DN cn cha thc hin tt, c nhng DN khng th tm thy trang web, cng nh khng tm thy g, hoc tm c rt t t liu trn cc trang web ny. Trng hp lin h trc tip vi DN li cng gp nhiu kh khn hn na, do DN s thng tin b r r ra bn ngoi.

- 44 -

c c t liu nghin cu, phn tch, chng ti phi vo cc trang thng tin ca t chc qun l trc tip v gin tip (SGDCK & UBCKNN), v cc cng ty chng khon, tm t liu v BCTC thng nin ca cc DNNY. BCTC gia nin Trong nm 2008, do Lut chng khon v cc vn bn hng dn thi hnh c hiu lc trong nm 2007, do tnh hnh chp hnh vic cng b BCTC c kh quan hn cc nm trc, tuy nhin v mt ni dung ca BCTC c cng b vn tn ti cc vn sau : - Hin tng mt s DNNY khng cng b TMBCTC, t s liu trn BCKT khng c t liu phn tch, tm hiu thm v tnh hnh ti chnh ca DN. - Trong thng t 38/2007/TT-BTC, tit 1.2.2, khon 1 mc IV c quy nh trng hp kt qu hot ng kinh doanh gia hai k bo co c bin ng t 5% tr ln DNNY phi c trch nhim gii trnh, nhng trong cc mu bo co khng c ct ch tiu k ny v k trc, so snh tng gim, dn n cc DNNY thng khng tnh ton trc v gii trnh, ngoi ra ngi c bo co cng khng xc nh c mc tng gim so vi k trc tip tc tm c bo co gii trnh ca DN.(Mu CBTT-03 phn II.A v BCTC theo mu quy nh trong Quyt nh 15/2006/Q-BTC)). - Vn ni cm trong BCTC qu 4 nm 2008 ca cc DNNY c lin quan n tnh hnh u t ti chnh. Thng tin ny thng c trnh by trong bn TMBCTC, mt s doanh nghip khng cung cp biu bo co ny, mt s doanh nghip khc c cng b BCTC y th phn thuyt minh v cc khon u t ny cng rt qua loa s si, ng thi vic trch lp d phng ti chnh thng khng c thc hin, mc ch du bt nhng khon gim li nhun trong k ca doanh nghip.

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- Thng tin c cng b trong BTMBCTC cng cha y nh yu cu ni dung cc khon 2, 4, 9 mc IV ca Thng t 38/2007/TT-BTC. T y cho thy BCTC gia nin ca cc DNNY khng m bo c mt s yu t c bn trong chun mc chung ca VAS. BCTC nm: trong 3 nm 2006, 2007, 2008 - Bo co kim ton BCTC nm ca mt s DN c cng b xut hin nhiu trng hp c kin ngoi tr kim ton vin, trong c nhng khon ngoi tr trng yu, c nhng khon bt ng kin gia kim ton vin v DN trong cch hch ton k ton, nhng khon cha c gii quyt gia c quan thu v doanh nghip. Nhng vn ny chc chn c nh hng n tnh hnh ti chnh chung ca doanh nghip, nhng c rt t DNNY c kin gii trnh, v nu c cng l gii trnh s lc cho xong. - S chnh lch v gii trnh chnh lch trong cng b BCTC c kim ton nm cng thng xy ra trong cc DNNY nguyn nhn l cc DNNN tuy chuyn i m hnh theo ch trng ca Chnh ph v c phn ho DNNN, nhng s sch k ton ca doanh nghip chu s kim tra v iu chnh ca cc n v kim ton c lp, cc t chc cp trn nh: kim ton Nh nc, cng ty m, tp on, dn n tnh trng s liu chnh lch trong BCTC , lm cho ni dung BCTC ca cc doanh nghip ny kh hiu. - Vic trch lp d phng trong u t ti chnh theo chun mc k ton s 08, Quyt nh 15/2006/Q-BTC v Thng t 13/2006/TT-BTC, ch yu l u t v c phiu nim yt, khng c cc doanh nghip bo co v thc hin trch lp d phng y , dn n c s chnh lch gia bo co qu 4 v BCTC nm 2008 c kim ton, khon ny tng ln do t chc kim ton khuyn co doanh nghip thc hin. Tuy nhin vic trch lp d phng chng khon ti cc doanh nghip vn cha thc hin y , v l do ngoi cc chng khon nim yt, mt s DNNY cn u

- 46 -

t vo cc loi chng khon khc di dng mua c phiu ca cc cng ty c phn cha nim yt trn th trng OTC, u gi c phiu cc DNNN IPO ln u, u t gp vn vo cc doanh nghip khc, khon lin doanh lin kt , (v d nh trng hp c phiu VCB, gi u gi bnh qun l 107.000/cp, nhng n 31/12/2008 gi ch cn dao ng trong mc 40.000 n 50.000 /cp, gim gn 60% gi tr k t khi u gi), cc khon u t c phiu dng ny, DNNY ly l do cha c c s nh gi khng phi trch lp, nhm trnh nh hng n li nhun trong k ca doanh nghip. - Tng t nh trng trn, gi th trng bt ng sn suy gim, nhng s cng ty nim yt kinh doanh bt ng sn cng khng phn tch hng tn kho trch lp d phng, v l do khng c c s xc nh gi tr hin ti ca hng tn kho, cn bng gi t do Nh nc cng b th qu phi thc t, khng th dng lm ti liu tham kho c . - Tnh trng ghi nhn v nhng khon chi ph c phn ho DNNN, nh gi thng hiu doanh nghip thnh vin khi hp nht thnh ti sn c nh v hnh, cng l mt s nguyn nhn dn n kin ngoi tr trong bo co kim ton ca kim ton vin c lp. - Tnh hnh khu hao ti sn c nh chung ca cc DNNY l khu hao theo ng thng (ch c mt hoc hai doanh nghip thay i chnh sch ny v c trnh by trong TMBCTC), iu ny cho thy s thiu linh ng ca cc doanh nghip trong qun l ti sn c nh vo giai on hin nay, ngc li trng hp t iu chnh khu hao, thay i phng php khu hao kt hp gia khu hao theo ng thng vi khu hao theo s lng, khi lng sn phmcng xut hin mt s DNNY, cng vi mc ch c bo co kinh doanh tt, phn no ni ln vic ty tin, khng tun th chun mc k ton trong cng tc tnh ton v lp BCTC. - Trng hp Bo co kim ton c kin ngoi tr, v l do kim ton vin khng c mi tham d kim k cui nm, doanh nghip cha i chiu cng n

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ngi bn, ngi mua , ni ln tnh trng yu km trong nghip v k ton v vic khng chp hnh lut php trong cng tc k ton ti cc DNNY. - Khon loi tr theo Lut nh khon gim thu do u i u t, u i do nim yt, do DNNN c phn ho , l c s khng thng nht v thc thi chnh sch lut php v thu cc a phng khc nhau. - Hin tng ph bin trong nm 2008, i ph vi tnh trng BCTC nm b bin ng trong tnh hnh hot ng sn xut kinh doanh, gia bo co kim ton v BCTC c vn v s liu nht l trong BCKQHKD, v th khi cng b BCTC nm, cc DNNY cng b bn chnh bo co kim ton chn vo b BCTC bn th, t lm dy ln kin nghi ng ca nh u t v tnh xc thc ca cc BCTC, ng thi cng khng bit u l BCTC kim ton, u l BCTC cha. Nguyn nhn cng do tnh hnh thc t phn ln cc DNNY l nhng DNNN c phn ho theo ch trng chnh sch ca Nh nc. Nh nc vn nm c phn chi phi12, v vy cc doanh nghip ny khi chuyn i t DNNN sang CTCP, ng thi nim yt trn TTCK, nhng thc cht v cu trc t chc doanh nghip vn khng c g thay i, bn cht vn ging nh DNNN, do thc trng CBTT nh hin nay chnh l phn nh s khng thay i hoc thay i khng nhiu v nhn s v c cu t chc ca DNNY. Cc DNNY cha quan tm v u t tm hiu h thng lut l hin hnh, cha xem trng cng tc tun th lut php trong vic CBTT, nht l thng tin k ton trn TTCK, chnh l do s thiu am hiu v lut php m ra. Mt khc hin tng ny cng khng loi tr kh nng che du thng tin nhm phc v li ch c nhn, vi phm nguyn tc hot ng, to ra cc hnh vi tiu cc c nh hng n th trng. i ph vi tnh hnh trn, c quan qun l cc cp vn cha lin kt cht ch trong cng tc theo di, gim st, khi pht hin tiu cc th vic rn e cng cha em li kt qu tt, hin tng cc c nhn, t chc thng xuyn vi phm

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cc quy nh trong CBTT mt phn trch nhim thuc v cch thc x l vi phm cn qua loa, hoc cc bin php cha mc , mt phn cng do cng tc iu chnh lut php cha kp thi, ng b vi thc t ca th trng. Tnh trng chng cho trong vic x l ti chnh ca cc DNNY l do cc doanh nghip ny b iu chnh bi nhiu h thng lut, chi phi bi nhiu c quan, t chc qun l ti chnh cp trn, y cng l nguyn nhn chnh trong vic lm sai lch cc thng tin trong BCTC. Qua vic thc hin cng b thng tin l BCTC, cho thy tnh trng kim sot ni b cc DNNY cha c t chc tt, yu cu tun th cc chun mc k ton trong vic, tnh ton, trch lp cc khon d phng ti sn v n tim tng. Ngoi ra vic khng tun th trong qun l iu hnh, qun tr, kim sot, hoc tun th mang tnh cht i ph cng l nguyn nhn dn n tnh trng thc trng CBTT nh hin nay. Trong cc nm 2006 2007 2008, hin tng pht hnh c phiu tng vn iu l xut hin hu ht cc CTNY, vn ng ni y l c nhng DNNY pht hnh tng vn hn gp nhiu ln ngun vn ch s hu ca doanh nghip mnh, y l nguyn nhn dn n sc p c tc, pha long c phiu lm gim li nhun ko theo gim gi c phiu , suy gim nim tin ca nh u t. Mt khc khi pht hnh tng vn trong giai on ny c s thng d vn rt ln, doanh nghip dng s vn ny quay li u t vo c phiu ca cc doanh nghip nim yt, ng tc ny cng thc y hin tng bong bng trn TTCK, khi th trng suy gim dn n kt qu kinh doanh ca cc DNNY c bin ng ln vo cui nm 2008. b. Cht lng thng tin cng b Tnh hnh cht lng cng b thng tin trn BCTC ca cc DNNY hin nay cha m bo tnh trung thc, khch quan, y , kp thi theo nh quy nh trong chun mc s 1: Chun mc chung ca Chun mc k ton Vit Nam (VAS), v cc l do sau y:

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- Thc trng bo co kim ton c ngoi tr, trong c nhiu trng hp khon ngoi tr mang tnh cht trng yu nh: Kim k cui k ti sn doanh nghip khng c kim ton vin chng kin, cc ti liu v i chiu cng n trong mua bn hng ho v cc khon phi thu khc, ca cc DNNY cha c x l theo ng quy nh trong Lut k ton, khi cng b bo co kim ton cc DNNY cng khng gii trnh cc vn ngoi tr, cch x l sau khi cng b BCTC, to nn mi nghi ng v cht lng thng tin trong cc bo co. - Vic khng tun th lut php v k ton, trong chp hnh nhng quy nh CBTT trn TTCK, tnh trng dn xp s liu, lm p bo co, cng b BCTC khng theo trnh t, khng ng quy nh , thng xuyn xy ra trong a s cc doanh nghip, cho thy s trung thc trong cc BCTC ca cc DNNY ang c vn . - Bo co ti chnh qu IV v v BCTC nm c kim ton ca a s cc DNNY c s sai lch, nguyn nhn ch yu cng do t chc kim ton ngh doanh nghip trch lp d phng cc khon u t ti chnh, tuy vy hin tng ny cng ch ra s km cht lng trong cc BCTC gia nin , khi m doanh nghip c php t bo co tnh hnh ti chnh ca mnh ra bn ngoi cho cc i tng c nhu cu, khi khng c c s xc nhn ca kim ton c lp. - Hin tng khng cng b y cc biu mu bo co, thng l bn TMBCTC dng y v dng c chn lc, iu ny cng tc l gin tip a nhng sn phm c cht lng xu vo th trng. Tnh hnh khng m bo cht lng thng tin c cng b trong BCTC, c nguyn nhn xut pht t np vn ho cng ty tn ti t thi k bao cp, do thc cht cng ty cng khng c thay i no ng k t khi c phn ho DNNN, v nim yt trn TTCK. Hin tng che du thng tin xu ni chung v thng tin ti chnh ni ring, l nhng nguyn nhn c bn dn n mt i tnh nghim minh, chnh xc v minh

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bch ca BCTC, nu khng c chn chnh kp thi, chc chn cng s dn n hu qu tn tht ng k cho TTCK trong giai on sp ti. c. Phm vi, hnh thc cng b thng tin - Cc BCTC nm c DNNY cng b thng khng m bo tnh cht php l, cc BCTC ch l nhng bn th, khng ch k cc chc danh theo quy nh, bao gm c BCTC v bo co kim ton, c trng hp ngi k khng ng theo chc danh v DN cng khng cng b giy y quyn km theo. Ti khon 4 iu 30 Lut k ton c quy nh: BCTC phi c ngi lp, k ton trng v ngi i din theo php lut ca n v k ton k. Ngi k BCTC phi chu trch nhim v ni dung ca bo co. Thng t 38/2007/TT-BTC quy nh BCTC nm phi c kim ton cn phi cng b bo co kim ton ng thi vi vic cng b BCTC v mu CBTT-02, nhng cc DNNY cng cha chp hnh ng quy nh trn. - V nhng phng tin cng b thng tin trong quan trng nht l trang thng tin in t (website) ca t chc nim yt, nhng hin nay cn c mt s t chc nim yt khng ng k trang web ca mnh theo quy nh ( khong trn 27% cc DNNY trn SGDCK Tp HCM), cng nh thng tin a ln cc trang web ny ca cc DNNY cng rt ngho nn, nht l cc BCTC qu, nm theo quy nh. - Phm vi thc hin CBTT theo hng dn chi tit ti Thng T 38/2007/TTBTC, cng c cc DNNY thc hin rt ty tin, i vi bo co qu DN ch cng b mu CBTT-03 l ch yu, trng hp l bo co nm thng ch cng b BCTC ch khng cng b bo co kim ton v thng cng thiu TMBCTC, cc ti liu ny ch c y trn cng thng tin ca HOSE v SSC m thi. d. nh gi v chp hnh cc quy nh v cng b thng tin - Cc quy nh v CBTT c chp hnh theo kiu tt th bo co ngay, xu th cha cn bo co vi, v vy hin tng hon bo co xy ra thng xuyn vi nhiu l do kh n gin v kh chp nhn c nh: Do phn mm k ton b li

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hoc do cha quen lp bo co ti chnh hp nht hay do mi nim yt .... Nguyn nhn ny cng xut pht t quan im, t cch thc bo co hot ng kinh doanh ca cc DNNN trc y, hin nay chuyn i m hnh nhng ch l hnh thc bn ngoi, thc cht bn trong cha c nhiu thay i. - Ph bin nht l trong nm 2008 khi cc DNNY t u t vo c phiu nim yt ni ring, cng nh cc loi c phiu khc. Trong iu kin TTCK suy gim rt nhanh nh hin nay, a phn cc DNNY c kt qu kinh doanh bnh thng nh hng nm, nu trch lp d phng ti chnh cho cc c phiu u t s dn n l, iu ny khin cc doanh nghip chm tr trong vic CBTT. - Vic chp hnh cc quy nh v CBTT cha c tun th ng mc, c nhiu l do lin quan n quy nh, phng tin thng tin, iu kin cng b , nhng quan trng hn ht vn l cng tc qun tr trong DNNY, cc v tr nhn vin CBTT do cn b qun l cc phng ban cng ty kim nhim, trong qu trnh lm nhim v cng cha c thng qua o to, quy nh v 1/3 Thnh vin Hi ng qun tr khng tham gia iu hnh, Ban kim sot cng ty, t nht phi c mt thnh vin l k ton vin hoc kim ton vin cng cha thc hin tt. Hin nay cc DNNY cng b trn bo ch, trang bn tin th trng ca SGDCK TpHCM, TTGDCK HN , tuy nhin BCTC c tp trung cng b vo mt thi im nht nh, do thng gy ra hin tng qu ti cho cc t chc ny, kh c th m bo tnh kp thi trong CBTT c, y cng l kh khn ca cc DNNY thc hin ng thi gian theo quy nh. V thi gian cng b BCTC c nhiu kin tri ngc nhau, v pha DNNY, thi gian nh trn khng thc hin BCTC gia nin , vic CBTT gp gp s khng m bo tnh chnh xc cao, nht l trong kt qu kinh doanh ca cc DN l tp on, cc DN c nhiu n v trc thuc nm trong a bn giao thng i li kh khn...

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Kt lun chng 2 Thc trng cng b BCTC trn TTCK, c th i n kt lun thng qua iu tra, kho st t cc phng tin c c trn th trng, nh sau: - BCTC c cng b ca cc DNNY, nhn chung c nhiu tin b, tuy nhin i su vo phn tch, v ni dung BCTC cha c nhiu s thay biu hin: - thc tun th, chp hnh lut php ca mt s DNNY cha tt, c th do nhiu l do nh: np vn ho cng ty ca thi k bao cp, trnh hiu bit v lut php v thc chp hnh, trnh v chuyn ngnh k ton, kim ton - Hin tng che du thng tin, dn xp s liu, lm p BCTC vn l hin tng ph bin trong cc DNNY. - H thng cng ngh thng tin cn yu km, cng vi cc yu t cha pht trin ng b ca th trng dn n hin tng qu ti , gy ra s chm tr ko di thi gian CBTT. - Tnh trng khai thc cn kit th trng cn non tr cng vi s yu km trong cng tc iu hnh v m, cng tc qun l, gim st th trng cn lng lo, bng chng l bo co kt qu x pht vi phm hnh chnh trong nm 2008 ca UBCKNN 13. - Cha c s thng nht v ng b gia Lut v nhng quy nh ca vn bn hng dn c s dng trong CBTT l BCTC ca cc DNNY. Ngoi ra nhng thut ng c s dng trong mt s vn bn hng dn thi hnh cn c th gy ra s hiu lm cho ngi thc hin.

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CHNG 3 : CC GII PHP HON THIN VN CNG B THNG TIN CA CNG TY NIM YT TRN TH TRNG CHNG KHON VIT NAM. 3.1. Cc quan im nh hng v hon thin. 3.1.1. Quan im. 3.1.1.1 Ph hp vi mi trng php l v mi trng hot ng ca th trng chng khon Vit Nam. So vi cc nc trn th gii c TTCK, quy m th trng Vit Nam hy cn nh v mi. Tuy nhin mc ch ca Chnh ph l xy dng mt th trng pht trin n nh v bn vng. V vy yu cu u tin ca th trng l phi to lp c nim tin ca cc ch th tham gia kinh doanh trn th trng, ngha l lm sao cho mi trng kinh doanh ngy cng thng thong, hng ho trn th trng phi c cht lng tt, tnh hnh th trng c trng thi gi c ph hp vi quy lut cung cu cng nh ph hp vi gi tr ca n, y l yu t quan trng nht xy dng th trng. Do chng khon l loi hng ho c th, cht lng gi tr c xc nh bng cht lng thng tin cung cp cho th trng, c bit l nhng thng tin ti chnh ca cc DNNY chim v tr quan trng hn c. Trong iu kin hin nay, s thay i trn th trng phi c tin hnh tng bc, i dn t thp n cao, vic u tin vn l xy dng h thng lut php thng nht, ng b, to mi trng n nh, xy dng th trng minh bch, cng bng trn c s Bo v nh u t l u tin hng u14. m bo mi trng n nh th cc c quan qun l trc tip v gin tip th trng l UBCKNN, S giao dch chng khon phi thng xuyn theo di v gim st cc hot ng trn th trng, ngn nga tiu cc, ng thi phi c bin php x l thch ng khi c tiu cc xy ra.

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Cng b thng tin trn th trng y , kp thi v chnh xc m c th l BCTC, cng chnh l m bo cht lng cho hng ho giao dch trn th trng, n nh tm l nh u t. Vic CBTT hin nay phi da vo cng ngh, nht l cng ngh thng tin. V vy, xy dng h thng cng ngh thng tin hon chnh c v cht v lng, song song vi o to ngun nhn lc phc v cho h thng ny, l yu cu trc mt cn phi c nhanh chng thc hin. Ngoi cc yu cu trn, h thng lut php xy dng nhm iu chnh vic CBTT trn th trng cn phi tng thch vi cc b lut: Lut Doanh nghip, Lut u t, Lut K ton, Lut kim ton ,ng thi gn lin vi s pht trin ca th trng, ph hp vi iu kin thc t t nc, cng nh bm st cc chun mc quc t. Trong cng tc xy dng h thng lut php phi m bo tnh nht qun gia cc vn bn lut. Yu t quan trng khng th thiu trong qu trnh thc thi lut php l c ch gim st, x l vi phm nhm lm cho hot ng ca th trng c nghim minh, y chnh l trch nhim ca c quan qun l, iu hnh v gim st th trng. Ngoi ra mun th trng vn hnh c thng sut, cc ch th tham gia th trng phi tun th lut php, hiu c quy lut vn ng ca th trng, c cc k nng c bn hot ng trn th trng, mun t c iu ny, i hi c quan qun l cc cp phi thng xuyn t chc o to v o to li i ng nhn s hot ng trn th trng, ng thi s dng tt c cc phng tin truyn thng c th huy ng c, cng tham gia vn ng gio dc, truyn b cc kin thc c bn v chng khon v TTCK. 3.1.1.2 Ph hp vi yu cu hi nhp v pht trin ca th trng chng khon Vit Nam. TTCK c xy dng trong bi cnh nn kinh t t nc ang thc hin chnh sch kinh t m v hi nhp kinh t quc t. Ngoi vic thu ht ngun vn u t trong nc, TTCK cn l i ch quan trng thu ht vn u t nc ngoi,

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trong nhng nm 2006, 2007, ghi nhn mt lng vn ln t nc ngoi di chuyn vo TTCK Vit Nam, di hnh thc cc nh u t nc ngoi l c nhn v t chc. Do vic xy dng TTCK ni chung, h thng CBTT ni ring phi c xy dng va ph hp vi tnh hnh hin ti, va nh hng theo thng l v chun mc th gii trong tng lai. Hng ho trn TTCK ngy cng phi a dng v chng loi, tng trng v quy m, mun th, h thng cc qui trnh, tiu chun vn hnh v giao dch trn TTCK cn phi c xy dng theo hng m, ngy cng tin gn n nhng chun mc quc t v cng ngh, mi trng kinh doanh, h thng lut php, nhm to iu kin b sung cc loi hng ho khc cho th trng khi c iu kin thun li. Xy dng tng bc chuyn mn ho nghip v ca cc CTCK l nhng t chc cung ng dch v ch yu trn th trng, xy dng i ng cc CTCK thnh cc t chc t qun chuyn nghip, dch v cung ng trn th trng ngy cng a dng, nhanh chng, tin li v phong ph tho mn nhu cu ngy cng cao ca nh u t trong v ngoi nc. 3.1.1.3 Ph hp vi kh nng v yu cu s dng thng tin ca cc i tng c lin quan. Do tnh hnh thc t t nc ang trong giai on chuyn i c v lng v v cht, trnh chung v c s vt cht k thut, kh nng chuyn mn v nhiu mt cn hn ch, vic tip cn s dng cng ngh thng tin, kin thc nghip v chuyn mn v k ton, kim ton i hi cn c thi gian nht nh, v th trong giai on hin nay cha t nng vn thay i hnh thc ca BCTC, ch yu l ch trng n ni dung BCTC sao cho kp thi, trung thc, chnh xc v ph hp vi thng l quc t. Yu cu hi nhp cng t ra vn CBTT theo chiu hng a ngn ng, phc v cho khch hng l nh u t nc ngoi, song song vi vic chun mc k ton

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Vit Nam (VAS) c dch ra ting nc ngoi, vic xy dng BCTC bng ting nc ngoi cng phi tnh n ngay t by gi, tng bc c k hoch u t o to v o to li i ng cn b k ton trong cc DNNY. Tuy nhin vic thc hin BCTC ting nc ngoi trong giai on hin nay ch mang tnh khuyn khch ch khng bt buc. 3.1.2. nh hng 3.1.2.1 Hon thin cc quy nh php l v cng b thng tin Th trng chng khon l ni thu ht ngun vn u t cho nn kinh t, cng ng thi l ni kinh doanh ca cc t chc trong v ngoi nc, v th TTCK phi c xy dng ng trn quan im y l sn chi quc t, ly hnh lang php l lm tiu chun, iu hnh th trng bng lut php, bng vn bn quy phm c th, xy dng c ch mi th nhn v php nhn u bnh ng trc php lut, quyn li v trch nhim l ngang bng nhau, nh vy, nhm tng bc xy dng th trng t do cnh tranh, ph hp vi yu cu kinh doanh ca tt c mi thnh phn trn th trng. Nhim v lnh o, iu hnh chung th trng l v tr ht sc quan trng, iu hnh hiu qu th trng chnh l ng lc gip th trng pht trin, cc c quan lnh o iu hnh v m nn c k hoch phn cp qun l trc tip, gin tip t vic iu hnh qun l th trng, cho n ban hnh cc vn bn quy phm php lut iu chnh th trng, cc b phn dch v c lin quan n th trng phi c s kt hp cht ch vi nhau, theo di vic thc hin, gim st, kim tra v x l vi phm, nhm to ra mt mi trng hot ng thng thong, hp l v c hiu qu cao. H thng lut php c lin quan n TTCK cng chnh l h thng lut php lin quan n ton b nn kinh t nh Lut Doanh nghip, Lut u t, Lut Chng khon, Lut Thu GTGT, Lut Thu Thu nhp doanh nghip, Lut Thu Thu nhp c nhnCng tc xy dng cc vn bn hng dn, quy nh php l

- 57 -

v TTCK ni chung v v CBTT ni ring, cn phi c th, r rng, nht qun t trn xung di, phi kp thi sa cha, b sung cho ph hp vi yu cu pht trin ca th trng, nht l cc biu mu c dng trong cc bo co, c bit l trong BCTC, trnh trng lp, cng nh cung cp thiu thng tin, nhm gip nh u t d dng trong phn tch ti chnh DN, v ra quyt nh u t. Mt khc cc phng tin phc v yu cu cung cp thng tin cng cn phi c quy nh r trch nhim gia bn cung cp thng tin l cc DNNY v bn chu trch nhim truyn ti thng tin ra cng chng l S giao dch chng khon v cc t chc c lin quan khc, Ngoi ra quy nh v thi gian cng b cng cn phi tnh ton n tr , qu ti do thng tin cng a ra trong mt thi gian ngn, khuyn khch cc DNNY la chn nhiu knh thng tin ph hp vi kh nng hin c, xem xt vic thay i nin k ton i vi cc DNNY cho ph hp vi ngnh ngh , lnh vc kinh doanh ca mnh, ng thi gim ti cho h thng cung cp thng tin, v cc dch v khc c lin quan i vi quy nh CBTT thng nin . 3.1.2.2 Hon thin cc tiu chun nh gi cht lng ca thng tin c cng b - Cht lng ca thng tin c cng b l BCTC c lin quan n nhiu lnh vc khc nhau nh: quy nh ca php lut v K ton, kim ton, cng ngh thng tin, o c v trnh nghip v chuyn mn ca cc i tng tham gia cung cp...Nh vy, mun hon thin cc tiu chun nh gi cht lng cng l hon thin cc mt theo quy nh, vn ny cn phi c nhng chuyn gia gii trong cc lnh vc nu trn, tng bc xy dng cc tiu chun nh gi cht lng cng tc k ton, kim ton ..., lm tt cng tc ny, vic phn cp qun l th trng khi tin hnh xy dng m hnh, cn phi c xem xt v t chc li mt cch c khoa hc, bng cch tham kho hnh thc TTCK ca cc nc tin tin trn th gii.

- 58 -

- Cc tiu chun nh gi cht lng BCTC, mt mt ph hp vi tnh hnh thc t ca Vit Nam, nhng vn phi m bo cc nguyn l chung theo thng l v chun mc quc t, song song vi vic xy dng h thng chun mc ph hp, r rng v nht qun, cng tc o to v o li ngun nhn lc c trnh trong chuyn mn xy dng v kim tra cc tiu chun trn l ht sc quan trng, y chnh l nhn t quyt nh vic thc hin, theo di, gim st v kim tra cc tiu chun cht lng trn th trng. - Vic cung cp thng tin kp thi ra cng chng cng l vn trng yu, nhm m bo tnh cng bng trong cnh tranh trn th trng, thc trng bt cn xng trong CBTT, l hin tng rt ph bin trn TTCK Vit Nam trong giai on hin nay, n cng l nguyn nhn chnh ca cc vi phm quy nh v kinh doanh trn th trng nh giao dch ni gin, u c lng on th trng, lm thit hi n li ch, suy gim nim tin ca nh u t i vi th trng. - Trong vic nh gi cht lng thng tin l BCTC th bo co kim ton chim v tr ht sc quan trng, kin ca kim ton vin a ra chnh l mt trong nhng tiu chun nh gi cht lng BCTC, xc nh mc trung thc trong kin kim ton v BCTC, cng l tiu chun nh gi cht lng BCTC. Tuy nhin vn c t ra y l ai kim ton cc kim ton vin, v th cng tc kim tra cht lng kim ton vin v cc bo co kim ton cng cn phi c xem xt v phi c t chc thc hin cc quy trnh, quy ch vn hnh, kim tra, nh gi ng b vi quy trnh thc hin BCTC ca cc DNNY trn TTCK. - Trong giai on hin nay, c th chn chnh ngay hin tng bt cn xng trong CBTT, vic cc DNNY t xy dng v qun l trang web ca mnh lm ni CBTT theo quy nh chnh l gii php u tin hng u, cc c quan chc nng nn lu ngh v gim st cc DNNY thc hin tt iu ny.

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3.1.2.3 Hon thin cc ni dung thng tin c cng b. - Cc ni dung thng tin c cng b chnh l im nhn cht lng ca ton b quy trnh CBTT trn th trng, cc ni dung thng tin phi chnh xc, r rng v phi ng quy nh. V vy ngoi vic phi thc hin CBTT, cc doanh nghip cn phi cng b y cc ni dung thng tin cn thit theo ng biu mu quy nh. - Ni dung CBTT ni chung v thng tin BCTC ni ring, phi m bo ng theo chun mc k ton v cc vn bn hng dn thi hnh, Cc s liu c trnh by trn cc biu mu bo co phi c tnh k tha v phi phn nh ng bn cht ca cc nghip v kinh t pht sinh, nu l s liu tng hp phi c thuyt minh chi tit ngi c hiu r c bn cht s vic, trung thc, minh bch v chnh xc l cc yu cu chnh trong ni dung thng tin c cng b. - Ngoi ra cc t chc kim ton c lp cng c vai tr quan trng trong vic hon thin cc ni dung BCTC, cc kin kim ton nh gi v BCTC ca cc DNNY chnh l cng on cui cng khng nh ni dung ca BCTC, v th bn thn cc cng ty kim ton cng phi c kim tra v cht lng, tiu chun k thut trong kim ton BCTC, v cc cng ty ny cng phi c tng bc chuyn mn ha trnh nghip v chuyn mn ca cc kim ton vin cho ph hp vi tnh hnh pht trin ca th trng trong giai on hin nay. - c th gim bt tnh hnh thc, tng cng cht lng trong cc BCTC, vic r sot li ni dung, thng tin thng k trn cc biu mu ca cc vn bn hng dn thi hnh sao cho th hin c tnh lin hon, b khuyt cho nhau, lm cho ngi c cc bo co trn c th d dng hiu c cc hot ng kinh t trong cc doanh nghip bo co. 3.2 3.2.1 Cc gii php hon thin c th Gii php v ni dung thng tin cng b

3.2.1.1 V trch lp d phng

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Vn trng tm c lin quan n ni dung ca BCTC ca cc DNNY trong cc nm va qua, nht l trong nm 2008 l vn trch lp d phng. Cc khon trch lp d phng ti chnh c thc hin theo: (1) Chun mc k ton Vit Nam(VAS), gm: Chun mc s 06: thu ti sn Chun mc s 11: Hp nht kinh doanh Chun mc s 14: Doanh thu v thu nhp khc Chun mc s 17: Thu Thu nhp doanh nghip Chun mc s 18: Cc khon d phng, ti sn v n tim tng (2) Quyt nh 15/2006/Q-BTC (3) Thng T 13/2006/TT-BTC Nhng ti khon trch lp d phng gm 3 nhm ti khon: * Ti khon c trch lp theo k hoch nh trc: TK 335 Chi ph phi tr * Nhm ti khon trch lp t nh gi kh nng ri ro c th xy ra. TK 129 D phng gim gi u t ngn hn TK 139 D phng phi thu kh i TK 159 D phng gim gi hng tn kho TK 229 D phng gim gi u t di hn TK 351 Qu d phng tr cp mt vic lm TK 352 D phng phi tr * Ti khon c trch lp t li nhun sau thu: TK 415 Qu d phng ti chnh Tuy nhin, hu ht s bin ng v ti chnh ca cc DNNY tp trung vo nhm cc ti khon sau: TK 129 D phng gim gi u t ngn hn TK 139 D phng phi thu kh i

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TK 159 D phng gim gi hng tn kho TK 229 D phng gim gi u t di hn Ni dung chi tit thc hin trong cc vn bn trn nh sau: Ni dung Chun mc k ton Vit Nam (VAS) Quyt nh 15/2006/Q-BTC Thng t 13/2006/TT-BTC

1. Ti khon 129, 229 - Thi im trch lp - Bt ton ghi s + Trch lp + X l Thiu trch thm Tha hon nhp 2. Ti khon 139 - Thi im trch lp Bt ton ghi s + Trch lp +X l Thiu trch thm Tha hon nhp 3. Ti khon 159 - Thi im trch lp Bt ton ghi s +Trch lp +X l Cui nin k ton Gia v cui nin Gia v cui nin k ton k ton N TK 632 C TK 159 N TK 632 C TK 159 Cui k k ton nm Gia v cui nin Gia v cui nin k ton k ton N TK 642 C TK 139 N TK 642 C TK 139 N TK 139 C TK 642 N TK 642 C TK 139 N TK 642 C TK 139 N TK 139 C TK 711 Cui nin k ton Gia v cui nin Gia v cui nin k ton k ton N TK 635 C TK 129( 229) N TK 635 C TK 129 ( 229) N 129(229) C TK 635 N TK 635 C TK 129( 229) N TK 635 C TK 129( 229) N 129(229) C TK 515

N TK 635 C TK 129( 229) N TK 635 C TK 129( 229) N 129 (229) C TK 635

N TK 642 C TK 139 N TK 642 C TK 139 N TK 139 C TK 642

N TK 632 C TK 159

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Thiu trch thm Tha hon nhp

N TK 632 C TK 159 N TK 159 C TK 632

N TK 632 C TK 159 N TK 159 C TK 632

N TK 632 C TK 159 N TK 159 C TK 711

Thng t 13/2006/TT-BTC, cn hng dn phng php lp d phng n phi thu kh i (TK 139) v d phng phi tr ( TK 352) nh sau: - i vi n phi thu qu hn thanh ton, mc trch lp d phng nh sau: 30% gi tr i vi khon n phi thu qu hn t 3 thng n di 1 nm. 50% gi tr i vi khon n phi thu qu hn t 1 nm n di 2 nm. 70% gi tr i vi khon n phi thu qu hn t 1 nm n di 3 nm. - i vi khon d phng phi tr cho sn phm, hng ho, cng trnh xy lp tiu th trong nm, tng mc trch lp d phng khng c vt qu 5% tng doanh thu tiu th ca cc loi sn phm, hng ho. Cc vn bn hng dn u c quy nh c th thi gian thc hin trch lp, i vi cc DNNY, thi im trch lp v hon nhp c thc hin i vi c BCTC gia nin , tuy nhin cc DNNY trong qu trnh thc hin khng thc hin ng yu cu ny, dn n tnh trng cui nm khi trch lp, con s d phng qu ln lm nh hng nhiu n kt qu kinh doanh trong nm ca doanh nghip. V vy, ngh cc t chc iu hnh TTCK khuyn co cc DNNY thc hin nghim chnh cng tc trch lp d phng theo quy nh. Ngoi ra cc vn bn hng dn hch ton cn c s khc bit gia trch lp v hon nhp cc khon d phng, trong mt s khon hon nhp c a vo cc ti khon thuc nhm doanh thu (TK: 515, 711), theo kin c nhn, hng dn hon nhp nh vy l cha ph hp vi thc t, ngh khi trch lp ghi tng ti khon no, th khi hon nhp phi ghi gim ti khon , nhm m bo tnh trung thc ca cc nghip v kinh t pht sinh.

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V trch lp d phng i vi cc khon u t ti chnh l chng khon cng cha c hng dn cch tnh r rng, c th cho tng i tng. Chng ti xin ngh phng n trch lp d phng nh sau: - i vi chng khon c nim yt gi hng ngy, th cn c vo bng gi cng b ti thi im kho s k ton, so snh vi gi mua chng khon, phn chnh lch trch lp d phng 100% - i vi chng khon cha nim yt, nhng c gi mua cao hn mnh gi, cch tnh l so snh vi t l suy gim ca TTCK trn c s VNIndex, phn gi mua cao hn mnh gi, khon chnh lch ny cng trch lp d phng 100%. Cng thc tnh:

VNIndex0 - VNIndex1 = (Gi mua Mnh gi) x -----------------------------trch lp d phng VNIndex0 Vi: + VNIndex0: thi im mua chng khon + VNIndex1: thi im kho s k ton Chng t k ton Cc chng t c lin quan dng tnh ton trch lp d phng trong cc trng hp u t ti chnh l cc bng k chi tit tng loi c phiu, tri phiu, cc khon u t ti chnh khc, cc bng gi c phiu giao dch trn th trng ti thi im kho s k ton, cc ti liu khc v gi c phiu nim yt, OTC, dng lm c s thuyt minh cch tnh ton trch lp d phng. Cc khon phi thu c chng t l bng k cng n da trn cc i chiu, th xc nhn ca cc c nhn, t chc c cc khon phi tr cho doanh nghip tnh theo thi gian nhn n, cn c vo thi gian nhn n i chiu vi Thng t 13/2006/TT-BTC tnh ra s phi trch lp d phng.

Gi tr tnh

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Khon d phng phi tr dnh cho cc DN bn hng ho, sn phm, cng trnh xy lp c bo hnh, c quy nh cch tnh ton da vo hp ng kinh t, hoc bng k tng loi hng ho, sn phm, cng trnh xy lp, tnh ton khon cn trch lp. Trch lp d phng gim gi hng tn kho cn c vo bin bn kim k hng tn kho cui k, s d phng c lp l s chnh lch gia gi tr s sch hng tn kho v gi tr c th thc hin c ti thi im c tnh, cc bng chng thu thp thc hin trch lp phi ng tin cy, ngoi ra vic c tnh cn phi tnh n cc s kin c lin quan n hng ho ho tn kho ca doanh nghip din ra sau ngy kt thc nm ti chnh. D phng tr cp mt vic lm dng chi tr cp thi vic, mt vic lm, o to li tay ngh cho ngi lao ng trong doanh nghip theo quy nh ca lut php hin hnh. Trng hp qu d phng tr cp mt vic lm hng nm khng chi ht c chuyn sang nm sau, khi doanh nghip kho s k ton kt thc nm ti chnh. Ngoi cc c phiu nim yt trn TTCK c bo gi trn bng giao dch in t, cc DNNY cn mua c phiu trn th trng OTC, mua u gi c phiu IPO ln u ca cc CTCP, y l nhng c phiu c t do mua bn trn th trng. V vy, chng ti ngh cch tnh d phng nh trn, do thc cht cc c phiu ny ch km c phiu nim yt cht t v tnh thanh khon, nhng cng c bin ng rt ln v gi, s bin ng t l thun vi gi c phiu nim yt, v mt bng chung ca VN Index, nu khng trch lp d phng nhng khon u t ti chnh ny, s lm cho BCTC khng th c yu t trung thc v hp l (v d nh trng hp c phiu ca VCB, MB, CTCP Cao su Phc Ho ). i vi cc khon phi thu, Thng t 13/2006/TT-BTC c hng dn r rng phng php trch lp d phng n phi thu, v th cn hng dn cc doanh nghip cng b chnh sch bn hng, danh sch cng n khch hng theo th t

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thi gian ca DN. y l c s tnh ton khon trch lp d phng cc khon phi thu. 3.2.1.2 V vn khu hao ti sn c nh i vi ti sn c nh trong cc DNNY, thng k cho thy a phn cc doanh nghip s dng phng php khu hao ng thng, rt t doanh nghip s dng phng php khu hao khc, mc d chun mc k ton v Quyt nh s 206/2003/Q-BTC, ngy 12-12-2003 ca B Ti chnh, u c quy nh tt c c 3 phng php khu hao ti sn c nh, l: Phng php khu hao ng thng. Phng php khu hao theo s d gim dn c iu chnh. Phng php khu hao theo s lng, khi lng sn phm. Sau khi tham kho mt s kin ca cc DN nim yt cho bit l do khng c s thng nht ca c quan thu, thit ngh y cng l vn cn c cc c quan qun l Nh nc xem xt li, v trong giai on hin nay cc loi hnh ti sn c nh trn th gii ni chung v Vit Nam chng ta ni ring, c tc hao mn v hnh tng nhanh do s tin b ca khoa hc k thut, cc c quan qun l nn linh ng cho tng doanh nghip c gii trnh v thay i trong cch tnh ton hao mn ti sn c nh, trc ht nhm mc ch bo ton vn v phn nh ng thc trng ti sn c nh ca doanh nghip, sau na p ng tnh hnh chung ca t nc trong giai on hi nhp kinh t quc t. Ti sn c nh c khu hao nhanh s mau thu hi vn, to iu kin ci tin k thut, tng nng sut lao ng v hiu qu hot ng kinh doanh, nh th li nhun cng tng ln, tc l thu thu nhp doanh nghip cng tng theo tng ng. Mt khc DN khu hao nhanh gi tr ti sn c nh, sau khi ti sn ht khu hao, nu cn tip tc c dng trong sn xut kinh doanh th s khng cn khu hao. Nh vy, li nhun thp nhng nm u, s tng ln nhng nm sau, tng

- 66 -

s cng khng c g khc bit, nhng li to ra thun li cho doanh nghip trong cng tc s dng v qun l ti sn c nh. Tuy nhin, tc ng ca phng php khu hao l nh hng n li nhun ca doanh nghip, nu khu hao nhanh s gim li nhun hin ti t : - Khon thu thu b gim nh hng n s thu ca c quan thu a phng. - C tc ca cc c ng gim st, s tc ng tm l nh u t, ko theo s st gim gi c phiu ca cng ty. Nh vy cc DNNY cn xem xt cch tnh khu hao nh th no hi ho, ph hp vi li ch ca cc ch th c lin quan, ng thi to ra thun li cho doanh nghip trong vic qun l ti sn c nh, v phng php khu hao ny phi c thuyt minh r trong BCTC. 3.2.1.3 V nh gi tng ti sn ca doanh nghip Nhm c th nh gi c kh nng bo ton vn ca doanh nghip, trong TMBCTC phi c thng tin so snh mc bin ng gia ti sn v ngun vn cui nin k ton ca DN. Tham kho IFRS v gi tr hp l ca ti sn ti thi im lp BCTC, TMBCTC cn c mt mc trnh by phn nh gi ni trn, ni dung ngh nh sau: A. Tnh hnh ti sn 1. Tng gi tr ti sn tnh n 31.12.nm . : 2. Cc khon ghi gim ti sn trong nm: 2.1 Trch qu phc li: 2.2 Trch qu khen thng: 2.3 C tc phi tr: 3. Tng ti sn cui k: (1) (2) 4. N phi tr 5. Tng ti sn thun: (3) (4) 6. Ch s lm pht (do GSO cng b): ..ng ..ng ..ng ..ng ..ng ..ng ..ng ..ng ...%

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7. Gi tr ti sn thun thc c tnh {(5) x (1- (6))}:..ng B. Tnh hnh ngun vn 1. Vn u t ca ch s hu: C. Chnh lch (A.7) (B.1): ( >0 : + ; <0 : -) ...ng .. ng

D. Phn t nh gi v tnh hnh ti sn doanh nghip ca Ban Gim c: .. .. 3.2.1.4 V tnh php l ca bo co ti chnh : - BCTC trong CBTT phi l BCTC hp php, tc l c y con du v ch k trong trng hp l BCTC gia nin . - Nu l BCTC nm, ngoi nhng yu cu trn BCTC cn phi c cng b tt c cc ni dung theo quy nh nh : bo co ca Ban gim c (Ban Tng gim c), Bo co kim ton, bo co ti chnh c kim ton v cc bo co khc theo yu cu ca UBCKNN (nu c), - Cc chc danh trong cc bo co phi c k theo ng quy nh, trng hp khng ng phi cng b giy y quyn km theo. - Trong TMBCTC ngh c thm mt dng: Ngi i din theo php lut ca doanh nghip: .. - Cc BCTC c kim ton phi c kin kim ton vin l chp nhn ton phn, nu c khon ngoi tr trng yu, doanh nghip phi cng b cng vn gii trnh ni dung ngoi tr, cc phng n x l v phi cam kt thc hin ng thi gian. 3.2.2. Gii php v phm vi v hnh thc cng b thng tin - iu kin u tin l cc DNNY phi xy dng trang web ca chnh mnh v qun l tt, y l gii php mang tnh c bn trong ni dung cng b thng tin. Thng tin c a ra cng chng bng nhiu knh khc nhau s m bo yu t

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kp thi v cn xng cho cc i tng c nhu cu cn thng tin, phc v mc ch phn tch v ra quyt nh u t. - Ti liu c cng b trn cng thng tin in t phi l cc vn kin c y t cch php l, tc l phi y ch k ng chc danh, con du, giy y quyn (nu c) v cc quy nh khc ca php lut. - Cc biu mu quy nh trong CBTT cn loi bt cc ni dung tha, b sung cc thng tin thiu v d: mu CBTT-02, CBTT-03 trong Thng T 38/2007/TTBTC cn xem li, nn chn hnh thc b sung cc thng tin trong quy nh trn vo bo co ca Ban Gim c v bn TMBCTC, cng nh cn trnh by thm chi tit doanh thu so snh gia qu trc v qu ny nh u t thng tin nh gi. - Bo co kim ton bt buc phi ng ton vn v phi c gii trnh, cc bin php x l nu trong bo co kim ton, kim ton vin c kin ngoi tr, v nu l cc vn cn phi c thi gian mi x l c nh xc nh cng n, thm nh ti sn , th phi xc nh r thi gian cng b x l, ng thi km theo th xc nhn ca kim ton vin ph trch kim ton BCTC cho tng vn c th v kin ngoi tr trong BCTC. - Cc c quan qun l phi c l trnh theo di, kim tra, gim st v x l nhng sai phm nh k v t xut trong vic CBTT ca cc DNNY, nhm mc ch a dn vic CBTT i vo quy c v n np, y l yu t c bn nhm pht trin th trng n nh, bn vng. 3.2.3. Gii php v iu kin v trch nhim cng b thng tin - Quy nh v iu kin v trch nhim cng b thng tin phi c th, r rng vi nhng i tng c trch nhim phi cung cp thng tin theo quy nh, tuy nhin trong tnh hnh hin nay, trng hp qu ti thng tin, thng xy ra do hin nay cc cng ty i chng ng k vi UBCKNN n thi im 31/12/2008 l 896 cng ty, v vy nn chng phi c quy nh thm thi gian cho vic cng b v l do phng tin cng b thng tin cha p ng kp.

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- Tng chung cc yu t gy tr ngi trong vic cng b BCTC, cc c quan qun l nn xem xt tng thm thi gian cho cc cng ty c mc vn ln, s cng ty con v n v trc thuc nhiu, DN ng trn a bn kinh t c giao thng i li kh khn , thi gian ngh l 1 thng (30 ngy) cho BCTC gia nin , v trong vng 4 thng (tng ng 120 ngy) cho BCTC c kim ton cui nin cu cc DNNY. - Ngoi ra UBCKNN cng phi quy nh c vi nhng c quan qun l trc tip nh SGDCK v thi gian cng b nhm m bo thng tin c th n vi NT trong thi gian ngn nht, trnh tnh trng thi gian thng tin nm ch ti cc c quan trung gian kh di, y cng l nguyn nhn xy ra tnh trng r r thng tin cng b trong nhng nm va qua ( ngh quy nh: nu l ngy lm vic phi cng b trong ngy, trng hp bt kh khng c th chm tr, nhng thi gian chm tr khng qu 2 ngy, k c trng hp l ngy th by v ch nht). 3.2.4. Gii php nh gi cht lng thng tin cng b - y ban Chng khon Nh nc, S Giao dch Chng khon cn c vn bn quy nh v cc mc ngoi tr trong bo co kim ton nu c, t mc bt phi gii trnh vn ngoi tr, cc gii php x l, cho n cc trng hp vi phm trng yu, c th bt buc phi thanh tra, hoc kim ton li, ng thi cng nn hng dn c th v trnh t thc hin cng vic kim ton m DN phi thc hin, nhm trnh cc li sai c bn m cc DN c th vp phi nh khng mi cng ty kim ton tham gia kim k ti sn DN cui k, cc khon quy nh trong xc nhn cng n phi thu, phi tr, cc vn c lin quan n min gim thu thu nhp doanh nghip - kin ca kim ton vin trong bo co kim ton cn quy nh r mc ngoi tr trng yu, nu c nh hng n BCTC kim ton vin phi ni r vn ngoi tr s c nh hng nh th no, trong bo co kim ton v ng thi phi

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c kin cn c vo chun mc kim ton hin hnh, trnh trng hp pht biu chung chung cho c l. - Cc c quan qun l phi xy dng mt h thng thang im nh gi cht lng thng tin ca cc DNNY cng b trong nm, cui nm c tng kt nh gi vic thc hin trch nhim CBTT v cng b trn phng tin thng tin i chng cc nh u t c th so snh, nh gi. - Cc c quan iu hnh v m TTCK nn tng cng thm mt s chc nng cho cc t chc hip hi chuyn ngnh, t chc kim tra cho, nh gi tnh hnh thc hin cc cng tc c lin quan n thng tin c cng b trn TTCK. 3.2.5. Gii php x l cc vi phm cc bin php ch ti n v trc tip theo di gim st, thanh tra cc t chc c nhn hot ng trn TTCK hin nay do Ban thanh tra UBCKNN di s ch o trc tip ca Ch tch UBCKNN, vn bn quy nh v cng tc ny l Ngh nh 36/2007/N-CP, ngy 8-3-2007 ca Chnh ph v Thng t 97/2007/TT-BTC, ngy 8-8-2007 ca BTC v vic x l vi phm hnh chnh trong lnh vc chng khon v TTCK. Thc trng chp hnh CBTT l BCTC thng nin ang xy ra nhiu vn nh hin nay, nguyn do chnh mt phn cng v cng tc thanh tra, kim tra, x l cc vi phm cha c rt ro, n ni n chn, tnh hnh thc t l cc CTCP tng ln ngy cng nhiu, khi lng cng vic ln, nhn s thanh tra li mng, tnh hnh sai phm din bin ngy mt phc tp, mt khc h thng vn bn lut php v chng khon cn cha ng b, nht l trong lnh vc pht hnh c phiu tng vn iu l i vi cc CTCP cha phi l cng ty i chng. Ngoi cc l do trn th bin php ch ti hin nay cng cha c tc ng tch cc, hnh thc x l, mc ch ti l pht tin theo khung quy nh nh hin nay l qu nh, khng tnh rn e. Cn c vo bo co x pht hnh chnh trong lnh vc chng khon v TTCK nm 2008 th mc thp nht l 10 triu ng v mc cao nht l 100 triu ng, trong ph bin l mc pht 20 n 30 triu ng, so

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vi gi tr ca nhng v vic vi phm, mc pht ny l qu nh, v ch yu l pht vi phm trong lnh vc pht hnh chng khon m thi. Gii php x l trong cng tc theo di, kim tra, gim st cn phi c xem l quan trng, khng thua km vic xy dng mi trng kinh doanh trn TTCK, mi trng kinh doanh c c bnh ng, minh bch, lnh mnh hay khng, nh hng phn ln t ch php lut c c thc thi nghim minh, x l ng ngi, ng ti, ng thi cc bin php ch ti phi c tnh rn e, ch ng cc hnh vi vi phm trong hot ng kinh doanh hay khng. Ngoi ra cch x l thng tin phi nhanh chng, kp thi, thng tin x l cn phi c cng b rng ri trong cng chng, nu c cc bin php khc phc hu qu th cc doanh nghip, c nhn vi phm phi cam kt, cng b kt qu vic khc phc hu qu trong thi gian bao lu v phi thc hin ng theo cam kt trn. Mt khc cc bin php ch ti nh pht tin, nn tnh theo phn trm (%) gi tr ca cc v vi phm, c quy nh mc ti a v ti thiu, nhm linh hot ho bin php ch ti ph hp vi tc pht trin chung v gi tr giao dch trn th trng trong giai on hin nay. 3.2.6 Gii php i vi cng tc kim ton a. Kim ton ni b: y l vn cn mi m i vi cc doanh nghip Vit nam ni chung, v cc DNNY ni ring, hin nay theo m hnh cng ty c phn, cng tc kim tra ni b c hiu nh l cng c phc v cho Ban gim c (Ban Tng gim c) cng ty, v th mc d c Quyt nh 12/2007/Q BTC ngy 13-3-2007, ca B Ti chnh hng dn cc DNNY thc hin xy dng quy trnh kim tra, kim sot ni b, nhng rt t doanh nghip thc hin nghim tc quy ch ny, iu ny cng dn n kh khn cho cc kim ton vin c lp khi thc hin kim ton ti doanh nghip.

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Nhim v chnh ca kim ton ni b c tp trung vo: kim ton hot ng v kim ton tun th, thng thng kim ton ni b c chia thnh 2 b phn kim sot v k ton (Internal accounting controls) v kim sot v hnh chnh (Internal administrative controls) V nguyn tc Ban kim ton ni b (hay thng gi l Ban kim tra ni b) c tnh c lp tng i vi Ban iu hnh doanh nghip, th hiu qu kim tra, gim st mi hu hiu, tuy nhin vi np suy ngh trn, ban kim tra ni b thng ch l kim nhim, hnh thc v i ph l chnh. ngh cc cp qun l cn hng dn c th hn na v quy ch kim tra ni b, t chc ny phi c thnh vin c nghip v k ton, ng thi ban kim tra ni b nn trc thuc hi ng qun tr. b. Kim ton c lp Kim ton c lp c hnh thnh v pht trin cng vi s pht trin ca nn kinh t th trng v chnh sch c phn ho chuyn i m hnh DNNN thnh cng ty c phn , lc ny nhu cu v kim ton BCTC ca cc cng ty c phn l t chc pht hnh, t chc nim yt tng nhanh do u th ca m hnh doanh nghip dng ny, v vy i hi kim ton c lp cng c pht trin nhm p ng nh cu trn. Kim ton c lp nc ta hot ng hot ng da trn cc vn bn php l sau: Quyt nh s 28/2003/Q-BTC ngy 28-3-2003 ca B Ti chnh ban hnh h thng chun mc kim ton Vit Nam Ngh nh s 105/N-CP ngy 30-3-2004 ca Chnh ph v kim ton c lp. Thng t s 64/2004/TT-BTC ngy 29-6-2004 ca B Ti chnh hng dn ng k hnh ngh kim ton v qun l kim ton vin hnh ngh. Quyt nh s 59/2004/Q-BTC ngy 9-7-2004 ca B Ti chnh v quy ch thi tuyn v cp chng ch kim ton vin.

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Ngh nh s 133/2005/N-CP ngy 30-3-2005 ca Chnh ph v vic sa i, b sung mt s iu ca Ngh nh s 105/N-CP ngy 30-3-2004 ca Chnh ph v kim ton c lp. Quyt nh s 47/2005/Q-BTC ngy 14-7-2005 ca B Ti chnh v vic chuyn giao cho Hi Kim ton vin hnh ngh Vit Nam (VACPA), thc hin mt s ni dung cng vic qun l, hnh ngh k ton, kim ton. Quyt nh s 89/2007/Q-BTC ngy 24-10-2007 ca B Ti chnh v vic ban hnh Quy ch la chn doanh nghip kim ton c chp thun kim ton cho t chc pht hnh, t chc nim yt v t chc kinh doanh chng khon. Vi yu cu ngy cng cao v cht lng BCTC ca cc DNNY, trc ht cng tc kim ton phi c t ln hng u, v bn cht ca kim ton l m bo an ton li ch kinh t c nhn, li ch x hi, lm lnh mnh ho mi trng u t, thc y cng tc k ton phi tun th lut php, chun mc cng nh minh bch ho ti chnh quc gia. Do cng vic ca kim ton c lp l kim ton BCTC cc doanh nghip, v th trc ht bn thn doanh nghip kim ton cng phi c chng nhn kim nh cht lng doanh nghip, cc nhn t c th nh hng n cht lng kim ton l: Mi trng php l. Yu t cnh tranh. o c ngh nghip, k nng chuyn mn ca kim ton vin. Trnh qun l, ng dng khoa hc - k thut, chnh sch i ng i vi kim ton vin ca doanh nghip kim ton. Kim ton l mt mt xch khng th thiu trong quy trnh vn hnh ca TTCK, TTCK l th trng kinh doanh thng tin, hot ng trn nn tng ca nim tin, do vy mt BCTC c kim ton bi mt cng ty kim ton c lp nghim minh, chnh trc, v chuyn nghip, s lm an lng nh u t, cho d khng m

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bo chc chn 100% mc tin cy, nhng mt BCTC c kim ton s m bo khng c sai st trng yu. Kinh nghim xy ra b bi ti chnh trn TTCK M nm 2000, 2001 vi s sp ca Cng ty Enron v Worldcom, trong c s lin i trch nhim ca cng ty kim ton hng u ti M l Arthur Andersen, y cng l nguyn nhn dn n s ra i ca o lut Sarbanes Oxley nm 2002. Th trng chng khon Vit Nam vi v ri ren ti chnh ca cng ty c phn Bng Bch Tuyt nm 2008 (Bibica vo nm 2005), trong ni ln nhng vn nh: khng tun th ch k ton v lp BCTC, thng tin c cng b trn TTCK, hn ch v trnh ca kim ton vin v doanh nghip kim ton trong qu trnh cung cp dch v kim ton cho cc DNNY, mt khc n cng cho thy mt v b bi v ti chnh ca mt DNNY c nh hng nh th no i vi TTCK. Nhng trng hp nh th lm thit hi v ti chnh l khng nh cho nh u t l c ng trong cng ty, nu cn ti din s xi mn nim tin ca nh u t, cng nh nh hng lu di n s pht trin ca TTCK. Tnh n 31/12/2008 ton quc c 158 cng ty kim ton trong nm 2008, c 34 cng ty c php kim ton cc DNNY v DN pht hnh c phiu. Tng s cng ty i chng ng k vi UBCKNN tnh n cng k l 896 cng ty, tng s cng ty nim yt trn hai sn giao dch l 356 cng ty, cha tnh s cng ty d tnh ng k nim yt trn hai sn giao dch v cc CTCP pht hnh c phiu ra cng chng, chc chn p lc thi v kim ton nng ln cc doanh nghip kim ton c php kim ton cc t chc nim yt v t chc pht hnh, vic ny khng th trnh khi nh hng n cht lng kim ton BCTC ca cc kim ton vin trong khi thc hin kim ton BCTC. Qua tnh trng ngoi tr xut hin kh nhiu trong cc bo co kim ton, c nhng im ngoi tr l trng yu, nhng cc DNNY thng khng cng b gii trnh km theo. Cc c quan qun l TTCK cn phi c vn bn quy nh r rng

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mc ngoi tr trong BCTC l bao nhiu phn trm cho mi khon mc, v tng cc khon mc ngoi tr l bao nhiu phn trm cho tng ti sn k bo co, mc ti thiu, ti a, tnh tit gim nh, tng nng, trng hp no gii trnh, v ni dung gii trnh phi lm r cc vn c lin quan, hnh thc x l, thi gian bao nhiu ngy phi cng b gii trnhNhng trng hp ngoi tr no phi kim ton li, thi gian t chc kim ton li, thi gian cng b xc nhn bng th kim ton ca kim ton vin Mt khc cng cn quy nh r trch nhim lin i ca kim ton vin v cng ty kim ton, vi nh gi ca mnh v BCTC kim ton ca DNNY c pht hnh ra cng chng, trong trng hp thc hin quy trnh kim ton c sai st. Cc vn bn php lut quy nh v k ton, kim ton phi c xy dng thng nht gia cc t chc: kim ton c lp v kim ton Nh nc trong cng tc kim ton BCTC ca cc tp on, trnh xy ra chnh lch s liu trong BCTC ca cc doanh nghip va l DNNY, va l DNNN, va l cng ty con ca cc tp on. Vn kim ton BCTC nn i dn n thc hin i vi tt c mi loi hnh DN trn ton quc, da trn tiu chun mc vn kinh doanh, nhm lm minh bch ho nn kinh t, ng thi y cng l d liu quan trng ni ln thc trng nn kinh t quc gia qua tng thi k, to iu kin cho cc c quan qun l v m nn kinh t thc hin cc chnh sch t hiu qu cao. 3.3. Mt s kin ngh - B Ti Chnh Qua ni dung phn tch tnh hnh thc hin cng b BCTC ca cc DNNY, chng ti xin c mt s kin ngh nh sau: (1) B Ti chnh nn giao hn nhim v xy dng h thng vn bn quy phm php lut c lin quan n lnh vc chng khon cho UBCKNN(SSC), sau khi trnh B v c duyt y, nhm ph hp vi tnh hnh pht trin c v quy m v

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cht lng ca TTCK trong tng lai, cng nh tng ng vi thng l quc t v TTCK. (2) Cng tc k ton c v tr quan trng trong vic cung cp thng tin trn TTCK, y cng l c s hnh thnh cht lng hng ho trn th trng. Hin nay h thng cc vn bn k ton c xy dng v thc hin theo Lut, chun mc v cc vn bn hng dn thi hnh, h thng vn bn quy phm php lut nh th rt phc tp, chng cho cng nh gy kh khn trong vic thc hin, ngh B cho xy dng, tu chnh mt b Lut v Chun mc k ton Vit Nam thng nht, gim bt cc vn bn hng dn km theo, lm khun mu cho cc k ton vin thc hin cng tc k ton. Theo thng l quc t, cng vic xy dng chun mc k ton c thc hin bi Hip hi k ton. V th ngh B tng cng thm mt s chc nng cho Hi k ton, kim ton Vit Nam (VAA) hin nay, xy dng Hi thnh mt t chc chuyn mn lm tham mu cho B v cc vn c lin quan n cng tc k ton, lm cng tc trc tip qun l, iu hnh theo di, kim tra, cng nh kin ngh x l cc vi phm trong lnh vc k ton . (3) V cng tc kim ton l dch v c tm nh hng quan trng n TTCK v c mi lin quan cht ch n CBTT l BCTC ca cc CTCP ni chung v cc DNNY ni ring, ngh B lm tham mu cho Chnh ph nhanh chng hon thin b Lut Kim ton c lp trnh Quc Hi thng qua, ng thi giao cho Hi ng kim ton vin hnh ngh Vit Nam (VACPA), trc tip xy dng h thng chun mc kim ton c lp Vit Nam, cng nh qun l, gim st, thanh tra v x l cc trng hp vi phm trong thc hin kim ton, trnh xy ra nhng trng hp lin i vi phm c nh hng n TTCK. Mt khc v chuyn mn nn tch hai nhim v k ton, kim ton ra thnh hai b phn ring bit, giao cho hai t chc thc hin. V d chuyn VAA thnh

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Hip hi k ton, VACPA thnh Hip hi kim ton, d dng trong vic xy dng chuyn nghip ho cc cng tc k ton, kim ton. (4) Bn bt c phn Nh nc trong cc DNNY khng thuc din Nh nc cn nm gi, i i vi vic m room cho nh u t nc ngoi trong mt s lnh vc ngnh ngh khng quan trng, nhm khai thc ngun vn nc ngoi, vi mc ch : th nht nhm thay i np lm vic, qun l theo kiu c ca cc nh qun l trong cc DNNY c vn nh nc chim c phn chi phi, th hai gim bt thit thi quyn li cho c ng thiu s, th ba tm kim b sung cc nhn t mi trong v ngoi nc c nng lc iu hnh DN trong giai on hin nay, cng nh tng bc nng cao nng lc lnh o iu hnh chung ca cc DN trong ton nn kinh t. (5) Kin ngh xem xt a vo TTCK mt s hng ho ti chnh khc nh thng phiu, hi phiu, hp ng giao sau,cc cng c chng khon phi sinh nh nghip v mua bn khng, mua bn chng khon trung hn, xy dng TTCK ngy cng a dng, phong ph, phn vinh. - y Ban Chng Khon Nh Nc + Chn chnh thc trng CBTT hin nay ca cc DNNY, nht l cc BCTC thng nin, quy nh li v hnh thc, phng tin CBTT, ngh v gim st cc DNNY xy dng, qun l tt trang web ca doanh nghip, gim bt hin tng qu ti trong CBTT, dng phng tin thng tin trn lm cu ni gia nh u t v doanh nghip, to s an tm cho nh u t, cng nh cho ton th trng. + Tng cng hn na cng tc theo di, gim st, x l vi phm, xy dng h thng cng thng tin lin lc gia DNNY SGDCK UBCKNN, nhm m bo cho nh u t c c thng tin chnh xc, kp thi, minh bch v y , cng nh tng bc xy dng TTCK mang tnh cnh tranh hon ho. + UBCKNN nn xem xt li h thng vn bn hin hnh v CBTT, cn sa i sao cho gn nh, thng thong, kt hp lin hon vi h thng vn bn lut c

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lin quan nh Lut Doanh nghip, Lut K ton, Lut u t , ng thi m bo cc biu mu bo co c y ni dung phc v cho phn tch tnh hnh ti chnh doanh nghip, hot ng ca th trng ngy cng hiu qu hn. + Lm tham mu cho B Ti chnh sa i li quy nh v x pht, ch ti nhng vi phm trn TTCK, sao cho c tnh rn e, ng thi lp li k cng trong lnh vc CBTT, cng nh m bo vic tun th lut php trong CBTT, nhm xy dng mi trng minh bch v lnh mnh trn TTCK. + Tng cng hn na cng tc gim st, qun l vic thc hin pht hnh chng khon ra cng chng v pht hnh ring l ca cc CTCP ni chung, cc DNNY ni ring nhm trnh tnh trng mt cn i tin hng, i ng hng ho, lm gim tnh hp dn ca c phiu, hiu qu ca th trng, cng l nguyn nhn gin tip lm tng cung, gim cu chng khon v l nguyn nhn dn n suy thoi th trng. + Ngoi ra SSC cn y mnh hn na cng tc tuyn truyn gio dc, ph kin thc v chng khon v TTCK, h thng vn bn Lut c lin quan nh Lut Doanh nghip, Lut u t, Lut Chng khon , tng bc nng cao trnh hiu bit ca cc ch th tham gia TTCK, to s t gic thc hin ngha v cho cc ch th tham gia th trng. + Cn c s phi hp cao trong mi quan h gia cc c quan iu hnh v cc t chc cung ng cc dch v CBTT trn th trng nh: Hip hi k ton, kim ton Vit Nam (VAA), Hi ng kim ton vin hnh ngh Vit Nam (VACPA), Hip hi chng khon Vit Nam, trong vic xy dng mi trng php l cng nh theo di, kim tra, gim st cc hot ng CBTT trn TTCK. + UBCKNN xem xt li tnh hnh TTCK trong giai on hin nay, nhm trnh gy ra tc ng tm l xu ca nh u t trn th trng v giao dch c phiu ca c ng ni b. ngh SSC yu cu hn ch chuyn nhng c phn s hu c nhn (khng k s c phn i din vn Nh nc) trong sut thi gian ti v i

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vi cc thnh vin Hi ng qun tr, Ban gim c (Ban Tng gim c), k ton trng cc DNNY, nu mun chuyn nhng, hoc phi rt khi thnh vin cc t chc trn, hoc phi c s ng ca i hi ng c ng cng ty. - S Giao Dch Chng Khon Thnh Ph H Ch Minh + T chc kim tra, gim st tnh hnh cc DNNY thc hin quy ch ca S v CBTT nh k, m bo thng tin c cng b kp thi theo ng quy nh ca lut php. Kin ngh v h tr cc DNNY thc hin xy dng trang web cng ty lm cng thng tin in t, phc v yu cu CBTT. + T chc o to, tp hun cho cc nhn vin cng b thng tin trong cc DNNY, nhm m bo cc doanh nghip ny hiu r tnh quan trng ca vic CBTT. + Khuyn co cc DNNY thc hin tt cng tc qun tr, iu hnh cng ty, xy dng h thng kim tra ni b, m bo minh bch ho ngay t trong ni b doanh nghip. + Xy dng, pht trin h thng cng ngh thng tin nhm m bo yu cu CBTT ca cc DNNY, mt khc SGDCK cng xem xt v h tr cc DNNY t chc thay i nin k ton theo tng lnh vc ngnh ngh nhm ph hp vi thc t ca cc doanh nghip, ng thi gim ti cho h thng thng tin hin nay trong cung cp dch v, v m bo tnh kp thi trong CBTT trn TTCK. + Tng cng hn na cng tc ph thng ho cc lut l hin hnh c lin quan n TTCK cho cc ch th tham gia th trng bng nhiu hnh thc khc nhau, xem y cng l ngun nhn lc tip tay cho cng tc kim tra, gim st cc hot ng ca th trng, theo di, gim st cc DNNY trong vic thc hin CBTT. - Cc cng ty nim yt + c th ch ng trong cng tc CBTT, cc DNNY nn xy dng trang web cng ty, v qun l tt cng thng tin in t ca doanh nghip mnh, ly y

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lm cu ni gia doanh nghip v nh u t, t mnh c th m bo tt vic CBTT theo quy nh ca lut php trn th trng. + Tng bc xy dng i ng cc nh qun l theo phong cch mi, qun l theo m hnh cng ty c phn hin i, thc hin vic chp hnh, tun th lut php l vic quan trng hng u, c ch o to, pht trin ngun nhn lc ph hp vi yu cu trong tnh hnh mi. + Nm vng h thng lut php, xy dng v hon chnh quy ch v CBTT, thc hin qun tr doanh nghip theo quy nh ca php lut, xy dng h thng kim tra ni b c tnh c lp cao, to iu kin nng cao trnh v k ton ca cc nhn vin tc nghip trong n v, tng bc t yu cu thng tin c cng b phi minh bch, chnh xc, y v kp thi. + Cn xem cng tc CBTT l mt cng tc quan trng n phi c tun th v thc hin nghim tc, cc DNNY nn thnh lp b phn chuyn trch cng tc CBTT, b phn ny phi am hiu v h thng lut php c lin quan n vic CBTT trn TTCK.

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Kt lun chng 3 Cc bin php nhm hon thin vic CBTT trc ht phi nh hng c m hnh xy dng th trng v h thng CBTT nh th no? Xu th pht trin h thng ra sao? Thng qua vic xc nh quy m tng trng TTCK trong ngn v di hn. Xy dng TTCK phi ng trn quan im: - Hi nhp vi TTCK th gii, k tha kinh nghim cc nc tin tin c nn kinh t th trng pht trin. - Hc tp kinh nghim nhng m hnh TTCK cc nc c nn kinh t tng t v bn cht ging nh nc ta (TTCK Trung Quc), vi mc ch xy dng th trng n nh v lng, m bo v cht v ph hp cho s pht trin lu di. - Trnh , kin thc v kinh t ca cc ch th tham gia kinh doanh trn th trng cng l c im cn ch trong xy dng m hnh TTCK. - Hon thin h thng lut php theo hng m, ng b v nht qun, i i vi vic xy dng mi trng hot ng kinh doanh thng thong, pht huy tinh thn kinh doanh lnh mnh cng nh thc hin tun th php lut. - Cng vi vic xy dng hon chnh h thng cng b thng tin trn TTCK, vic tng cng cc chc nng ca cc t chc, c quan hu quan h tr TTCK (Hip hi k ton, kim ton, chng khon), cc t chc ny s cng vi B Ti chnh, UBCKNN, SGDCK, trc tip gim st, theo di, kim tra, nh gi cc hot ng trn th trng nhm thc hin trung thc v minh bch ho TTCK.

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Kt lun chung TTCK l sn phm tt yu ca nn kinh t th trng, y l mt knh thu ht vn u t rt quan trng trong nn kinh t, tnh hnh hot ng ca th trng cng l c s d liu phc v cng tc iu hnh v m quc gia. c trng ca TTCK l th trng vn cao cp, ngun sng ca TTCK l thng tin c cng b trn th trng, hng ho chng khon c mt gi tr ni ti kh tru tng v chnh thng tin l iu kin tin quyt to nn gi tr ni ti . Trong cc loi thng tin th BCTC ca cc DNNY c cng b thng k c mc rt quan trng, v vy yu cu CBTT phi c a ln hng u, nu mun cho th trng pht trin bn vng. Cc t chc hi ngh nghip c lin quan n CBTT trn th trng cn phi c xy dng theo nh thng l quc t, nhm phi hp vi cc c quan qun l lm tham mu, h tr v gim st TTCK, m bo lut l c thc thi mt cch nghim minh, xy dng mi trng kinh doanh lnh mnh. Trong cng tc k ton, kim ton vic xy dng h thng chun mc k ton ph hp vi lut php v tnh hnh thc t ca Vit Nam, ng thi m bo iu kin ho nhp vi vi chun mc k ton, kim ton quc t khi c iu kin. T chc o to v o to li i ng cn b nhn vin lm cng tc qun l th trng. Tng cng xy dng h thng cng ngh thng tin hin i, phc v yu cu CBTT trn TTCK, m bo thng tin cng b trn th trng c thng sut. T chc h thng vn hnh qua li i vi cc c quan qun l trc tip, gin tip v cc c quan hu quan i vi th trng, nhm m bo cc ch trng, chnh sch ca Nh nc c thi hnh ng b thng nht v hiu qu, xy dng cc hip hi chc nng gip vic trong kim tra, thanh tra, gim st, nh gi cc mt hot ng trn TTCK, nhm to iu kin cho th trng pht trin lnh mnh, minh bch, n nh v bn vng.

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NHN XT V NH GI V TI

- ti c thc hin c tnh thi s i vi chuyn ngnh trong giai on hin nay, cch trnh by v b cc c xy dng c phng php khoa hc, trnh by th t v c logic, k nng vit, ghi nhn v gii trnh s vic theo th t hp l, n gin, d hiu v t sai st. - Ni dung ti a ra kh nhiu kin mi m v cch nhn nhn v thng tin k ton, bo co ti chnh, cng b thng tin ca cc doanh nghip nim yt ni chung v cc cng ty c phn ni ring. Thng qua ni dung ti phn nh, nh gi, a ra cc gii php v kin ngh cc vn c lin quan trong lnh vc k ton trn th trng chng khon nh sau: + Ni dung cng b thng tin k ton + Phm vi v hnh thc cng b thng tin + iu kin v trch nhim trong vic cng b thng tin + nh gi cht lng thng tin c cng b + Hnh thc x l cc vi phm cc bin php ch ti + Cng tc kim ton v nh hng ca n n thng tin cng b, v; Mt s kin ngh i vi cc c quan, t chc lnh o, qun l, iu hnh, cung cp hng ho trn th trng chng khon Vit Nam. Chi tit c trnh by c th t trang 53 n trang 80 ca ti.