Giai Phap Han Che Rui Ro Trong Dau Tu Tren Thi Truong Chung Khoan Viet Nam Hien Nay 7548

z
B GIO DC V O TO
TRNG I HC KINH T TPHCM
H NGUYN THY TIN
GII PHP HN CH RI RO TRONG

U T TRN TH TRNG
CHNG KHON VIT NAM HIN NAY
LUN VN THC S KINH T
TP. H Ch Minh- Nm 2011
B GIO DC V O TO
TRNG I HC KINH T TPHCM
H NGUYN THY TIN
GII PHP HN CH RI RO TRONG U

T TRN TH TRNG CHNG KHON
VIT NAM HIN NAY
Chuyn ngnh: Ti chnh- Ngn hng

M s
: 60.31.12
LUN VN THC S KINH T

NGI HNG DN KHOA HC: T.S. TRN HONG NGN
TP. H Ch Minh- Nm 2011
LI CAM OAN
Ti xin cam oan y l cng trnh nghin cu thc s ca c nhn ti, di

s hng dn khoa hc ca T.S. Trn Hong Ngn. Cc s liu v kt qu nu trong
lun vn l hon ton trung thc.
Tc gi lun vn
H Nguyn Thy Tin
MC LC
LI M U..................................................................................................................1
CHNG 1 .....................................................................................................................3
C S L LUN V TH TRNG CHNG KHON V RI RO TRONG U
T CHNG KHON .....................................................................................................3
1.1.Tng quan v TTCK..............................................................................................3
1.1.1.Khi nim. .......................................................................................................3
1.1.2.Phn loi TTCK. .............................................................................................3
1.1.3.Vai tr ca TTCK:..........................................................................................4
1.1.3.1.Huy ng vn cho nn kinh t: ................................................................4
1.1.3.2.Cung cp mi trng u t cho cng chng:........................................4
1.1.3.3.To tnh thanh khon cho cc chng khon: ..........................................4
1.1.3.4.nh gi hiu qu hot ng ca cc doanh nghip. ..............................5
1.1.3.5.To mi trng cho chnh ph thc hin chnh sch kinh t v m. ......5
1.1.4.Nguyn tc hot ng ca th trng. ............................................................5
1.1.4.1.Nguyn tc u gi:..................................................................................5
1.1.4.2.Nguyn tc cng bng: .............................................................................5
1.1.4.3.Nguyn tc cng khai:..............................................................................5
1.1.4.4.Nguyn tc trung gian:.............................................................................5
1.1.4.5.Nguyn tc tp trung: ..............................................................................5
1.1.5. Cc ch th tham gia TTCK..........................................................................6
1.1.5.1.Nh pht hnh:.........................................................................................6
1.1.5.2.Nh u t ................................................................................................6
1.1.5.3.Cc t chc kinh doanh trn TTCK:.......................................................6
1.1.5.4.Cc t chc c lin quan n th trng chng khon ...........................6
1.2.Cc loi ri ro trong u t chng khon. ...........................................................7
1.2.1.Khi nim ........................................................................................................7
1.2.2.S cn thit hn ch ri ro trong u t chng khon..................................7
1.2.3.Cc loi ri ro trong u t chng khon .....................................................7
1.2.3.1.Ri ro h thng.........................................................................................7
1.2.3.2.Ri ro khng h thng..............................................................................9
1.3.Bi hc kinh nghim. ........................................................................................... 10
CHNG 2 ................................................................................................................... 12
THC TRNG V CC RI RO TRONG U T TRN TTCKVN ................... 12
2.1.Tng quan v TTCK Vit Nam ...........................................................................12
2.1.1.Khi qut chung v TTCK Vit Nam........................................................... 12
2.1.2. Thc trng hot ng ca SGDCK TPHCM thi gian qua ....................... 27
2.1.2.1. Quy m nim yt.................................................................................... 27
2.1.2.2.Gi tr vn ha th trng......................................................................28
2.1.2.3.Quy m giao dch.................................................................................... 30
2.1.2.4.Ch s gi chng khon ..........................................................................31
2.1.3. Thc trng hot ng ca SGDCK H Ni thi gian qua.......................... 34
2.1.3.1.Quy m nim yt..................................................................................... 35
2.1.3.2. Gi tr vn ha th trng.....................................................................36
2.1.3.3.Quy m giao dch.................................................................................... 37
2.1.3.4. Ch s gi chng khon .........................................................................38

2.1.4. nh gi TTCKVN sau 10 nm hot ng ................................................. 40
2.1.4.1. Nhng thnh tu ................................................................................... 40
2.1.4.2. Nhng vn cn tn ti ......................................................................42
2.2.Ri ro trong u t trn TTCKVN.....................................................................44
2.2.1. Nguyn nhn ri ro trong u t trn TTCKVN .......................................44
2.2.2. Cc ri ro trong u t trn TTCKVN....................................................... 45
2.2.2.1. Ri ro h thng...................................................................................... 45
2.2.2.2. Ri ro khng h thng -Ri ro t t chc pht hnh........................... 56
2.2.3. Cc ri ro khc............................................................................................. 58
CHNG 3 ................................................................................................................... 60
MT S GII PHP HN CH RI RO TRONG U T TRN TTCKVN
HIN NAY..................................................................................................................... 60
3.1. Mt s gii php hn ch ri ro trong u t chng khon. ............................ 60
3.1.1. i vi Cng ty nim yt: ............................................................................60
3.1.2. i vi cc cng ty chng khon .................................................................65
3.1.3. i vi nh u t........................................................................................ 66
3.2. Kin ngh i vi c quan QLNN, UBCKNN v cc c quan chc nng. ........70
3.2.1. i vi c quan QLNN ................................................................................ 70
3.2.2. i vi UBCKNN......................................................................................... 70
3.2.3. i vi cc c quan chc nng ....................................................................71
KT LUN.................................................................................................................... 73
TI LIU THAM KHO ............................................................................................. 74
Ph lc 1 ........................................................................................................................ 77
DANH SCH C PHIU NIM YT SGDCK TPHCM ( 2000- 2011)..................... 77
Ph lc 2 ........................................................................................................................ 87
DANH SCH C PHIU NIM YT SGDCK H NI (2005- 2011)..................... 87
Ph lc 3 ...................................................................................................................... 102
Hng dn v giao dch chng khon ........................................................................ 102
DANH MC CC K HIU, CH VIT TT
CPI: Ch s gi tiu dng

CSTK: Chnh sch ti kha
CSTT: Chnh sch tin t
CTCK: Cng ty chng khon
CTCP: Cng ty c phn
DN: Doanh nghip
DNNN: Doanh nghip nh nc
EPS: Thu nhp trn c phn
GDP: Tng sn phm quc ni
HQT: Hi ng qun tr
HN-Index: Ch s gi c phiu ti SGDCK H Ni
LSCK: Li sut chit khu
P/E: Ch s gi trn thu nhp
OTC: Th trng chng khon phi tp trung
NT: Nh u t
NHNN: Ngn hng nh nc
NHTM: Ngn hng thng mi
NHTMCP: Ngn hng thng mi c phn
QLNN: Qun l nh nc
QTDN: Qun tr doanh nghip
SCIC: Tng cng ty u t v kinh doanh vn nh nc
SGDCK: S giao dch chng khon
SGDCKHN- HNX: S giao dch chng khon H Ni
SGDCK TPHCM: S giao dch chng khon Thnh ph H Ch Minh
TTCK: Th trng chng khon
TTCKVN: Th trng chng khon Vit Nam
TTGDCK: Trung tm giao dch chng khon
TTLKCK: Trung tm lu k chng khon
UBCKNN: y ban chng khon nh nc
UPCoM:Th trng giao dch c phiu ca cng ty i chng cha nim yt
VN-Index: Ch s gi c phiu ti SGDCK TPHCM
DANH MC CC BNG BIU

BNG 2.1 QUY M NIM YT TI SGDCK TPHCM ....................................................................... 27
BNG 2.2: GI TR VN HA CA 10 CNG TY NIM YT LN NHT TI SGDCK TPHCM
........................................................................................................................................................ 29
BNG 2.3: QUY M GIAO DCH TI SGDCK TPHCM QUA CC NM ....................................... 30
BNG 2.4: QUY M NIM YT TI SGDCK H NI ...................................................................... 35
BNG 2.5: GI TR VN HA CA 10 CNG TY NIM YT LN NHT TI SGDCKHN ........ 36
BNG 2.6: QUY M GIAO DCH TI SGDCK H NI QUA CC NM........................................ 37
BNG 2.7: MT S CH TIU LI NHUN CA 10 DN C GTVH LN NHT TTCKVN.......... 57
DANH MC CC TH
BIU 2.1: S LNG C PHIU NIM YT TI SGDCK TPHCM QUA CC NM.............. 28
BIU 2.2: VN-INDEX QUA CC NM ( 2002-2011)...................................................................... 31
BIU 2.3:DIN BIN CA VN-INDEX TRONG NM 2011.......................................................... 34
BIU 2.4: S LNG C PHIU NIM YT TI SGDCKHN QUA CC NM ....................... 35
BIU 2.5: HNX-INDEX QUA CC NM 2007-2011 ....................................................................... 38
BIU 2.6: DIN BIN CA HNX-INDEX TRONG NM 2011...................................................... 39
BIU 2.7: CC LI SUT CA NHNN........................................................................................... 52
BIU 2.8: CC LI SUT CA NHNN 6 THNG U NM 2011 ............................................. 53
BIU 2.9: LM PHT TI VIT NAM T 2001 N 2010 .......................................................... 54
BIU 2.10: DIN BIN CA VN-INDEX QUA 4 GIAI ON LM PHT ................................. 54
BIU 2.11: T S P/E,P/B CA VIT NAM V MT S TH TRNG TH GII ................ 58
Gii php hn ch ri ro trong u t trn TTCKVN hin nay
LI M U
1.L do chn ti
Th trng chng khon m m trong sut thi gian qua vi thanh khon
rt thp v nh u t khng sn sng mua vo, bt chp hng lot c phiu gim
kh mnh. Thanh khon thp phn nh dng tin ang vo th trng vi mc
yu. Khng th quy kt cho s suy gim ca lng vn sn c v lch s cho thy k
c thi im tht cht tin t, dng vn khng s dng n by cng vn to
mt mc thanh khon tt hn hin ti. Nguyn nhn chnh vn l mc ngi ri ro
qu cao khin nh u t nghing v trng thi tin mt ln, chp nhn ng ngoi
th trng, b qua cc c hi ngn hn ch i mt s ci thin r rng hn ca
tnh trng v m. C th ni th trng chng khon Vit Nam y ri ro. Do ,
iu thc s cp thit l cn phi c gii php hn ch ri ro trong u t chng
khon.
2.Mc tiu nghin cu.
Mc tiu l phn tch cc ri ro tc ng n hot ng kinh doanh chng
khon ca cc nh u t nhm a ra cc gii php hn ch ri ro trong u t
chng khon.
3.i tng v phm vi nghin cu:
Cc ri ro trong u t chng khon i vi cc nh u t c nhn v t
chc trn th trng chng khon tp trung Vit Nam.
S liu nghin cu t nm 2000 n thng 7 nm 2011.
4.Phng php nghin cu
Lun vn ch yu s dng phng php phn tch ,thng k m t.
5. ngha khoa hc v thc tin
Lun vn nu ra cc ni dung v:
-L lun c bn v ri ro trong u t trn TTCK.
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-Tng quan v tnh hnh TTCKVN, cc ri ro m cc nh u t gp phi

trn TTCKVN.
-Mt s gii php hn ch ri ro trong u t chng khon trn TTCKVN.
6.Kt cu lun vn :
Li m u
Chng 1: C s l lun v TTCK v ri ro trong u t chng khon
Chng 2: Thc trng v cc ri ro trong u t trn TTCK Vit Nam
Chng 3: Mt s gii php hn ch ri ro trong u t trn TTCK Vit
Nam.
Kt lun
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CHNG 1
C S L LUN V TH TRNG CHNG KHON V RI RO
TRONG U T CHNG KHON
1.1.Tng quan v TTCK

1.1.1.Khi nim.
Trong nn kinh t hin i, TTCK c quan nim l ni din ra cc hot
ng giao dch mua bn chng khon trung v di hn, c tin hnh th trng
s cp khi ngi mua mua c chng khon ln u t nhng ngi pht hnh, v
nhng th trng th cp khi c s mua i bn li cc chng khon c pht
hnh th trng s cp.
Nh vy, xt v mt hnh thc, TTCK ch l ni din ra cc hot ng trao
i, mua bn, chuyn nhng cc loi chng khon, qua thay i ch th nm
gi chng khon.
1.1.2.Phn loi TTCK.
Cn c vo tnh cht php l: TTCK bao gm 2 loi:

-Th trng tp trung ( Th trng chnh thc): l ni mua bn
cc loi chng khon c nim yt hay c bit l, c a im
v thi gian biu giao dch r rt, gi c xc nh theo th thc u
gi cng khai, hoc khp lnh c s kim sot ca hi ng chng
khon, c th hin ch yu bng cc SGDCK.
-Th trng phi tp trung ( OTC- Over the counter markets): l
th trng mua bn chng khon qua quy ca cc CTCK thng qua
hnh thc thng lng vi NT trc tip, qua h thng in thoi,
hoc qua h thng my tnh v chu s qun l ca UBCKNN v hip
hi chng khon.
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Cn c vo qu trnh lun chuyn chng khon: TTCK bao gm:

-Th trng s cp ( Primary markets): l th trng mua bn
ln u nhng chng khon mi pht hnh, ko theo s tng thm
quy m vn u t, l th trng to vn cho n v pht hnh.
-Th trng th cp ( secondary markets):l th trng mua i
bn li cc chng khon c pht hnh qua th trng s cp.
Cn c theo i tng giao dch: TTCK bao gm:

-Th trng c phiu (Stock market): l th trng m i
tng giao dch l cc loi c phiu ca cc CTCP v l b phn c
bn, gi v tr quan trng nht ca h thng TTCK.
-Th trng tri phiu (Bond Market): cn gi l th trng n,
l ni giao dch cc loi tri phiu.
-Th trng chng ch qu u t (Fund Certificate Market/
Fund Stock Market): l ni giao dch cc loi chng ch qu.
-Th trng chng khon phi sinh (Derivatives Market): l
ni giao dch cc loi chng khon phi sinh nh quyn mua c phn,
chng quyn, quyn chn, hp ng k hn, hp ng tng lai,.
1.1.3.Vai tr ca TTCK:
1.1.3.1.Huy ng vn cho nn kinh t:
Thng qua TTCK, chnh ph, chnh quyn a phng cng nh cc cng ty
huy ng c ngun vn t tin nhn ri ca cng chng qua vic cng chng
mua chng khon do cc n v pht hnh.
1.1.3.2.Cung cp mi trng u t cho cng chng:
TTCK cung cp mt mi trng u t lnh mnh vi cc c hi la chn
phong ph v gp phn lm tng mc tit kim quc gia.
1.1.3.3.To tnh thanh khon cho cc chng khon:
Thng qua TTCK, NT c th chuyn i chng khon s hu thnh tin
mt hoc cc loi chng khon khc. Nh vy, TTCK hot ng cng hiu qu v
nng ng th tnh thanh khon ca chng khon cng cao.
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1.1.3.4.nh gi hiu qu hot ng ca cc doanh nghip.

Thng qua gi chng khon , hot ng ca cc doanh nghip c phn
nh tng hp, chnh xc, gip vic so snh, nh gi hot ng ca cc doanh
nghip nhanh chng, thun li, to mt mi trng cnh tranh lnh mnh nhm
nng cao hiu qu s dng vn.
1.1.3.5.To mi trng cho chnh ph thc hin chnh sch kinh t v m.
Thng qua TTCK, chng ph c th mua v bn tri phiu chnh ph to
ngun thu b p thm ht ngn sch v qun l lm pht.Thm vo , chnh
ph cng c th s dng mt s chnh sch, bin php tc ng vo TTCK nhm
nh hng u t m bo nn kinh t pht trin cn i v bn vng.
1.1.4.Nguyn tc hot ng ca th trng.
1.1.4.1.Nguyn tc u gi:
Gi hnh thnh qua u gi, khng c s p t v gi.
1.1.4.2.Nguyn tc cng bng:
c bnh ng trong vic chia s thng tin, trong vic gnh chu cc hnh
thc x pht nu vi phm quy nh, nhm m bo li ch cho nhng ai tham gia th
trng ny.
1.1.4.3.Nguyn tc cng khai:
Cng khai hot ng ca cng ty nim yt chng khon, tnh hnh giao dch
trn th trng, thng tin phi , chnh xc, kp thi v bnh ng.
1.1.4.4.Nguyn tc trung gian:
Thng qua ngi mi gii v nh bun chng khon.
1.1.4.5.Nguyn tc tp trung:
Cc giao dch chng khon ch din ra trn SGDCK v th trng OTC, c
s kim tra, gim st ca cc c quan qun l nh nc v cc t chc t qun.
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1.1.5. Cc ch th tham gia TTCK.

1.1.5.1.Nh pht hnh:
Nh pht hnh l cc t chc thc hin huy ng vn thng qua TTCK,l
ngi cung cp cc chng khon, bao gm: Chnh ph v chnh quyn a phng,
cc cng ty, cc t chc ti chnh.
1.1.5.2.Nh u t
Nh u t l nhng ngi thc s mua v bn chng khon trn TTCK, bao
gm: cc nh u t c nhn v cc nh u t t chc
1.1.5.3.Cc t chc kinh doanh trn TTCK:
Bao gm:
Cng ty chng khon: l t chc vi t cch php nhn kinh doanh chng
khon, thc hin mt hoc ton b cc hot ng: mi gii, t doanh, bo lnh pht
hnh, t vn u t vi mc ch kim li nhun.
Cng ty qun l qu u t: l t chc c t cch php nhn, hot ng cung
cp dch v qun l qu u t chng khon, qun l danh mc u t chng
khon.
Cc trung gian ti chnh
1.1.5.4.Cc t chc c lin quan n th trng chng khon
C quan qun l Nh nc: l nhn t quan trng m bo th trng hot
ng trt t, cng bng, ng php lut.
SGDCK: l ni giao dch cc chng khon c nim yt, nhim v l t
chc cc vn hnh th trng thng qua cc b phn chc nng nh qun l nim
yt, qun l giao dch, qun l cng b thng tin, thanh tra gim st,trn c s
cc vn bn php lut ca nh nc v cc quy nh ca s.
Hip hi cc nh kinh doanh chng khon: l t chc ca cc cng ty chng
khon v mt s thnh vin hot ng trong ngnh chng khon c thnh lp vi
mc ch bo v li ch cho cc cng ty thnh vin ni ring v cho ton ngnh
chng khon ni chung.
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T chc lu k v thanh ton b tr chng khon: l t chc nhn lu tr,

bo qun, chuyn giao chng khon cho khch hng v thay mt khch hng thc
hin cc quyn lin quan n s hu chng khon nh quyn nhn c tc, quyn
tham gia i hi c ng,v tin hnh cc nghip v thanh ton b tr cc giao
dch mua bn chng khon.
Cc t chc ti tr chng khon: l t chc c thnh lp vi mc ch
khuyn khch m rng v tng trng TTCK thng qua cc hot ng cho vay bo
lnh, cho vay mua c phiu, cho vay chng khon cho cc giao dch chnh
lch,.
Cng ty nh gi h s tn nhim: l t chc chuyn thc hin vic nh gi
v tnh hnh hin ti v trin vng hot ng ca cc doanh nghip di dng h s
tn nhim.
1.2.Cc loi ri ro trong u t chng khon.
1.2.1.Khi nim
Ri ro trong u t chng khon c nh ngha l s dao ng ca li
nhun. Dao ng cng cao th ri ro cng cao v ngc li.
1.2.2.S cn thit hn ch ri ro trong u t chng khon
u t chng khon l lnh vc kinh doanh vi li nhun cao ng thi ri
ro cng rt ln. V vy, tht quan trng khi phn tch, tm hiu ri ro hn ch kh
nng thua l v xy dng chin lc u t an ton.
1.2.3.Cc loi ri ro trong u t chng khon
1.2.3.1.Ri ro h thng.
Ri ro h thng l nhng ri ro do cc yu t nm ngoi cng ty, khng kim
sot c v c nh hng rng ri n c th trng v tt c mi loi chng
khon.
Ri ro h thng c th chia nh thnh nhng loi ri ro nh sau:
1.2.3.1.1. Ri ro th trng
Nhng thay i trong mc sinh li i vi phn ln cc loi c phiu thng
ch yu l do s hy vng ca cc nh u t gi l ri ro th trng.
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Ri ro th trng xut hin do c nhng phn ng ca cc nh u t i vi

nhng s kin hu hnh v kinh t, chnh tr, x hi hay cc s kin v hnh do yu
t tm l ca th trng.
1.2.3.1.2. Ri ro li sut
Ri ro li sut l kh nng bin ng ca li nhun do nhng thay i ca li
sut trn th trng. Ri ro li sut ni n s khng n nh trong gi tr th trng
v s tin thu nhp trong tng lai. Nguyn nhn ct li ca ri ro li sut l s ln
xung ca li sut tri phiu chnh ph, khi s c s thay i trong mc sinh li
k vng ca cc loi c phiu v tri phiu cng ty hay ni cch khc chi ph vay
vn i vi cc loi chng khon khng ri ro s dn n s thay i v chi ph vay
vn ca cc loi chng khon c ri ro.
Li sut ca tri phiu Chnh ph c coi l li sut chun, l mc ph vay
vn khng ri ro. N cng thay i theo cung cu trn th trng. S tng ln ca
li sut chun s lm nh hng n ton b h thng, to h qu trc tip l gi c
ca cc loi chng khon khc gim xung v ngc li. Ngoi ra, li sut chun
cn c nh hng gin tip n gi c phiu thng. l, li sut chun tng hay
gim s lm cho cc giao dch k qu km hp dn i hay hp dn hn v khi li
sut tng, cc cng ty vay n nhiu s phi trch t thu nhp nhiu hn tr li,
dn n s st gim thu nhp, c tc v gi c phiu. Ngc li, n li mang n
thu nhp cao hn cho nhng cng ty cho vay v lm cho c tc v gi c phiu ca
cc cng ty ny tng.
1.2.3.1.3. Ri ro sc mua
Ri ro sc mua l bin c ca sc mua ca ng tin thu c, l tc ng
ca lm pht i vi khon u t. Nu khon u t l mt khon tiu dng ngay,
khi mt ngi mua c phiu, anh ta b mt c hi mua hng ho hay dch v
trong thi gian s hu c phiu . Nu gi c hng ho dch v tng, cc nh u
t b mt mt phn sc mua.
Ri ro sc mua thng i km vi s thay i gi hng ho, dch v .Thc
o thng dng nht s dng xc nh mc thay i gi c hng ho, dch v l
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ch s gi hng tiu dng. Bn cnh , s thay i sc mua cng nh hng n

gi ca tt c cc loi chng khon. Nu ch s gi hng tiu dng tng th mc thu
nhp i vi chng khon cng i hi phi tng ln. iu s tc ng n gi
ca cc loi tri phiu chnh ph, tri phiu v c phiu cng ty.
1.2.3.2.Ri ro khng h thng
Ri ro khng h thng l nhng ri ro do cc yu t ni ti gy ra nh th
hiu tiu dng, nh cng, nng lc qun tr, bin ng v lc lng lao ng,, c
th kim sot c v ch tc ng n mt ngnh hay ti mt cng ty hoc mt s
chng khon. Ri ro h khng h thng bao gm: ri ro kinh doanh v ri ro ti
chnh.
1.2.3.2.1.Ri ro kinh doanh
Ri ro kinh doanh l do tnh trng hot ng ca cng ty, khi c nhng thay
i trong tnh trng ny cng ty c th s b st gim li nhun v c tc. Mc
thay i so vi xu hng d kin c coi l ri ro kinh doanh.
Ri ro kinh doanh c th c chia lm hai loi c bn: Bn ngoi v ni ti.
Ri ro kinh doanh ni ti pht sinh trong qu trnh vn hnh hot ng ca cng ty.
Trong phm vi rng hn, ri ro kinh doanh bn ngoi l nhng trng hp xy ra
nm ngoi s kim sot ca cng ty v lm nh hng n tnh trng hot ng ca
cng ty.
1.2.3.2.2.Ri ro ti chnh
Ri ro ti chnh lin quan n vic cng ty ti tr cho hot ng ca mnh.
Ngi ta thng tnh ton ri ro ti chnh bng vic xem xt cu trc vn ca mt
cng ty. S xut hin ca cc khon n trong cu trc vn s to ra cho cng ty
nhng ngha v tr li. Ri ro ti chnh l ri ro c th trnh c trong phm vi m
cc nh qun l c ton quyn quyt nh vay hay khng vay. Mt cng ty khng
vay n cht no s khng c ri ro ti chnh.
Bng vic i vay, cng ty thay i dng thu nhp i vi c phiu
thng. C th l, vic s dng h s n by t l vay n c 3 h qu quan trng
i vi nhng ngi nm gi c phiu thng, l lm tng mc bin ng trong
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thu nhp ca h, nh hng n d kin ca h v thu nhp, v lm tng ri ro ca

h.
1.3.Bi hc kinh nghim.
NT phi c nhng phn tch thi im thch hp mua bn c phiu t cc
du hiu nh c s thay i ln trong ban qun tr cng ty; cng ty t nhin ct
gim c tc hoc b st gim v thu nhp; khi cm thy th gi c phiu vt qua
gi tr ni ti; hoc khi khng hi lng v danh mc u t hin ti,.
NT cn phi thc hin vic phn tch c phiu mt cch nghim tc v t
ch, quyt on trong nhng quyt nh u t. NT nn mua nhng c phiu tt
trn c s phn tch mc gi ph hp v quyt on bn nu c phiu mt gi, nh
gi c phiu da trn gi tr thc, xem xt c phiu no gi li, c phiu no bn i.
Trong nhng nm gn y, cc nh u t Vit Nam trng thnh v hc
c nhiu bi hc kinh nghim trong u t trn TTCKVN. Bt u t nm 2006,
khi m TTCKVN bng n, nh nh chi chng khon, ngi ngi chi chng
khon. Nm 2007, cc NT hc c bi hc tht bi u tin khi th trng
gim im mnh bi s ra i ch th 03 ca NHNN quy nh hn ch t l ngn
hng cho vay v u t trn TTCK. Nm 2008, do khng hong ti chnh , nhiu
NT thua l, ri b th trng v rt ra nhiu bi hc ln. Nm 2009, cng vi s
hi sinh ca kinh t th gii v kinh t Vit Nam, th trng tng im, cc NT
yu cu mc n by cao hn v tin vo th trng. Khi mc n by qu
cao, th trng iu chnh, cc NT thua l nhanh hn. Nm 2010, cc ngun tin
vo chng khon khng nhiu. Vi mt s hn ch v dng tin v s lng ln
c phiu nim yt, nhiu NT thiu kinh nghim dn n thua l. Tm li, NT
nn t mnh rt ra cho bn thn nhng bi hc kinh nghim cn thit trnh khi
nhng sai lm khng ng c.
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Kt lun chng 1:
Chng 1 trnh by nhng kin thc c bn v TTCK v cc ri ro trong
u t trn TTCK; trnh by cc khi nim v TTCK, ri ro chng khon, cc phn
loi ri ro trong u t chng khon. T , cho thy vic hn ch nhng ri ro
trong u t chng khon thc s c mt ngha rt quan trng. Bn cnh ,
chng 1 cng a ra nhng bi hc kinh nghim thc tin i vi cc NT,
gip nh u t c thm kinh nghim hn ch ri ro.
Tm li, trn y l c s l lun v TTCK v ri ro trong u t chng
khon. Chng 2 s trnh by v thc trng v cc ri ro trong u t trn
TTCKVN.
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CHNG 2
THC TRNG V CC RI RO TRONG U T TRN TTCKVN
2.1.Tng quan v TTCK Vit Nam

2.1.1.Khi qut chung v TTCK Vit Nam
Di s ch o ca Chnh ph, nm 1992 cc t nghin cu thuc b ti
chnh v NHNN Vit Nam trin khai nghin cu n hnh thnh v pht trin
th trng vn Vit Nam. Ngy 28/11/1996, Chnh ph ban hnh Ngh nh s
75/CP thnh lp UBCKNN, l c quan thuc Chnh ph qun l cc hot ng v
chng khon v TTCK Vit Nam; chnh thc i vo hot ng vo thng 4/1997.
Ngy 11/7/1998, Ngh nh s 48/1998/N-CP ca Chnh ph v chng khon v
TTCK v quyt nh s 127/1998/Q-TTG ca th tng chnh ph v vic thnh
lp hai TTGDCK H Ni v TPHCM c ban hnh.
Vo ngy 20/7/2000 TTGDCK TPHCM c a vo vn hnh nh du s
ra i ca TTCKVN v phin giao dch u tin c thc hin vo ngy
28/07/2000. thi im lc by gi, ch c hai doanh nghip nim yt hai loi c
phiu REE v SAM vi s vn 270 t ng v mt s t tri phiu Chnh ph c
nim yt giao dch.
T nm 2000 n 2005, TTCKVN khng si ng, loi tr cn st nm
2001 vi ch s VN-Index t 571,04 im (25/4/2001). Nhng t thng 6 n
thng 10/2001, cc c phiu nim yt mt gi ti 70% gi tr, VN-Index st
xung ch cn khong 200 im vo thng 10/2001 khin nhiu NT tho chy
khi th trng.
Ngy 8/3/2005 TTGDCK H Ni chnh thc i vo hot ng. Lc ny, t l
nm gi ca nh u t nc ngoi c nng t 30% ln 49%, tr lnh vc ngn
hng.
Trong 5 nm u tin, dng nh th trng khng thc s thu ht c s
quan tm ca ng o cng chng v cc din bin tng gim ca th trng cha
to ra tc ng x hi m rng c th nh hng ti s vn hnh ca nn kinh t.
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Theo thng k ca UBCKNN, n ht nm 2005, tng gi tr TTCK Vit

Nam t gn 40.000 t ng, chim 0,69% tng GDP, trong c phiu 4.500 t
ng, 300 t ng chng ch qu u t v gn 35.000 t ng tri phiu chnh ph,
tri phiu chnh quyn a phng v thu ht 28.300 ti khon giao dch.
Nm 2006, TTCKVN thc s t ph vi hot ng giao dch si ng ti c
3 sn: SGDCK TPHCM, SGDCKHN v th trng OTC. T u n gia nm, th
trng tng trng ti 60%, c khi lng vn ha tng gp 15 ln trong vng 1
nm, v vy ngy cng thu ht cc nh u t trong v ngoi nc.
T gia n cui nm 2006, tnh trng u t vo c phiu mang tm l m
ng, v th TTCK ri vo tnh trng nng v hin tng bong bng. Mc vn ha
ca TTCK Vit Nam tng t bin, thng 12/2006 t 18,8 t USD, chim
22,7% GDP. c bit, s lng cc NT mi tham gia th trng ngy cng ng,
tnh n cui thng 12/2006, c trn 120.000 ti khon giao dch chng khon c
m, trong gn 2.000 ti khon ca nh u t nc ngoi. Gi tr c phiu do cc
nh u t nc ngoi ang nm gi t khong 4 t USD, chim 16,4% mc vn
ha ca ton th trng. K lc mi ca ch s VN- Index c xc lp mc
809,86 im, tng 146% v HNX- Index l 260 im, tng ng tng 170% so vi
u nm.
Nm 2007, TTCK Vit Nam thc s bng n. Lut chng khon c hiu lc
t ngy 01/01/2007 gp phn thc y th trng pht trin v tng cng kh
nng hi nhp vo th trng ti chnh quc t. Tnh cng khai, minh bch ca cc
t chc nim yt c tng cng. Nhn chung din bin th trng v gi c chng
khon trong cc phin giao dch c nhiu bin ng, ch s ca c 3 sn giao dch
u c bin dao ng mnh.
Trong 3 thng u nm 2007, th trng c nhng t sng cao, trong ch
s VNIndex t mc nh l 1.170,67 im v HNX- Index l 459,36 im. Th
trng t mc tng trng vi tc ln nht, tng 126% ch trong vng 3
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thng. Nh s tng trng v gi ca cc c phiu, tng gi tr vn ha ca th

trng trong giai on ny ln n con s 398.000 t ng, chim 4/5 t trng so
vi tng gi tr vn ha 492.900 t ng ca c nm 2007. Nhng iu quan trng
gp phn gia tng gi tr vn ha ca th trng khng phi do s lng chng
khon nim yt gia tng m do yu t gi c c phiu tng mnh.
Trong thi im ny, gi ng lot cc c phiu blue-chip, penny, mi nim
yt, tng trng mnh m v t mc tng trng trn 50% gi tr so vi mc gi
giao dch u nm. Yu t quan trng gp phn vo s tng trng nng trong thi
gian ny l sc cu trn th trng tng t bin khin gi tr giao dch trung
bnh mi phin giao dch ln n hng nghn t ng. Ti SGDCK TPHCM, bnh
qun mi phin giao dch t trn 1.000 t ng, SGDCKHN th t c 300 t
ng.
T thng 4 n u thng 9/2007, TTCK c mt t iu chnh r rt
trong mt khong thi gian di v lo s v mt th trng bong bng. Cc c quan
qun l nh nc cng nh chnh ph can thip gim nhit th trng bng
cc bin php kim sot th trng cht ch, ban hnh nhng thit ch kim ch
s tng trng qu nng ca th trng. V vy c SGDCKTPHCM v SGDCKHN,
tt c cc yu t ca th trng u gim st nghim trng. Vo ngy 24/04/2007,
VN- Index ri xung mc 905,53 im, gim ti 22,6%, cn HNX- In dex v
mc 321,44 im, gim 30% so vi mc nh. Th trng mt im qu nhanh
ch trong mt thi gian ngn khin gi giao dch ca cc c phiu tr v gn mc
gi thit lp vo u nm.
Trong thi gian ny, th trng cng c mt t hi phc vo giai on cui
thng 5/2007 khi VN-Index quay tr v mc 1.107,52 im vo ngy 23/05/2007.
Nhng do tc ng tm l qu mnh ca cc chnh sch kim ch th trng trc
nh Ch th 03, Lut thu thu nhp c nhn, th trng nhanh chng tr li
trng thi mt cn bng v lin tc st gim mnh khin VN-Index xc lp mc y
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883,9 im vo ngy 06/08/2007 v 247,37 im ca HNX Index vo ngy

23/08/2007.
u thng 8/2007, th trng xung su nht, SGDCK TPHCM c nhng
phin giao dch ch c hn 3.000.000 c phiu c khp lnh , cn SGDCKHN
cng ch c vn vn 600.000 c phiu c chuyn nhng thnh cng. Cc nh
u t nc ngoi cng th khi lng giao dch ca khi ny trn c 2 sn giao
dch u st gim mnh. Gi tr giao dch bnh qun ca khi nh u t nc ngoi
trong giai on ny t khong 170 t ng/phin, gim ti 52% so vi giai on
u nm.
Th trng bt u phc hi mnh m trong khong thi gian u thng 9
n cui 10/2007. Gi cc c phiu trn sn c xu hng phc hi nhanh chng,
c bit l cc m c phiu blue-chip, tuy nhin sc bt ca cc c phiu khng
mnh a cc c phiu tr v mc gi nh thit lp vo thng 3/2007. Trong
giai on ny, VN-Index c nhng phin giao dch vt ln ngng 1.100 im ,
l 1.106,6 im vo ngy 31/10/2007, cn HNX-Index cng gn chm tr li
ngng 400 im , l 393,59 im vo ngy 01/10/2007.
tng gi ca cc c phiu trong giai on ny th hin r nt nht nhm
cc c phiu blue-chip ti SGDCK TPHCM v nhm c phiu Sng ti
SGDCKHN. Lng giao dch bnh qun phin ti SGDCK TPHCM lun trn
mc 10 triu c phiu v t k lc 19,047 triu c phiu vo ngy 01/10/2008.
Cn SGDCKHN cng t lng giao dch bng SGDCK TPHCM vi trung bnh
phin c 5 triu c phiu c chuyn nhng. Tuy nhin s phc hi ny khng
duy tr lu, v c du hiu suy gim ch sau 1 phin tng im. Chnh iu ny
dn ti vic cc nh u t b ng vn, trong khi ngun cu c xu hng cn
kit, th ngun cung vn tip tc gia tng. Tng quan cung cu mt cn bng khin
th trng ngy cng xung thp c v gi ln khi lng giao dch v gi tr giao
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dch. VN-Index gim xung di ngng 1000 im v xoay quanh mc 900 im,
vi lng chng khon chuyn nhng rt hn ch.
Tnh t u nm 2007 n ngy 28/12/2007 , SGDCK TPHCM thc hin
c 248 phin giao dch vi tng khi lng giao dch t hn 2,3 t chng khon
tng ng vi tng gi tr giao dch ton th trng t 224.000 t ng, gp 2
ln khi lng v 2,8 ln gi tr giao dch so vi nm 2006. Bnh qun mi phin
giao dch c 9,2 triu chng khon c chuyn nhng tng ng vi 980 t
ng. SGDCKHN thc hin thnh cng 248 phin giao dch, vi tng khi
lng giao dch ton th trng t 616,3 triu chng khon tng ng vi tng
gi tr giao dch ton th trng t 63.859 t ng, tng gp 6 ln v khi lng v
15,8 ln v gi tr giao dch so vi nm 2006. Quy m giao dch tng trng mnh
khi mc giao dch bnh qun nm 2007 t 255 t ng/ phin trong khi nm 2006
ch t 19 t ng/ phin.
Trong nm 2008, lng cung tip tc c b sung ng k thng qua vic
Chnh ph y mnh c phn ha DNNN, c bit l cc doanh nghip quy m ln,
kinh doanh hiu qu v vic bn bt c phiu Nh nc trong cc doanh nghip
c phn ha, cha k hng lot ngn hng, cng ty chng khon, doanh nghip
pht hnh tri phiu, c phiu tng vn iu l, dn n tnh trng th trng
chng khon c nguy c tha hng.
T 1/2008 n 6/2008, th trng gim mnh do tc ng ca tnh hnh kinh
t v m. Khi u nm ti mc im 921,07 v nh th VN- Index mt i gn
60% gi tr v tr thnh mt trong nhng th trng gim im mnh nht trn th
gii.
Cc thng tin tc ng xu ti tm l nh u t trong giai on ny ch yu
xut pht t ni ti nn kinh t, c bit l s gia tng lm pht, chnh sch tht cht
tin t ca NHNN, s leo dc ca gi xng du v sc p gii chp t pha ngn
hng i vi cc khon u t vo TTCK.
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Nhm mc ch ngn chn suy gim ca th trng, cc c quan iu

hnh bt u a ra nhng ch trng v bin php h tr l UBCKNN thu hp
bin giao dch, t chc nim yt c khuyn khch mua vo c phiu qu,.
Tuy nhin, phn ln cc bin php ny ch pht huy hiu qu trong ngn hn,
v th trng tip tc st gim, gii chp c phiu khng ngng tc ng ti tm l
cc nh u t. Trong 103 phin giao dch ca giai on ny, c ti 71 phin VNIndex gim im. nh im l chui 34 phin VN-Index gim im lin tip t
gia thng 4 n u thng 6/2008. Sau 103 phin giao dch, VN-Index gim mt
550,52 im, tng ng 59,77%. Bnh qun trong mi phin, ton th trng c
8,02 triu c phiu v chng ch qu c chuyn nhng, tng ng khong
482 t ng. Trong t suy gim ny, nhm c phiu chu tc ng nhiu nht l
nhm c phiu ti chnh ngn hng, cng ngh v cng nghip, ch yu l cc cng
ty bt ng sn. Nh vy, nm 2008, UBCKNN phi can thip vo th trng bng
cc bin php mnh tay nht, 4 ln thay i bin dao ng gi trn c 2 sn
chng khon. Nhm h tr thm cho sc cu trn th trng, ngn suy gim
mnh ca cc ch s chng khon.
T 6/2008 n 9/2008, th trng phc hi trong ngn hn. Nh vai tr
dn dt ca mt s c phiu blue-chip nh STB, FPT, DPM v c bit l SSI
vi sc cu h tr t i tc nc ngoi, c hai sn chng khon c c nhng
phin tng im mnh trong giai on ny. VN-Index v HNX-Index lin tip vt
qua cc ngng cn tm l quan trng v thng xuyn c c nhng chui tng
im ko di. Giai on ny, th trng hot ng si ng. Sc cu mnh, ko theo
khi lng giao dch v gi tr giao dch thng xuyn mc cao. VN-Index tng
c 168,55 im, tng ng 45,52%, khi lng giao dch bnh qun t 16,9
triu c phiu v chng ch qu, tng ng 599,18 t ng/phin.
T 9/2008 n 12/2008, do tc ng ca khng hong kinh t ton cu, VNIndex tr li xu hng gim, mt 223,48 im, tng ng 41,45%. Khi lng
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giao dch trung bnh t 15,82 triu c phiu v chng ch qu, tng ng 497,58
t ng/ phin. Nguyn nhn tc ng ln nht ti TTCK l s lan ta mnh ca
cuc khng hong ti chnh trn th gii. Ha cng xu th gim im ca TTCK
cc nc, 2 ch s chng khon ti SGDCK TPHCM v SGDCKHN lin tip gim
im. Trong 86 phin giao dch ti SGDCK TPHCM, 49 phin VN-Index mt im,
y mi thit lp l 286,85 im vo ngy 10/12/2008.
Cng vi n lc gii cu nn kinh t ca Chnh ph v NHNN, TTCKVN
vn c nhng phin phc hi mnh. Tuy nhin, cc con sng trn th trng thng
rt ngn v khng n nh. Kt thc giai on ny, VN-Index gim mt 239,52
im, tng ng 43,15%. Tc gim mnh nht thuc v nhm c phiu cc
ngnh nguyn vt liu, cng nghip, ti chnh v cng ngh. Nguyn nhn ca s
suy gim c nhn nh mt phn do s tc ng ca xu th chung th trng, l
h qu ca vic tng kh chng mt ca cc c phiu ny trong giai on trc .
Thm vo , vo nhng thng cui nm, phong tro tr c tc bng tin mt, vi
t l kh cao ca cc cng ty nim yt.
Ngun vn FII vo Vit Nam ch yu thng qua cc qu u t. Tuy nhin,
k t cui thng 8/2008 cng vi s st gim mnh ca TTCK th gii ni chung,
TTCK Vit Nam cng gim mnh. Tnh n thng 12/2008, nhng du hiu v kh
nng u t nc ngoi rt vn ra khi TTCK cng bt u xut hin, th hin qua
vic bn rng ca khi ngoi trong nhng thng cui nm. Ngoi ra, mc d lm
pht c kim ch nhng li c s lo ngi v gim pht do ch s CPI tng trng
m trong nhng thng cui nm. Trong qu cui nm, CPI gim 0,23% trong
thng 10 v tng ln thnh 0,81% trong thng 12 so vi thng 12/2007 v xp x
23% so vi bnh qun 2007. Chnh ph kp thi thc hin gii php ti chnh thng
qua vic iu chnh gim li sut c bn nhm kch cu sn xut tiu dng, to iu
kin cho cc doanh nghip tip cn vay vn mt cch d dng hn, ng thi gim
p lc tn dng cho cc ngn hng thng mi. Tm li, TTCK Vit Nam nm 2008
cng trong xu th chung ca nn kinh t, khp li vi s st gim mnh.
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Nm 2009, TTCK Vit Nam c s phc hi. Nhng ngy 24/2/2009, VNIndex ri xung mc y 235,5 im, HNX-Index v di mc 100 im, c khi
xung mc thp nht l 78,06 im. Tnh n ht ngy 30/6/2009, VN-Index
tng 132,67 im tng ng 42,03%, HNX-Index tng 44,57 im, tng ng
42,66% so vi thi im kt thc nm 2008. y l mt bc tin di ca TTCK
Vit Nam khi VN-Index t tc tng ln, tng 46% so vi thi im u nm
2009. K lc v khi lng giao dch ti SGDCK TPHCM l 101.774.520 c phiu
v chng ch qu c chuyn nhng, ti SGDCKHN l 56.522.170 c phiu vo
ngy 10/06/2009.
T 8/2009 n 10/2009, TTCK li tip tc t tng gi th hai y mnh m
vi nhiu k lc v gi tr v khi lng giao dch. Ngy 22/10/2009, TTCK vn
ti nh im ca t sng th 2 l mc 624,10 im. y cng l mc cao nht
ca th trng sau 394 phin giao dch k t ngy 14/3/2008. Trong khong thi
gian ny, thanh khon lin tc t k lc trn c hai sn. i vi SGDCK TPHCM,
phin giao dch ngy 23/10/2009 c coi l siu thanh khon khi lp k lc cao
nht t trc n thi im ny c v khi lng v gi tr giao dch vi hn 136
triu n v c chuyn nhng, tng ng gi tr giao dch ln n 6,414 nghn
t ng; SGDCK H Ni t k lc vi hn 67,23 triu c phiu c chuyn
nhng cng 3,04 nghn t ng c gii ngn. TTCK tng trng mnh m, nm
ngoi d on ca gii chuyn gia v tr thnh im sng n tng khi c tc
phc hi nhanh nht chu .
Nm 2009 li nhng n tng mnh m v cc dng vn ra v vo th
trng. Th trng nng c xem l do khi cc CTCK a ra cc n by ti
chnh h tr NT. Kho st ti cc CTCK, k t khi chng khon hi phc, nhm
gia tng li nhun, hu ht CTCK u phi hp vi mt hay mt vi i tc ti
chnh h tr vn cho cc NT. Ti mt s CTCK, t l s dng n by c th
t 100-200%. Hnh thc h tr rt a dng v thng thong, NT vn t th c
cm c t 40-70% gi tr tin hay c phiu trong ti khon mua tip c phiu.
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Hng nghn NT lin tip quay vng ng tin bng vay mn nhm gia tng
li nhun khin sc cu c khuch i ln gp nhiu ln thc lc. Ngun lc t
cc n by ti chnh khin th trng lin tip thit lp cc k lc v thanh
khon. Cui thng 6/2009, UBCKNN phi ln ting yu cu cc CTCK thc
hin nghim tc cc quy nh, ng thi ngng k cc hp ng repo mi. Tc
ng t vn bn ca UBCKNN gip gim ri ro trn TTCK nh hn ch c
nhng dng tin ngn hn theo kiu T +, t NT bt lo lng vi cc dng tin
n, lm cho tnh n nh ca th trng tng ln.
Xt v tc tng trng, TTCKVN nm 2009 c coi l c tc tng
trng rt cao, ti 60-70%, nhng xt mt cch ton din li c khng t du hiu
bt n. Trc ht, TTCK c du hiu phc hi nhng khng bn vng. Ch s VNIndex gim mnh 22% t nh 633,2 im ngy 23/10/2009 xung mc 490,6 im
ngy 27/11/2009. Khi lng giao dch t thng 11 n ht nm st gim mnh so
vi hai thng 9 v 10/2009. Cng v cui nm, thanh khon ca th trng cng tr
nn ng lo ngi.
Chnh sch ti kha, tin t ni lng v gi kch thch kinh t nm 2009 ca
chnh ph l ng lc chnh TTCK phc hi. Tuy nhin, do nhng cng thng
trn th trng ngoi hi, nguy c lm pht v n chnh ph gia tng nn trong hai
thng cui nm 2009, chnh sch tin t bt u c du hiu tht cht. Hn na, t
cui thng 10/2009, NHNN yu cu cc ngn hng phi chm dt cho vay chng
khon. Theo c tnh ca cc chuyn gia, c ti 20-50% dng tin trn TTCK n
t n by ti chnh. Cu trn TTCK chu tc ng mnh t nhng iu chnh
trn v dn ti tnh thanh khon ca th trng gim st. Thc t cho thy, nhng
tc ng thc n lung tin vo TTCK cng nh nhng tc ng tm l khin
cc ch s chng khon ri vo chu k gim im t thng 11 cho n cui nm
2009. Tnh t nh cao xc lp trong nm 2009 th VN-Index mt khong 30%
v im s. Nhiu thi im, NT bn tho v s chng khon c th s lp y
nh thi im u nm. Theo mt s chuyn gia, nu gi nh mc tng trng
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EPS trong 12 thng ti l 20% th h s P/E ca 12 thng ti s l 19,1 ln. y l

mc P/E cao hn hn cc th trng cng tm vi Vit Nam nh Thi Lan (12 ln),
Trung Quc (14,7 ln), Innxia (14,6 ln) v Philipin (15 ln). Ngoi ra,
TTCKVN ang t hn so vi cc th trng cng khu vc khc. y l mt
trong nhng nguyn nhn khin NT nc ngoi rt vn khi th trng thi gian
qua.
Bn cnh , s bin ng ca TTCK, cng nh th trng vng, th trng
ngoi t Vit Nam, khng theo mt quy lut no cho thy nhng bt n ca th
trng pht sinh t chnh nhng yu t ni ti. Th trng ti chnh b phn khc,
cha c s minh bch cng nh thng tin cha c cp nht chun xc n NT,
trong khi yu t tm l lun b chi phi nng n bi cc tin n. Trn th trng vn
c khong trng php l cho u c, lng on.
Tri vi nhng din bin tch cc ca nm 2009, TTCKVN nm 2010 c
nhng din bin tng i m m. Gi kch cu sau khng hong gip cho nn
kinh t c s tng trng nhanh trong nm 2009, nhng p lc lm pht tng cao
trong cui nm 2009 v ko sang nm 2010. Trong 3 thng u nm 2010, lm pht
mc cao nh hng kh ln n li sut huy ng v buc NHNN phi d b
quy nh trn li sut, iu chnh t gi USD/VND. T nhng bt n ca nn kinh
t, trong 5 thng u nm 2010, HN-Index ch dao ng trong bin hp 157-190
i v VN-Index l 470-550. Cc c phiu c vn ha nh c s bc ph, cn cc
c phiu vn ha ln th hu nh khng c nhiu bin ng. Nn kinh t c du
hiu lc quan khi CPI thng 4/2010 c mc tng kh thp so vi 3/2010 l 0,27%,
nhng nhng lo ngi v khng hong n cng ti chu u khin cho ch s
chng khon th gii gim im mnh. VN-Index v HNX-Index ln lt gim
mnh xung cn 480 v 150 im t mc nh l 550 v 190. Tip n, lm pht
trong nc vn mc thp nhng mt bng li sut vn khng c nhiu bin ng
nh k vng ca NHNN, TTCK tip tc c 2 thng i ngang trong khong 480-520
i vi VN-Index v 150-160 i vi HNX-Index.
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S tiu cc ca th trng tip tc ko di thng qua TT13/NHNN v

TT19/NHNN quy nh tng t l CAR t 8% ln 9% v lng vn cho vay t ngun
vn huy ng, iu chnh h s ri ro t cc khon vay, c bit l bt ng sn t
100% ln 250% cng vi nhng quy nh mi trong lnh vc bt ng sn, gy ra
nhng lo ngi i vi li nhun ca lnh vc chim mt lng ln vn ha th
trng khin TTCK c s st gim mnh nht trong nm 2010. VN-Index t 480 v
420 im v HNX-Index t 160 v 97 im. Trong nhng thng cui nm 2010, d
ch s CPI tng cao, gi vng tng cao, TTCK c s tng im bt ng.
Nm 2010, thanh khon th trng t bin ng v khi lng nhng gi tr
gim. SGDCK TPHCM bnh qun giao dch 47,4 triu c phiu/phin giao dch
tng 7,2% so vi nm 2009 trong khi gi tr giao dch ch t 1.522,3 t ng/phin,
gim 11,68%. Cn HNX, tng t l 35,5 triu c phiu/phin gim 27,83% so vi
nm 2009 v gi tr giao dch ch t 974,2 t ng/phin, gim 30,47%.
Di p lc ca chnh sch tin t tht cht, ngun vn vay gi r nh nm
2009 kt thc, p lc v vn cho cc d n u t ang trin khai khin cc doanh
nghip y mnh huy ng vn qua TTCK. Hnh thc huy ng ch yu l pht
hnh cho c ng hin hu. Theo thng k, tng lng c phiu pht hnh cho c
ng hin hu nm 2010 ln n 2,63 t c phiu, tng ng vi gi tr thu c
khong 29.452 t ng, ln lt gp 8,56 ln v 9,18 ln so vi nm 2009. Ngoi ra,
ln sng chia thng cng si ng vi khon 2,05 t c phiu chia cho c ng
hin hu, gp 2,32 ln so vi nm 2009. Thm vo , p lc ngun cung c phiu
cng n t lng c phiu nim yt thm, nm 2010 c 4,045 t c phiu nim yt
mi.
TTCK nm 2010 khng c nhiu t bin nh nm 2009 v mt phn li
nhun ca cc doanh nghip khng c nhiu t bin khi nhng li th v chi ph
gi r nh li vay, hng tn kho v tc tng gi ca hng ha sau suy thoi
khng cn mnh nh trc. S gia tng chi ph th hin r khi doanh thu nm 2010
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tng 32,4% nhng li nhun sau thu ch tng 17,1% kh thp so vi nm 2009,
doanh thu tng 18,7% v li nhun sau thu tng 82,3%. Nguyn nhn li nhun
sau thu c mc tng thp hn doanh thu khng ch do li nhun gp gim t
21,2% xung cn 21% th chi ph ti chnh tng 150,9%, chi ph bn hng tng
72,6%, chi ph doanh nghip tng 75,6%. S st gim trong tng trng li nhun
ko theo s suy gim trong t sut li nhun ca ton b th trng. ROA ca ton
b th trng nm 2010 ch t khong 3,3% so vi nm 2009 l 3,9%, cng vi t
l n by nm 2010 gim nh so vi nm 2009 nn ROE ch t 17,2% so vi nm
2009 l 17,8%.
S mt gi ca VND so vi USD khng gy qu nhiu lo ngi, TTCK nm
2010 vn thu ht ln i vi cc nh u t nc ngoi. Trn SGDCK TPHCM,
khi ngoi mua rng n 47 tun trn 51 tun giao dch, t 15370 t ng gp 5
ln so vi nm 2009. Ti SGDCKHN, khi ngoi mua rng t 833 t ng, tng
gp 3 ln so vi 2009. Nh vy, s tc ng ca cc NT nc ngoi ngy cng
ln vi vic mua rng v y gi cc c phiu c vn ha ln nhng thanh khon
thp nh BVH, MSN,. NT nc ngoi thnh cng khi iu khin s bin ng
ca VN-Index vo cui nm 2010.
Thm vo , cui nm 2010, theo Ngh nh 14 ca chnh ph, cc NHTM
phi c vn iu l l 3.000 t ng, quy nh ny to ra mt p lc ln v cng
c nh hng kh nhiu ti TTCK.
Tm li, TTCK nm 2010 gp nhiu kh khn v khin gii u t tht
vng. Th trng lc quan nm 2009 ch xut hin trong 6 thng u nm 2010 vi
VN-Index t 549 im v HNX-Index t 187,22 im. Na cui 2010 l thi k
kh khn nht ca TTCK khi nim tin sp bi tc ng ca bt n kinh t, chnh
sch tin t thiu nht qun, kh khn thanh khon chung ca h thng ngn hng
khin cc nh u t chng khon b sit li. Cui nm 2010, ch s VN-Index ng
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ca mc 484,66 im, gim 2,04%, cn ch s HNX-Index ng ca mc

114,24 im, gim 32,07% so vi nm 2009.
Kt thc 2010, TTCK Vit Nam l mt trong s t th trng khng tng
trng chu , chu s suy gim v i ngc vi xu hng chung ca th gii.
Nm 2011, TTCK gy khng t tht vng cho NT vi hng lot chnh sch
v m chn chnh li nn kinh t c a ra v gy sc cho NT. Ch s VNIndex b thao tng bi mt nhm c phiu c vn ha ln tiu biu l BVH, MNS,
VIC, DPM, VCB, CTG, VNM, y cng l nhng c phiu chim t trng ln
trong danh mc u t ca khi ngoi. ng thi ny gip cho VN-Index neo ti
khu vc 450 480 im trong mt thi gian kh di trc khi st gim mnh t
gia thng 5. Trong khi , ch s HN-Index c nhiu c phiu st gim kh su,
a s mt gi t 50 100% th gi so vi mc u nm v hin theo thng k c ti
2/3 c phiu c th gi di mnh gi. Vi vic st gim trong sut thi gian trn
th hin ch s P/E ton th trng mc kh thp so vi cc TTCK cc nc trn
th gii. Thc t, nu loi b nhm 3 c phiu BVH, MSN, VIC th thc t VNIndex hin ang mc 300 im, kh gn vi mc y thit lp trong thng
2/2009.
Hot ng gii chp din ra kh mnh do th trng gim st su khin cho
nhiu nh u t s dng n by cao phi thanh l bt danh mc u t tr n,
trong khi cc CTCK cng mnh tay trong vic gim hn mc cho vay i vi
cc nh u t nhm m bo t l an ton vn v gim thiu ri ro do trin vng
th trng khng my sng sa. Thc t chng ta vn cha th xc nh chnh xc
c s lng n xu ti cc cng ty chng khon, n khong 11.200 t ng.
Thc s y khng ch l vn i vi cc CTCK m cn nh hng trc tip n
h thng ngn hng do a s cc CTCK ti Vit Nam u l cng ty con hoc c
lin h mt thit vi cc NHTM. Hin nay, theo thng k ti TPHCM tnh n ht
thng 4, n xu ca cc t chc tn dng trn a bn TPHCM tng ln 4,2% so vi
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thng trc l 3,9%, trong cc cng ty ti chnh, cng ty cho thu ti chnh c n
xu ln n 26,3%, ngn hng quc doanh 5,6%, NHTMCP mc 2,9%.
NT trong nc gn nh mt ht nim tin vo th trng, mt b phn t ra
bc xc trc cch hnh x ca nhng ngi c trch nhim khi khng c mt
ng thi ng k no gip h tr nh u t v nng cao tnh thanh khon ca th
trng nh cho php thanh ton T+2, min thu thu nhp chng khon... Tuy mi
y B Ti chnh ban hnh Thng t 74/2011/TT-BTC hng dn hot ng
giao dch chng khon, mc d ni dung thng t c nhiu im tch cc nh cho
php giao dch k qu (margin), mua bn trong phin, m nhiu ti khon qua
hp thc ha cc hnh thc giao dch c hu ht cc CTCK s dng, tuy nhin
ni dung c NT mong i nht l thanh ton T+2 vn cha c cp. D
vy, thng t ny c nh gi l mt trong nhng s cn thit nhm gii ta phn
no tm l ca NT thi gian qua.
NT nc ngoi vn lin tc mua rng tuy nhin gi tr mua rng gim
khong mt na so vi cng k nm 2010 t mc 3,620 t ng, tp trung vo cc
m truyn thng nh VNM, CTG, DPM, VCB, PVD, HAG trn SGDCKTPHCM
v PVS, VCG, PVX trn SGDCKHN. Tuy nhin xu hng ny gp th thch
thi gian khi TTCKVN vn ang trong xu hng gim trung hn v trin vng kinh
t cha c nhiu tin trin.
T u thng 7 n u thng 8/2011, TTCK vn tip din nhiu phin giao
dch m m. Dng tin vo chng khon gn nh b tc, VN-Index duy tr c
i ngang l nh mt s m c vn ha ln nh VIC, VPL, FPT khi sc bt chp
s lng ln c phiu gim. Tnh mi phin giao dch thi gian qua u c khng
di hn 40% m c phiu gim im.
Thanh khon ca th trng khng c du hiu ci thin. Khi lng giao
dch bnh qun trong thng ch dao ng t 22 n 23 triu c phiu. c bit, trong
phin giao dch ca ngy 25/07, VN-Index chng kin mc thp k lc trong hn 3
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nm gn y v gi tr giao dch, ch t 252 t ng, khi lng khp lnh cha

y 15 triu c phiu. Tm l nh u t ang thc s chn nn. Thanh khon
xung thp l do vn vo TTCK ang b thu hp trc cc lo ngi v tnh hnh
kinh t v m, c bit lm pht lin tc tng cao. Vi din bin nh vy, k vng
gim li sut ngn hng cng kh thnh hin thc. Li sut bnh qun lin ngn
hng k hn 6 thng c lc ln n 18%. Chnh nhng iu ny tc ng
khng nh n tm l nh u t mun gi tin bo v nhng ng vn ca h.
kha cnh khc, khng nm ngoi d on, kt qu kinh doanh 6 thng u nm
2011 ca phn ln doanh nghip b st gim mnh so vi cng k cc nm trc,
thm ch khng t doanh nghip thua l. Theo , cc m c phiu trn sn cng
ang c s phn ha ln. Nhng c phiu c kt qu kinh doanh tt hn tng nh
tr li.
Trong , cc DN bt ng sn v chng khon chu tc ng trc tip t
yu t v m thua l nng. Chng khon Si Gn - H Ni (SHS) dn u mc
l trong qu 2 vi hn 382 t ng, tng ng hn 1/3 vn ch s hu. Cc
phin gn y, c phiu SHS ca cng ty ny mt 16%. Tip theo, SBS l 164,7
t ng, VND l 99 t ng. Nguyn nhn l ch yu ca cc cng ty chng khon
l do trch lp d phng gim gi chng khon. ng thi, trong ngnh bt ng
sn, Hong Anh Gia Lai (HAG) cng bt ng cng b bo co ring l vi mc l
hn 114 t ng trong qu 2, ly k 6 thng li rng 207,5 t ng; Tng Cng ty
Pht trin th Kinh Bc (KBC) cng va cng b l 45,53 t ng trong qu 2 v
l 96,18 t ng trong 6 thng u nm 2011.
Ton cnh th trng vn l mu xm. Cc cng ty nim yt ang phi cht
vt v chnh sch tht cht tin t. Tnh n nay, c hn 47% c phiu ang giao
dch di mnh gi v 78% di gi tr s sch. Trong khi , t y cho n cui
nm, t l d n cho vay phi sn xut phi gp rt thu hp t t l cho php
16% s khin cho bt ng sn v chng khon cng thm kh khn.
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2.1.2. Thc trng hot ng ca SGDCK TPHCM thi gian qua

SGDCK TP.HCM, tin thn l TTGDCK TPHCM, c chuyn i theo
Quyt nh 559/Q/TTg ngy 11/05/2007 ca Th tng Chnh ph. Ngy
20/07/2000, SGDCK TPHCM chnh thc khai trng i vo vn hnh, v thc
hin phin giao dch u tin vo ngy 28/07/2000 vi 02 loi c phiu nim yt l
REE v SAM.
2.1.2.1. Quy m nim yt
Nm 2011, TTCKVN bc vo thi k suy thoi nng n, nhn b ngoi
VN-Index lp c thnh tch ln lao khi im s tng gp 4,5 ln so vi mc ban
u vo nm 2000, vn nm trong nhm c sc bt v n nh nht th gii. Nhng
thc cht, ch s ny b nhm lng on th trng lm cho bin dng. n ngy
20/7/2011, ngi ta c tnh im s thc ca VN-Index khong 300-350 cch xa
hng trm im so vi danh ngha hin thi. V cng tnh ti thi im ny,
SGDCK TPHCM c 348 chng khon nim yt, trong c phiu l 296, chng
ch qu l 5, tri phiu l 47 vi tng gi tr nim yt t gn 143.567.275 triu
ng.
Bng 2.1 QUY M NIM YT TI SGDCK TPHCM
Ton th trng
S CK nim
yt(1 CK)
T trng (%)
KL nim
yt(ngn CK)
T trng(%)
GT nim
yt(triu ng)
T trng (%)
C phiu
Chng ch
Tri phiu
348
100
296
85,06
5
1,44
47
13,51
13.473.019,08
100
13.108.429,97
97,29
276.099,29
2,05
88.489,82
0,66
143.567.274,69
100
131.084.299,69 2.760.992,90 9.721.982,10

91,31
1,92
6,77
Ngun SGDCK TPHCM- Ngy 20/07/2011
H Nguyn Thy Tin
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276
300
200
250
147
200
113
150
78
100
15
15
00
20
01
20
02
20
03
20
50
296
19
25
0
11
20
10
20
09
20
08
20
07
20
06
20
05
20
04
20
Ngun:SGDCK TPHCM- Ngy01/08/2011
Biu 2.1: S LNG C PHIU NIM YT TI SGDCK TPHCM QUA

CC NM
Theo biu 1, chng ta c th thy t khi mi khi u vi ch 2 c phiu

l REE v SAM, n cui nm 2000 tng ln thnh 5 loi c phiu. S lng c
phiu nim yt tng mnh vo nm 2006 vi 78 loi c phiu so vi nm 2005 ch
25 c phiu. Quy m tip tc tng cho n nm 2010 th ln n 276 c phiu v
tnh n thi im ny( 20/07/2011) con s nim yt ln n 296 loi c phiu.
2.1.2.2.Gi tr vn ha th trng
Trong bi cnh kh khn hin ti, chng ta cng khng th ph nhn l
TTCKVN cng thc s trng thnh v c nhng thnh tu ng k. So vi
nm 2000, quy m th trng hin ti tng trn 50 ln, vn ho nm 2000 di 1%
GDP, nhng cui nm 2010 t gn 39%. Ngy 1/3/2011, gi tr vn ha ca
SGDCK TPHCM l 577.086 t ng. n u thng 6/2011, tng gi tr vn ha
ca hai sn l 643.395 t ng, trong gi tr vn ha trn SGDCK TPCHM l
546.073, gim 5,37% so vi cch y 3 thng. Nu so vi GDP nm 2010 tnh theo
H Nguyn Thy Tin
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gi thc t l 1,98 triu t ng th tng gi tr vn ha th trng ch chim

32,495%. n 15/07/2011, vn ho th trng ca SGDCK TPHCM tip tc gim
thm 19,249 t ng so vi cui thng 6, mc d khi lng nim yt mi v nim
yt b sung tng gn 55.78 triu c phiu. iu ny cho thy mt bng gi c
phiu vn cha c xu hng phc hi m ngy cng ri xung nhng mc thp
mi.
Bng 2.2: GI TR VN HA CA 10 CNG TY NIM YT LN

NHT TI SGDCK TPHCM
STT
1
2
3
4
5
6
7
8
9
10
Gi hin
hnh
(ng)
VCB
27.400
MSN
92.500
VIC
121.000
BVH
67.500
CTG
25.700
VNM
115.000
HAG
35.900
EIB
14.900
VPL
67.500
STB
13.900
Tng Cng
M
CK
Khi lng c phiu

lu hnh hin ti
1.969.804.514
515.272.269
391.149.893
680.471.434
1.685.810.134
370.721.660
467.280.590
1.056.006.875
205.498.489
917.923.013
8.259.938.871
Gi tr vn ho (t
ng)
53.972,64
47.662,68
47.329,14
45.931,82
43.325,32
42.632,99
16.775,37
15.734,50
13.871,15
12.759,13
339.994,75
Ngun: Bn tin TVSI- Ngy 26/07/2011
n ngy 26/07/2011, gi tr vn ha l 536.813,66 t ng, chim 84,7%

ton th trng. Theo bng 2, tng gi tr vn ha ca 10 cng ty nim yt ln nht
SGDCK TPHCM l 339,994.75 t ng, chim gn 54% gi tr vn ha ca ton
th trng. Trong , VCB ng u th trng vi gi tr vn ha t 53,972.64 t
ng, chim gn 8.5% ton th trng.
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2.1.2.3.Quy m giao dch

Ngy 20/07/2011, TTCK Vit Nam ni chung v SCDCK TPHCM ni ring
ang trong tnh trng suy thoi nng n. Tuy nhin, TTCK Vit Nam cng t c
nhng thnh tu ng k, vn nm trong nhm th trng c n nh tt nht th
gii. Quy m giao dch ti SGDCK TPHCM cng khng ngng tng ln qua cc
nm. T nm 2000, ch vi khi lng giao dch 3,641triu c phiu tng dn
n nm 2007 ln n hn 1,8 t c phiu, nm 2010 t trn 10 t c phiu, nm
2010 l 11 t c phiu nhng n 20/7/2011 th ch t c hn 3 t. Trong khi
, gi tr giao dch cng khng ngng tng ln. Nm 2000 ch t khong 90 t
ng, n nm 2006 t ti 35.472,341 t ng , tng gp hn 10 ln so vi nm
2005. Nm 2007 tng ln n 217.835,771 t ng, tng gp 6 ln nm 2006. Nm
2008 gim ch cn 124.576,086 t ng, gim so vi nm 2007. n nm 2009
li tng li 422.460,937 t ng, tng gp 3 ln nm 2008. Nm 2010 li gim cn
376.510,366 t ng. V tnh n 7 thng u nm 2011, gi tr giao dch ch t
88.945,945 t ng. Nh vy, n thi im ny TTCKVN vn tip tc gim su v
tip tc gp kh khn trong bi cnh kinh t th gii nhiu bin ng v bt n.
Bng 2.3: QUY M GIAO DCH TI SGDCK TPHCM QUA CC
NM
NM
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
KLGD
3.641.000
19.028.200
35.715.939
28.074.150
72.894.288
94.846.187
538.536.869
1.814.278.168
2.977.771.458
10.402.714.071
11.643.147.628
3.429.938.020
GTGD (T ng)
90,214
964,019
959,329
502,022
1.970,969
2.784,290
35.472,341
217.835,771
124.576,086
422.460,937
376.510,366
88.945,945
Ngun: SGDCK TPHCM- Ngy 20/07/2011
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2.1.2.4.Ch s gi chng khon

Vi phin giao dch u tin vo ngy 28/7/2000, VN-Index t 100 im.
Trong giai on u, VN-Index t nh im l 571,04 ( 25/06/2001). Tuy
nhin n thng 10/2001, ch s gim xung ch cn 200 im. Trong 5 nm u
tin, TTCK dng nh cha thu ht c ng o nh u t c l v t hng ha,
t doanh nghip nim yt, Trong giai on ny, VN-Index thp nht vo nm
2003 khong 150 im v cao nht vo cui nm 2005 vi khong 350 im theo
biu 2 bn di.
Ngun www.stockbiz.vn- Ngy 26/07/2011
Biu 2.2: VN-INDEX QUA CC NM ( 2002-2011)
Theo biu trn, nm 2006 TTCKVN mang tnh t ph. u nm n

gia nm 2006, th trng tng mnh t mc tng trng 60%. Sau gim nh .
T gia nm n cui nm 2006, th trng li nng ln, t nh im 809,86
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31
im. Cui nm 2006, VN-Index c mc tng trng ti 146%, tng gp 2,5 ln

so vi u nm.
Vo ngy 19/1/2007, VN-Index vt mc 1000 im. Trong 3 thng u
nm 2007, VN-Index c nhng t sng cao v t mc tng trng 126%. n
12/3/2007, VN-Index xc lp mc k lc cao nht 1.170,67 im. Lc ny, chnh
ph cng nh cc c quan nh nc lo s v bong bong th trng dung cc bin
php kim sot th trng cht ch, ban hnh nhng thit ch kim ch s tng
trng qu nng ca th trng h nhit th trng. V vy, n ngy 24/4/2007,
VN-Index ri xung 905,53 im, gim 22.6% so vi nh im cao nht. Cho
n cui thng 5/2007, th trng c t phc hi, VN-Index quay v mc 1.107,52
im. Nhng do tc ng tm l qu mnh ca cc chnh sch kim ch th trng
trc nh Ch th 03, Lut thu thu nhp c nhn,, th trng nhanh chng tr
li trng thi mt cn bng v lin tc st gim mnh. u thng 8/2007, th trng
gim su v VN-Index xc lp mc y 883,9 im vo ngy 06/08/2007. Bc
sang u thng 9 n cui thng 10/2007, VN-Index c s phc hi mnh m.
n ngy 31/10/2007, VN-Index t mc 1.106,6 im. Tuy nhin, s phc hi ny
khng c lu, cho n cui nm, VN-Index tip tc gim xung di ngng
1000 im, xoay quanh mc 900 im.
Nm 2008, cng vi xu th chung, VN-Index gim mnh. T mc khi im
u nm l 921,07 im n gia nm 2008, VN-Index gim i gn 60% gi tr.
T thng 6 n u thng 9, th trng c s phc hi ngn hn, VN-Index tng gn
600 im. Nhng t thng 9 n cui nm 2008, do tc ng ca khng hong ton
cu, th trng li tip tc gim mnh, thit lp y mi vo ngy 10/12/2008 vi
mc im 286,85.
u nm 2009, VN-Index li ri xung mc y 235,5 im. Tuy vy, bc
sang thng 3/2009, th trng c s phc hi n tng. n cui thng 6/2009, VNIndex t gn mc 500 im, tng 132,67 im so vi cui nm 2008. Sau ,
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th trng li gim. T thng 8 n thng 10/2009, th trng c t tng gi th

hai mnh m. n ngy 23/10/2009, t sng th hai ny t nh im l 633,2
im. Tuy nhin, th trng phc hi c du hiu khng bn vng, cng v cui
nm cng gim mnh. n ngy 31/12/2009, VN-Index ch cn 494,77 im.
Nm 2010, VN-Index tip tc tri qua nhng thng trm v thay i t so vi
nm 2009. n ngy 31/3/2010, VN-Index t mc 499,24 im tng 4,47 im so
vi phin cui cng ca nm 2009. ng ca phin giao dch cui cng vo ngy
31/12/2010, VN-Index t mc 484,66 im, gim 10,14 im, tng ng gim
2% so vi nm 2009.
Nm 2011, TTCKVN thc s trm lng. u thng 1/2011, VN-Index
mc 485,87 im. Th trng li xung ri tng ln, n ngy 21/01/2011 t mc
519,50 im. Sau li tip tc xung n 501,25 vo ngy 26/1/2011 v ri tng
ln n ngy 9/2/2011, t mc 522,59 im . Th trng li gim. V ngy
3/3/2011 rt xung mc 452,34 im. n 11/3/2011 tng ln mc 495,06 im.
Th trng li gim v ngy 17/3/2011 cn 460,53 im. T n gia thng
5/2011, VN-Index b thao tng bi nhm c phiu c vn ha ln gip VN-Index
trong khong 450-480 im. T gia thng n cui thng 5/2011, VN-Index bt
u gim mnh. Ngy 25/5/2011, VN-Index rt mnh cn 386,36 im. Sang
26/5/2011, m u phin VN-Index gim hn 14 im xung st 370 im, v
phin ng ca, VN-Index tng 11,68 im t mc 398,04 im. V th trng
tip tc tng. n ngy 2/6/2011, VN-Index vt ngng 450 im. ng ca
phin giao dch ngy 30/6/2011, VN-Index cht ti 432,54 im. Sang thng
7/2011, th trng vn tip tc gim v n ngy 29/7/2011, VN-Index t mc
405,70 im.
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Ngun: www.cophieu68.com- Ngy 30/06/2011
Biu 2.3:DIN BIN CA VN-INDEX TRONG NM 2011

2.1.3. Thc trng hot ng ca SGDCK H Ni thi gian qua
TTGDCKHN c thnh lp theo Quyt nh s 127/1998/Q-TTg ngy
11/7/1998 ca Th tng Chnh ph v chnh thc i vo hot ng vo ngy
08/03/2005 vi cc hot ng chnh l t chc th trng giao dch chng khon
nim yt, u gi c phn v u thu tri phiu. n ngy 24/06/2009, SGDCKHN,
c thnh lp theo Quyt nh s 01/2009/Q-Ttg ngy 2/1/2009 ca Th tng
Chnh ph trn c s chuyn i, t chc li t TTGDCKHN, chnh thc ra mt
v cng chnh thc khai trng th trng ng k giao dch dnh cho chng khon
cng ty i chng cha nim yt (UPCoM). Nh vy, cc c quan qun l n lc
m rng th trng giao dch c t chc, gp phn thu hp th trng giao dch t
do, to ra c hi giao dch chng khon minh bch, cng khai cho cng chng u
t v c hi huy ng vn hiu qu cho cng ty i chng.
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2.1.3.1.Quy m nim yt
SGDCKHN l ni nim yt v giao dch ca nhiu cng ty va v nh. Quy
m th trng giao dch c phiu nim yt tng trng mnh. Hin nay, theo bng
4, quy m nim yt ca ton th trng ln n 1.026 chng khon, trong c
phiu l 389, tri phiu l 510 v sn UPCoM l 126 vi tng gi tr nim yt l
259.841.078,84 triu ng.
Bng 2.4: QUY M NIM YT TI SGDCK H NI
S chng khon
nim yt
T trng (%)
Tng khi lng
nim yt
T trng (%)
Tng gi tr nim
yt ( triu ng)
T trng (%)
Ton th
trng
C phiu
Tri phiu
UPCoM
1.026
100
389
37,91
510
49,71
127
12,38
10.758.478.304
100
7.492.514.820
69,64
1.691.736.620
15,73
1.574.226.864
14,63
259.841.078,84
100
74.925.148,20
28,8
169.173.662
65,1
15.742.268,64
6,1
Ngun: SGDCK H Ni- Ngy 24/08/2011
367
400
389
350
254
300
250
159
200
150
76
102
100
50
0
20
05
20
06
20
07
20
08
20
09
20
10
20
11
Ngun: SGDCKHN- Ngy 01/08/2011
Biu 2.4: S LNG C PHIU NIM YT TI SGDCKHN QUA CC

NM
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Theo biu trn cho thy, s lng c phiu nim yt ti SGDCKHN cng
tng mnh qua cc nm. Ch vi 5 c phiu nim yt u tin vo nm 2005. S
lng tng t bin vo nm 2006 vi 76 c phiu. n nm 2010 ln n 367
c phiu v hin nay tng ln 389 c phiu.
2.1.3.2. Gi tr vn ha th trng
Nh ni trn, trong thi k kh khn, gi tr vn ha ca th trng ni
chung v ca HNX ni ring ngy cng gim. u thng 3/2011, gi tr vn ha
ca HNX l 110.240 t ng . Nhng n u thng 6/2011, gi tr vn ha ca
HNX gim cn 97.322 t ng, gim ti 11,72% so vi cch y 3 thng.
Bng 2.5: GI TR VN HA CA 10 CNG TY NIM YT LN

NHT TI SGDCKHN
STT
M
CK
Gi hin
hnh
(ng)
1
2
3
4
5
6
7
8
9
10
ACB
PVS
VCG
SHB
NVB
PVX
HBB
PVI
KLS
VNR
20.900
16.700
12.900
8.000
8.500
11.100
8.000
15.000
10.500
14.200
Tng Cng
Khi lng c
phiu lu hnh
hin ti
937.673.976
297.802.094
300.000.000
481.083.361
330.373.485
250.000.000
300.000.000
158.101.864
202.500.000
100.827.658
Gi tr vn ho (t
ng)
19.597,39
4.973,29
3.870,00
3.848,67
2.808,17
2.775,00
2.400,00
2.371,53
2.126,25
1.431,75
3.358.362.438
46.202,05
Ngun: Bn tin TVSI- Ngy 26/07/2011
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Tnh n ngy 26/07/2011, gi tr vn ha tip tc gim ch cn 96.788 t

ng. Trong , tng gi tr vn ha ca 10 cng ty nim yt ln nht l 46.202,05
t ng, chim 7,3% gi tr vn ha ca ton th trng. V ACB ang gi v tr
u bng vi gi tr vn ha 19.597,39 t ng, chim 3,1% so vi gi tr vn ha
ca ton th trng.
2.1.3.3.Quy m giao dch

Quy m th trng giao dch c phiu nim yt ti s SGDCK H Ni tng
trng mnh t cui nm 2005 vi khi lng giao dch ch 20 triu v 264,372 t
ng. n cui nm 2006 l 95 triu v 3.917,384 t ng. V quy m vn tip
tc tng mnh qua cc nm, cho n nm 2010, khi lng giao dch ln n
8.755 triu v gi tr giao dch ln n 241.695 t ng. Nhng nm 2011, din bin
m m ca TTCKVN trong 06 thng u nm 2011 th hin rt r, HNXIndexcng thit lp mc y mi trong lch s vi 69 im ngy 25/5/2011 v
n ngy 20/07/2011, SGDCK H ni ch t khi lng giao dch l 3.969 triu
v gi tr giao dch ch t 55.204 t.
Bng 2.6: QUY M GIAO DCH TI SGDCK H NI QUA CC
NM
Nm
KLGD
GTGD ( T ng)
2005
20.423.383
264,372
2006
95.606.426
3.917,384
2007
441.897.704
9.485,611
2008
1.508.723.205
56.085,80
2009
3.765.101.919
141.434,15
2010
8.754.809.670
241.695,82
2011
3.968.500.807
55.204,05
Ngun: SGDCK H Ni- Ngy 20/7/2011
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2.1.3.4. Ch s gi chng khon

HNX-Index chnh thc giao dch vo ngy 14/07/2005 vi mc im cho
sn 100 im. Tuy nhin, trong 6 phin tip theo , HNX-Index ng di phao s
0 v ch quay ln trn 100 vo ngy 1/8/2005.
Nm 2006, hot ng giao dch tr nn si ni. Cui nm 2006, HNX-Index
chm mc 260 im, tng trng 170% so vi u nm.
n nm 2007, th trng thc s bng n. Trong 3 thng u nm, HNX-Index
t mc nh 459,36 im. Nhng n 24/4/2007, HNX-Index rt xung mc 321,44
im, gim 30% so vi mc nh. Th trng tip tc st gim cho n ngy 23/8/2007,
HNX-Index ch cn 247,37 im. Vo nhng thng cui nm, th trng bt u phc hi,
n ngy 1/10/2007, HNX-Index chm mc 393,59 im. V kt thc phin giao dch cui
nm, HNX-Index khp li vi mc 323,66 im.
Ngun www.stockbiz.vn- Ngy 26/07/2011
Biu 2.5: HNX-INDEX QUA CC NM 2007-2011

Trong 6 thng u nm 2008, HNX-Index gim mnh. T n u thng
9, th trng c s phc hi ngn hn, HNX-Index c nhng phin tng im ko
di. Tuy nhin, t thng 9 n cui nm, do tc ng ca khng hong kinh t ton
cu, HNX-Index gim im mnh m , chm n ngng 100 im.
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Sang nm 2009, HNX-Index tip tc gim, v di mc 100 im, xung

mc thp nht trong lch s l 78,06 im vo ngy 24/2/2009. Nhng bc sang
thng 3/2009, th trng tng im tr li cho n thng 7/2009 th li gim
xung. T thng 8 n thng 11/2009, th trng li c t tng gi th hai. Cng
v cui nm, th trng li gim im. n 31/12/2009, HNX-Index ng ca
mc 168,17 im.
Trong 3 thng u nm 2010, HNX-Index tip tc gim. n ngy
31/03/2009, HNX-Index t mc 160,55 im, gim 7,62 im so vi cui nm
2009. Cho n cui nm, th trng li gim. ng ca phin giao dch ngy cui
cng ca nm 2010, HNX-Index mc 114,24 im gim 32% so vi mc ng
ca cui nm 2009.
Ngun: www.cophieu68.com
Biu 2.6: DIN BIN CA HNX-INDEX TRONG NM 2011

Nm 2011, HNX-Index li tip tc gim. Ngy 4/1/2011, HNX-Index l
113,4 im. Vo ngy 9/3/2011, HNX-Index cn 88,45 im. Sau , tng ln li
trn ngng 90 im v tip tc gim cho n 25/5/2011, HNX-Index thit lp mc
y mi l 69,01 im, xuyn thng mc y trc y. Th trng sau tip tc
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tng quanh ngng 70 ln ti 80,87 vo ngy 13/6/2011, tip theo li gim

xung. n ngy 29/ 7/2011, HNX-Index sut chm y, rt gn y 69,55 im.
n 1/8/2011, HNX-Index xc lp y thp nht lch s sau khi gim -0.95 im (1.37%) xung 68,6 im.
2.1.4. nh gi TTCKVN sau 10 nm hot ng
2.1.4.1. Nhng thnh tu
V khung php l, th ch chnh sch, Lut Chng khon to c khun
kh php l cao, ng b v thng nht cho hot ng ca TTCK, ph hp hn vi
lut php, thng l quc t, to nn tng cho TTCKVN kh nng hi nhp vi cc
th trng vn quc t v khu vc; tng cng tnh cng khai minh bch cho th
trng v nng cao kh nng qun l gim st th trng ca CQQLNN.
Quy m th trng tng trng mnh m v vng chc, tng bc ng vai
tr l knh quan trong dn vn trung v di hn, ng gp tch cc cho s nghip
cng nghip ha hin i ha t nc. Cng tc c phn ho DNNN c gn
kt vi vic huy ng vn t cng chng u t, gp phn thc y nhanh vic sp
xp khu vc DNNN theo tin trnh ci cch nn kinh t ca Chnh ph v huy ng
vn cho ngn sch nh nc. Thc t, vic gn kt cng tc c phn ha DNNN vi
cng tc to hng cho TTCK l nhn t ch o quyt nh thnh cng trong vic
to ra mt ngun hng phong ph, gp phn thc y tng trng quy m ca th
trng. Ngoi ra, hot ng pht hnh tri phiu qua SGDCK cng tr thnh mt
knh huy ng vn quan trng cho Chnh ph.
V nim yt v giao dch chng khon, TTCK c s tng trng khng
ch v quy m nim yt m c v tnh thanh khon ca th trng. H thng giao
dch TPCP tch bit khi h thng giao dch c phiu v vi nhiu c im mi,
c pht trin ph hp vi cc c th ca giao dch tri phiu khc phc mt
s hn ch ca h thng giao dch tri phiu trc y.
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V h thng c s nh u t, s lng cc nh u t tham gia TTCK gia

tng ng k. T khong gn 3000 ti khon nh u t tham gia khi mi m ca
th trng vo nm 2000, tnh n nay c trn 90.000 ti khon giao dch, trong
s nh u t t chc trong nc l 2.662, s nh u t c nhn trong nc l
807.558, s nh u t nc ngoi l hn 13.000 nh u t.
H thng cc t chc kinh doanh, dch v chng khon pht trin nhanh v
quy m v nng lc nghip v, vi h thng mng li chi nhnh, phng giao dch
tri khp cc tnh, thnh ph ln trong c nc, gp phn gip cng chng u t
tip cn d dng hn vi TTCK, s lng ngi hnh ngh tng nhanh, ph hp vi
s tng trng ca cc CTCK.
V c cu t chc, vic tch cc SGDCK v TTLKCK tr thnh php nhn
c lp khi UBCKNN t c kt qu nht nh trong vic tch bch chc
nng qun l nh nc trong hot ng chng khon v chc nng t chc vn
hnh TTCK. Vic phn chia th trng tp trung thnh hai th trng b phn vi
cng mt phng thc giao dch da trn cc iu kin nim yt v li nhun v
vn iu l trong giai on gp phn quan trng m rng th trng c t chc,
pht huy tnh nng ng ca cc SGDCK trong vic thu ht cc doanh nghip vo
nim yt, ng k giao dch.
V hot ng qun l, gim st th trng, cng tc qun l Nh nc v
iu hnh TTCK c thc hin tng i linh hot, bo m TTCK vn hnh an
ton v pht trin n nh, tng bc nng cao nng lc gim st v cng ch thc
thi quy nh ca php lut, bo v quyn v li ch hp php ca NT. Hot ng
qun l v gim st TTCK ly vic bo v quyn li ca nh u t l nng ct; cc
chnh sch qun l TTCK th hin mc tiu tng cng tnh cng khai, minh
bch, tng bc p dng cc thng l v qun tr cng ty tt v thit lp c ch
gim st TTCK chuyn su, chuyn nghip theo thng l quc t. Cng tc thanh
tra, gim st ca UBCKNN tp trung vo gim st tun th cc t chc trung gian
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th trng; gim st tun th cc t chc pht hnh, t chc nim yt; gim st tun
th ca cc SGDCK, TTLKCK. Bn cnh , gim st giao dch trn TTCK nhm
pht hin cc hnh vi lm dng th trng, thanh tra thc hin chc nng cng ch
thc thi.
2.1.4.2. Nhng vn cn tn ti
Lut chng khon vn cn hp v phm vi iu chnh, ch bao hm nhng
ni dung c bn v cha bao qut mi hot ng trn TTCK theo thng l quc t.
Mt s quy nh ca vn bn hng dn Lut Chng khon cn chng cho, cha
thng nht vi cc vn bn php lut khc. Bn cnh , vic ban hnh cc quy
nh php l nhn chung c tr so vi mc tiu ra, nhiu quy nh ti Lut
Chng khon cha c hng dn thc hin,
Hot ng pht hnh ca cc cng ty i chng vn cn mang tnh t pht,
khng hon ton da trn nhu cu s dng vn ca doanh nghip, lm gim hiu
qu s dng vn. Nhiu t chc pht hnh huy ng vn trn TTCK u t tr
li vo chng khon m khng phi m rng sn xut kinh doanh, gp phn to
nn bong bng th trng v ri ro mt vn khi th trng st gim. Hot ng cho
bn ring l khng c s iu chnh y ca php lut v qun l ca cc c
quan c thm quyn dn n cc hnh vi lm dng, nh hng n s lnh mnh
ca TTCK. Bn cnh , vic tun th cho bn ra cng chng phi ng k vi
UBCKNN cn hn ch to nn nhng ri ro tim n cho TTCK. Hot ng pht
hnh TPCP cn nhiu bt cp, cng tc k hoch ho pht hnh tri phiu cha tt,
c ch pht hnh tri phiu cn nhiu bt cp, cha c cc t chc to lp th trng
TPCP ng ngha m bo thnh cng cho cc t pht hnh cng nh to tnh
thanh khon cho th trng th cp. Thiu ng cong li sut chun v t chc
nh mc tn nhim.
Th trng giao dch c phiu cn nhiu bin ng v hn ch v tnh thanh
khon, c bit khi th trng c du hiu suy gim. Bn cnh , hng ha nim
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yt trn TTCK cha a dng, cht lng cha cao nh cha c cc sn phm phi
sinh, cc sn phm u t tp th v cng cha p ng nhu cu u t v phng
nga ri ro ca NT. Cc dch v tin ch cho nh u t trn th trng cn ngho
nn nh cha c nghip v bn khng, vay k qu, bn trc ngy hon tht giao
dch, tnh minh bch ca th trng cha p ng nhu cu ca cng chng u t.
H thng nh u t cha a dng, cu trc cu u t cha bo m s tng
trng mt cch bn vng. H thng nh u t t chc cha pht trin lm hn ch
s pht trin ca TTCK.
S lng cc t chc kinh doanh v cung cp dch v cho TTCK tng qu
nhanh, vi nng lc v vn v chuyn mn cn hn ch, tim n ri ro h thng v
cha tng xng vi hiu qu hot ng chung ca th trng.
Vic ti cu trc li th trng bc u c thc hin khc phc s
thiu ng b v to s phn nh ca th trng, nhng y vn l hn ch ln nht
ca TTCKVN. Thm vo , m hnh phn chia th trng tp trung thnh hai th
trng b phn vi cng mt phng thc giao dch da trn cc iu kin nim
yt v li nhun v vn iu l v ang lm tng chi ph x hi, cha ph hp
vi xu th quc t l sp nhp, hp nht tng sc cnh tranh v gy kh khn cho
cng tc pht trin chiu su khai thc ti a h thng cng ngh v a dng ha
cc loi hnh dch v, sn phm, p ng nhu cu khc nhau ca th trng.
Cng tc qun l, iu hnh TTCK vn cn mt s tn ti v hn ch nht
nh nh cng tc ban hnh cc vn bn php lut, cc chnh sch iu hnh th
trng cha linh hot, cn b ng v chm so vi yu cu thc tin pht trin ca
TTCK; cng tc qun l, gim st v cng ch thc thi cn nhiu bt cp.
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2.2.Ri ro trong u t trn TTCKVN

2.2.1. Nguyn nhn ri ro trong u t trn TTCKVN
Do vic cha hon chnh trong h thng cng b thng tin hay tr v thi
gian do nng lc cng b thng tin hoc do c khin nh u t khng nm r
hoc bit c thng tin v t chc pht hnh. Phn ln cc cng ty nim yt cha
cng khai bo co ti chnh kp thi theo quy nh ca php lut, hay cng khai
thng tin tnh hnh ti chnh nhng cha c kim, mt s bo co ti chnh
c kim ton th bo co kim ton cng cha m bo cht lng, hay cc cng
ty kim ton cha mua bo him ngh nghip gy ri ro rt ln cho cc nh u t,
cc t ch s dng thng tin kim ton. Mt nguyn nhn rt quan trng lm cho
tnh minh bch v tin cy ca thng tin ti chnh ca cc cng ty nim yt trn
TTCK cn thp chnh l do trch nhim ca c nhn ngi lp bo co ti chnh v
cng ty nim yt trong vic lp v cng khai bo co ti chnh khng trung thc;
khng m bo tnh minh bch ca cc thng tin ti chnh, trch nhim ca cc
kim ton vin v cng ty kim ton trong vic a ra nhn xt khng thch hp,
gy ra thit hi cho cc nh u t v cc bn lin quan,
Cc cng ty chng khon a ra nhng phn tch, kin ngh u t mang
tnh ch quan, khin ngh bn c phiu no ri nhm t doanh ca cng ty li
mua vo v ngc li nhm lm giu cho mng t doanh cng ty .
Do li sut, lm pht cao, chnh sch tin t tht cht,.gy p lc suy gim
th trng mnh.
Do tnh hnh hot ng kinh doanh t cc t chc pht hnh y bin ng
hay cng b thng tin khng chnh xc, khng kp thi, h thng qun tr doanh
nghip cn yu km, thm ch ri ro ln nht l khi doanh nghip cng b ph sn.
Do danh mc u t khng a dng, b ht trng vo mt r, hay s thay i
nhn s cp cao ca doanh nghip, hoc s hu nhng c phiu m khng th
chuyn nhng trong thi gian nht nh, .
Cc vn bn php lut cha h tr cho vic pht trin th trng, cha
khuyn khch nh u t tham gia th trng nhiu hn.
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Nhiu t chc trung gian mi gii vi cc quy nh, quy trnh nghip v
cng nh cht lng dch v cn yu km, lc hu, cha p ng c nhu cu cho
NT.
2.2.2. Cc ri ro trong u t trn TTCKVN
2.2.2.1. Ri ro h thng
2.2.2.1.1Ri ro t thng tin th trng
Ri ro thng tin l mt trong nhng ri ro ln m NT phi i mt. l
ri ro do thng tin khng chnh xc, khng kp thi. Mt in hnh l v vic ca
DVD, ch n l ngn hng ANZ, np n yu cu m th tc ph sn t thng
5/2011 i vi DVD v n ngy 5/8/2011 ta n nhn dn TPHCM chp thun.
Nhng n tn 25/08, SGDCK TPHCM mi nhn c thng bo t ANZ v cng
b thng tin ny cho nh u t. C hi c chia ti sn khi cng ty tuyn b ph
sn rt thp. NT thc s hoang mang khi SGDCKTPHCM cng b vo ngy
30/8/2011 v thng bo hy nim yt c phiu DVD vo ngy 05/9/2011 v vi
phm cng b thng tin nh k theo quy nh. Nh vy, hy nim yt, nhiu NT
s phi trng tay nu nm gi c phiu DVD. Theo cc chuyn gia, s bt n ca
DVD th hin trong BCTC qu IV/2010. Trong bo co ny, khon phi tr cho
ngi bn ln ti 613 t ng, cao t bin so vi 135 t ng u nm 2010. iu
ny nghi vn v kh nng DVD chuyn tin cho cng ty sn sau to doanh thu,
li nhun o. V d cng b li nhun, nhng dng tin ca DVD lin tc m, vi
mc m nm sau cao hn nm trc,nm 2009 m 86 t ng v nm 2010 m 274
t ng. Ngy cng nhiu bt n khi DVD hon ton khng cng b thng tin k t
cui thng 4/2011 v khng np hng lot bo co nh bo co ti chnh kim ton
nm 2010, bo co thng nin nm 2010, bo co ti chnh qu I v II/2011..
Tuy nhin, vi 93% ti sn ngn hn l khon phi thu, trong hn 200 t ng l
khon phi thu khc, kim ton c lu v khon phi thu. Kt qu, khon phi
thu khng i c tr thnh l do khin DVD khng c cch no xoay x c
dng vn v ngy cng ngp su trong n. Bn cnh , UBCKNN cng xc
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nh du hiu cu ch tch DVD, L Vn Dng cng mt s i tng khc thao

tng v lm gi c phiu DVD. H lp ra nhiu cng ty ch yu mua bn to
doanh thu o, cung cp thng tin khng ng thc t, to doanh thu cho DVD
nhm cho bn DVD v h tr nim yt DVD. Tm li, v vic c phiu DVD
khin NT tip tc m thng tin v cho php pht hnh, tm dng, cho php, ri li
nh ch c thi hn, tin n hy pht hnh, hy nim yt c ni tip nhau v
gy nhiu ri ro cho nh u t.
2.2.2.1.2.Ri ro v bin ng gi
Ri ro bin ng gi l ri ro rt nhy cm m NT khng th lng trc
c, c th hm nay h l t ph nhng sau mt m thc gic li trng tay. Khi
gi chng khon tng th li nhun ca NT tng v ngc li khi gi gim th li
nhun gim hay nh u t b tn tht. l ri ro do bin ng gi m NT phi
i mt.
Nh phn tch ch s gi chng khon ca SGDCK TPHCM v SGDCKHN
ti biu 2.2 v 2.3 ( phn 2.1.2.4) v biu 2.5 v 2.6 ( phn 2.1.3.4) ta thy gi
chng khon bin ng qua nhiu giai on. Giai on t nm 2000 n 2005, th
trng khng nhiu bin ng do cha thu ht c nhiu NT. Nhng t nm
2006 n 2007, th trng bng n, c bit l nhng thng u nm 2007 th
trng tng trng mnh, t nh im 1.170,67 im vo ngy 12/3/2007. Lc
ny th trng rt nng, li nhun NT thu c rt cao ng ngha vi ri ro cng
cao. T nm 2008 th trng bt u gim im mnh do khng hong kinh t ton
cu, gi chng khon gim mnh, mc d c nhng t phc hi nhng n nay th
trng v cng m m, gi chng khon gim qu su, nhiu nh u t rt
khi th trng.
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2.2.2.1.3.Ri ro v kh nng thanh khon.

Tnh thanh khon ca chng khon l th hin kh nng chuyn i d dng
t tin sang chng khon v ngc li. Mt gi tr ca th trng tp trung l to
nn tnh thanh khon cao, h tr nh u t giao dch v ch ng trc cc quyt
nh mua hoc bn. Tuy nhin, c nhng phin giao dch, ct d mua trng ngay t
u phin, ch ng bn gi sn nhng vn kh thnh cng. l im lo s nht
i vi nh u t, bi nm chng khon trong tay, thy l qua tng ngy v kh
nng thanh khon ngy mt thu hp. iu ny c gi l ri ro thanh khon trong
u t chng khon.
Thanh khon vi khi lng v gi tr giao dch hng ngy cng phn nh
mi quan tm ca NT ti th trng. Khi tm l tt, trin vng tng trng li
nhun cao hn ri ro, nh u t c khuynh hng b nhiu tin hn vo mua, quy
m giao dch v s ln khp lnh nhiu khin thanh khon cao. Ngc li, khi nhn
thy mc ri ro cao hn li nhun, NT s thin v xu hng gi tin mt v
hn ch giao dch khin thanh khon st gim. Trong 6 thng u nm 2011, gi tr
khp lnh hai sn xp x bnh qun 1.000 t ng/phin, nhng t u thng 7 tr
i, quy m gim xung ch cn hn 470 t ng/phin. n ngy 25/7/2011,
thanh khon chng khon ghi nhn k lc y trong 3 nm qua vi gi tr khp lnh
hai sn ch t 305,8 t ng so vi k lc gn nht vo ngy 9/3/2009 l 235,9 t
ng. Thanh khon gim thng c xem l do ngi bn t bn r. Tuy nhin t
s liu d mua lin tc t u thng 7 n nay u rt cao, cho thy dng vn t
mua hng ngy khng thc s mun mua bng c. Thng k ti SGDCK
TPHCM, t trng khi lng d mua chim bnh qun 53% tng khi lng t
mua. Trong khi , t na cui thng 5 n na u thng 6, lng d mua gim
xung ch cn chim khong 42%. Nh vy trong sng ln, t l ngi mua mun
mua bng c lun- cao v ngc li. Ngi mua a s duy tr chin lc mua
thp v h gi dn theo chiu gim. Nu xut hin phin st gim mnh, thanh
khon thng tng ln do bn bn h gi su hn khp c vo khi lng ch
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mua. Nu th trng duy tr trng thi i ngang, c ngi mua ln ngi bn u

treo lnh l ch yu, khng quan tm nhiu n c hi khp thnh cng. iu ny
gp phn gii thch v sao thanh khon t u thng 7 tr i gim rt mnh.
2.2.2.1.4.Ri ro v c ch chnh sch.
Ri ro ny nh hng ln nht n thu nhp ca nh u t v khin NT khng
th lng trc c. Lut Chng khon vn cn hp v phm vi iu chnh, cha
bao qut mi hot ng trn TTCK theo thng l quc t; mt s quy nh ca vn
bn hng dn Lut Chng khon cn chng cho, cha thng nht vi cc vn bn
php lut khc, Tm li, lut chng khon cng nh cc vn bn php lut lin
quan n chng khon vn cn tn ti nhiu bt cp.
Ri ro v c ch chnh sch l yu t quan trng y TTCK gim vi ngh quyt 11
ca chnh ph (24/2) v nhng gi php ch yu kim ch lm pht; ch th 01 ca
NHNN (1/3) thc hin gii php tin t v hot ng ngn hang nhm kim sot
lm pht, n nh kinh t v m; thng t 226 ca B ti chnh (31/12/2010) quy
nh ch tiu an ton ti chnh ( t l vn kh dng ti thiu 180%) v bin php x
l i vi cc t chc kinh doanh chng khon khng p ng ch tiu an ton ti
chnh. Tuy nhin, chnh sch c k vng nht, l thng t s 74/2011/TTBTC c p dng vo ngy 1/8/2011, cho php m nhiu ti khon, giao dch
cng phin v margin. Nhn chung, chnh sch ny ra i l ph hp v tng bc
a th trng tip cn vi cc thng l quc t v vn m bo kh nng qun l,
gim st th trng. Tuy nhin, vic cho php T+2 th vn cn chm ch. Trong
thng t quy nh y quyn phi cng chng gp phn hn ch ri ro cho NT,
nhng i vi NT th quy nh ny tht s rc ri, mt thi gian.
i vi giao dch k qu, trc khi Thng t 74 c ban hnh th khng
c vn bn php quy no quy nh v hng dn thc hin v c mt s cng ty
chng khon vn dng cc quy nh ca B lut Dn s a ra sn phm hp
ng hp tc kinh doanh, nhng bn cht l giao dch k qu. iu ny rt kh
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chp nhn, bi v th trng chng khon l lnh vc ti chnh rt mi, phc tp,
lnh vc kinh doanh chuyn ngnh rt cao i hi phi c vn bn php lut hng
dn chi tit, nh u t khng th ni l c php lm nhng g m php lut
chng khon khng cm. Mt khc, hp ng hp tc u t gia cng ty chng
khon v NT cng khng ng nu xt theo bn cht ca hp ng hp tc, v v
mt nguyn tc, nu l hp ng hp tc kinh doanh gia cng ty chng khon v
nh u t cng gp vn u t th nu sinh li, hai bn u hng theo t l
vn gp hoc nu thua l th hai bn cng phi chu ri ro theo t l gp vn. Tuy
nhin, thc t hu nh NT phi chu mi ri ro trong mi trng hp, CTCK gn
nh khng c ri ro. Khi th trng st gim, nhiu tranh chp xy ra. V vy,
NT c l k vng nhiu nht l cc quy nh v giao dch k qu. Bc u loi
chng khon k qu v t l k qu c quy nh cht ch m bo n nh th
trng, theo t l 60:40 tc l k qu 60% v cho vay 40%, sau ny khi i vo n
nh th UBCKNN c th xem xt ni lng thm t l vo thi im thch hp. Tuy
nhin, th trng vn k vng ni lng hn v t l k qu. Trc y, cc CTCK
thng a ra t l k qu 50:50, thm ch do cnh tranh, li ko khch hng,
nhiu cng ty a ra mc k qu nh 40: 60, thm ch vi t l rt cao l 20: 80.
Vic s dng n by ti chnh thi qu khin th trng tng trng qu nng v
st gim th qu mnh do p lc phi gii chp. Hin nay dch v giao dch k qu
vn cn nhiu bt cp. Theo quy nh, khch hng mun thc hin giao dch k qu
phi k hp ng m ti khon giao dch k qu vi CTCK ni khch hng c ti
khon giao dch chng khon thng thng v ti khon giao dch k qu phi
c qun l tch bit vi ti khon giao dch thng thng. V cng theo thng t
ny, mi nh u t cng ch c m mt ti khon ti mt CTCK. Thm vo ,
theo quy ch quy nh, CTCK c php tha thun li sut khi thc hin margin
vi khch hng. Nh vy, CTCK c c cho vay li sut cao qu 150% li sut c
bn nh quy nh hin nay. Tm li, quy ch v giao dch k qu cn nhiu yu t
thiu r rng v bt cp.
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Tm li, mc d c th trng k vng rt nhiu v nh mt phn ca cc

gii php k thut tho g, h tr th trng, thc ra thng t 74 kh mang li
mt s tng trng t bin cho th trng, nh gi c phiu tng, hoc thanh
khon tng mnh....
2.2.2.1.5.Ri ro v cc quy nh cht lng dch v ca sn giao dch
Trong kinh doanh chng khon, NT phi thng qua cc t chc trung gian
mi gii v vy h chu nhiu ri ro lin quan n cc quy nh, quy trnh nghip v
cng nh cht lng dch v ca cc t chc trung gian. Trc tin l ri ro lin
quan n vic t chc khp lnh. Trong phin khp lnh nh k lc m ca, ri ro
l nh u t khng c hy lnh trc khi kt thc phin. V vy, theo tnh hnh
th trng, h mun sa hay hy mua hay bn gi khc khng c v lnh ca
h c th khp vi mc gi h khng mong mun. iu gy tn tht cho NT.
Thm vo , khp lnh nh k d gy tnh trng cung v cu o trn th trng,
tnh trng nghn mch, qu ti hay phn bit i x theo kiu b ri NT nh cc
sn giao dch. V vy, n gp phn to ra ri ro cho cc NT.
Bn cnh , khp lnh lin tc d l giao dch trn c s khp lin tc cc
lnh mua v bn chng khon ngay khi lnh c nhp vo h thng giao dch,
khng phi ch n thi im nh k nh kiu khp lnh nh k. V vy, n cng
c th gy ra ri ro cho NT. Nguyn tc ca khp lnh lin tc l u tin v gi
ri mi n u tin v thi gian. Do , quyn u tin s ginh cho lnh mua vi
mc gi mua cao nht v lnh bn vi mc gi thp nht. Khi lnh mua v bn
ng mc gi th ri ro i vi NT l lnh ca h nhp vo h thng chm hn
so vi NT khc c lnh tng t.
V c th ca kinh doanh chng khon l thng qua cc t chc trung gian,
cc cng ty chng khon. V vy, cht lng dch v ca cc t chc trung gian nh
hng rt ln n hot ng kinh doanh ca NT. Mt CTCK cht lng km s
gy nhiu tn tht cho NT v ngc li, chng hn chng trnh cng ngh khng
cp nht thng xuyn, ngy cng lc hu, sn giao dch m mng thng xuyn b
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li, b nghn,... th lnh ca NT b chm li, giao dch tr hon,.... Xt v c s vt

cht, h thng bng in m, v tr ca CTCK t tng cao, thng xuyn mt
in dn n NT thng phi i thang b, giao dch bt tin.... Cn v cht lng
nhn s cng rt quan trng. i ng cn b nhn vin thiu chuyn nghip, khng
am hiu nghip v s khng p ng kp thi, hiu qu nhu cu ca NT, gy ri ro
v tn tht khng ch NT m c bn thn CTCK .
Ngoi ra, hot ng t doanh ca cc CTCK c th ln lt, gy s cnh
tranh khng bnh ng trong cuc chy ua li nhun trn th trng v cc CTCK
c li th hn v thng tin, hiu r nhng qui nh ca lut, kim sot thi gian t
lnh ca NT, trong khi khng ai kim sot cng ty,... V vy, iu ny cng gp
phn gy ra ri ro vi cc NT, c bit l cc NT nh l.
2.2.2.1.6. Ri ro li sut
Li sut nh hng nhng khng quyt nh n TTCK v li sut c th
nh hng n ton b nh u t chnh l LSCK . Khi LSCK gia tng, hiu ng
tng th l n s lm gim lng cung tin, lm cho vic vay tin ca cc c nhn
v DN tr nn t hn, tc ng n hnh vi tiu dng ca cc c nhn v chin
lc kinh doanh, gia tng chi ph cho cc DN, khin cho thu nhp thp hn v c
khuynh hng lm cho TTCK i xung hoc gi chng khon st gim. NT s
nhn thy u t vo c phiu c th c xem l ri ro hn so vi u t vo cc
lnh vc khc. Khi NHNN cng b tng LSCK thng s km theo l cc chng
khon chnh ph mi c pht hnh nh TPCP, c xem l c hi u t an ton
nht v hp dn hn.
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Ngun Bloomberg
Biu 2.7: CC LI SUT CA NHNN

n na u nm 2007, li sut c bn l 8.25%/nm, CSTT v CSTK ni
lng, TTCKVN tng trng mnh, VN-Index vt ngng 1.100 im, t nh
im cao nht trong lch s TTCK. Cui 2007 u 2008, CSTT tht cht trong khi
CSTK vn m rng , cc c quan qun l kim sot lm pht thng qua vic iu
hnh v kim sot tng tng phng tin thanh ton, m bo tng tn dng mc
tiu v nng li sut c bn ln 14%/nm vo thng 6/2008. Lc ny TTCK bt u
gim xung. T cui nm 2008, CSTT, CSTK ni lng nhng do tc ng ca
khng hong kinh t ton cu, do CSTT tht cht t thi gian trc nn cc DN gp
kh khn. Trong bi cnh ny, u nm 2009, li sut c bn gim xung cn
7%/nm v chnh ph cn thc hin 3 gi kch cu h tr li sut. Tnh n u qu
4/2009, TTCK hi phc v tng trng. Cui nm 2009, CSTT b thu hp, cc
gi h tr li sut kt thc, li sut c bn tng ln 8% /nm t ngy 1/12/2009 v
n ngy 5/11/2010 l 9%/nm v cc li sut chit khu, ti cp vn cng tng
mnh nhng TTCK tip tc st gim.
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Ngun NHNN
Biu 2.8: CC LI SUT CA NHNN 6 THNG U NM 2011
n nm 2011, li sut c bn vn gi nguyn 9%/nm, cn cc li sut
chit khu, ti cp vn v th trng m lin tc tng. Theo biu 2.8, chng ta c
th thy li sut ti chit khu tng mnh m t 7%/nm ln n 12%/nm v
cui thng 6/2011 l 13%/nm. Thng tin ny tc ng tiu cc n TTCK v
NT nhn thy rng u t vo c phiu thc s ri ro cao hn lnh vc khc.
2.2.2.1.7. Ri ro sc mua: do tc ng ca lm pht trong u t chng khon
Gi tr cc khon u t lun b nh hng trc tip bi din bin ca lm
pht v y l mt trong nhng ri ro c bn trong u t chng khon.
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Ngun: TCTK
Biu 2.9: LM PHT TI VIT NAM T 2001 N 2010
Ngun: TCTK
Biu 2.10: DIN BIN CA VN-INDEX QUA 4 GIAI ON LM PHT
T na u nm 2007, CSTT v CSTK ni lng. Tuy nhin hiu qu u t
thp, nn kinh t khng hp th c ngun cung tin ln, h qu l lm pht tng
cao ln 8,3% cn TTCK tng mnh vi ch s VN-Index vt ngng 1.100 im.
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T na cui nm 2007 n na u 2008, CSTT tht cht, CSTK vn m

rng v li sut c bn tng ln 14%/nm vo thng 6/2008, v vy iu ny gy p
lc lm pht cn li sut khng gim dn n lm pht tip tc xu hng leo thang
v t nh im gn 23%/nm v TTCK gim sc nng, VN-Index bt u gim
su.
T na cui nm 2008 n cui nm 2009, CSTT v CSTK u ni lng, li
sut c bn gim cn 7%/nm v Chnh ph thc hin 3 gi kch cu h tr li sut,
nhng do tr ca CSTT tht cht t giai on trc v kim sot tt d n tn
dng v tng phng tin thanh ton di mc mc tiu nn lm pht nm 2009
c khng ch v gim cn 6,9%. Cn TTCK, u qu 4 nm 2009, th trng
phc hi v tng trng VN-Index tng 165% v HN-Index l 179%.
T cui nm 2009 u nm 2011, CSTT thu hp, cc gi h tr li sut
kt thc, li sut tng nhng do tng trng tn dng, tng trng tng phng tin
thanh ton cao nn lm pht vn tng v TTCK li st gim. Nh vy, khi lm pht
tng c mc trong bi cnh cung tin tng mnh, m rng chi tiu Chnh ph th
TTCK tng trng, khi lm pht tng cao trong bi cnh CSTT tht cht th TTCK
suy gim nhanh. V khi lm pht gim trong bi cnh CSTT v CSTK ni lng th
TTCK li tng.
n thng 6/2011, tnh hnh lm pht h nhit v li sut huy ng gim nh
l du hiu tch cc ng h th trng nhng NT vn hoang mang trc xu hng
ca th trng. u thng 7/2011, NHNN iu chnh gim li sut th trng m t
15% xung 14%, ng ngha vi vic ni lng CSTT, c chiu hng gim li sut
cho vay. Thm vo l thng tin gim thu u t chng khon gp phn to tn
hiu tch cc cho th trng. Tuy nhin, v mt phn tch k thut th ch s VNIndex v HNX-Index vn tip tc gim. Xt v di hn, nhng tn hiu tch cc trn
l trin vng phc hi nn kinh t, nhng xt v ngn hn, nhng gii php bnh n
th trng khin dng tin vo TTCK b thu hp.
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Tm li, lm pht tc ng trc tip n tm l NT v gi tr cc khon u

t trn TTCK. Lm pht tng cao c th dn n nguy c khng hong nim tin, d
xut hin tm l mua bn by n, bn tho c phiu gy hu qu thanh khon thp.
NT s nhn thy gi tr cc khon u t vo chng khon b gim gi tr tng
i v TTCK s tr nn km hp dn so vi cc lnh vc u t khc nh gi tit
kim do li sut th trng tin t tng cao, hay u t vng . Lc ny, TTCK li
tip tc i xung
2.2.2.2. Ri ro khng h thng -Ri ro t t chc pht hnh
NT c th cha nhn din c tnh hnh ti chnh ca mt s doanh
nghip ang tnh trng gii th, ph sn. Chng ta hy cng nhn v c phiu
DVD, NT hoang mang trc tin tc v kh nng DVD c th b ph sn.
DVD hon ton khng cng b thng tin k t cui thng 4/2011 v khng np
hng lot bo co nh BCTC kim ton nm 2010, bo co thng nin nm 2010,
BCTC qu I v II/2011 cho thy nhiu bt n. V cui cng, c phiu DVD
b hy nim yt trn HOSE t 5/9/2011 v lin tc vi phm cng b thng tin
nh k theo quy nh. Nh ni trn, cc nh u t nm gi DVD gp tn tht.
Ngoi ra, nhng thng tin v kt qu kinh doanh qu 2/2011 ca cc cng ty
nim yt c cng b v l r s phn ha. Dng tin ngn hn ch yu l
dng tin u c tp trung ch yu trn SGDCK H Ni y thanh khon ln cao so
vi SGDCK TPCHM. Mt bng gi cng c s phn ha mnh khi ch c 30% cc
m trn c hai sn c s ci thin ng k v mt dng tin v bin ng mnh v
gi, cn li phn ln cc c phiu gi gim mnh v gn nh mt tnh thanh khon.
Trong bi cnh kinh t hin nay, mi trng kinh doanh tc ng nhiu ti hot
ng sn xut kinh doanh ca cc doanh nghip. iu ny khin cc nh u t lo
ngi l trin vng ca cc cng ty nim yt.
Trong bi cnh kh khn chung ca nn kinh t hin nay, nhng DN cng
b kt qu kinh doanh thua l cha nhn thy kh nng phc hi. Nhng DN c nn
tng hot ng tt vn duy tr kt qu kinh doanh c li, nhng k vng li nhun
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phi iu chnh. Nhm c phiu blue-chip vn tip tc khng nh v th thng

hiu v tim nng ca mnh trn th trng chng khon. So vi cng k nm
ngoi, li nhun 6 thng u nm 2011 ca 10 doanh nghip c gi tr vn ha ln
nht hu nh tng trng, c bit l VIC, PVL tng trng trn 100%. Trong khi
, BVH v HAG li gim so vi cng k nm ngoi.
Bng 2.7: MT S CH TIU LI NHUN CA 10 DN C GTVH LN
NHT TTCKVN
M
CK
Li nhun 6
thng nm 2010
( T ng)
Li nhun 6
thng nm 2011
( T ng)
Tng
trng
VCB
MSN
VIC
BVH
CTG
VNM
ACB
HAG
EIB
VPL
2138,02
336,36
138,7
533,68
1646,71
1748,57
1288,39
907,9
822,89
41,37
2420,88
650,351
349,35
521,85
2985,62
2.113,66
1390,48
610,9
1261,96
208,57
13,23%
93,35%
151,87%
-2.22%
81,3%
20,88%
7,92%
-32,71%
53,36%
404,15%
EPS iu
chnh
( nghn
ng)
2,74
5,18
6,56
1,48
2,83
10,85
2,86
3,84
2,24
1,67
P/E
( ln)
10,20
23,76
15,08
46,51
8,99
11,79
7,56
8,56
7,08
48,13
Ngun: cafef.vn- Ngy 29/09/2011
So vi cc nc trong khu vc, khng c nc no c gi tr doanh nghip

mnh v r bng Vit Nam. Nm 2011, Vit Nam s c nh gi l mt trong
nhng quc gia hp dn bi P/E mc thp nht so vi cc nc trong khu vc.
Th trng vn rt tim nng u t trung v di hn. C phiu cc ngnh ma
ng, cng ngh thng tin, cao su t nhin, du kh ang hp dn dng tin u t.
Gim t trng nm gi i vi cc ngnh bt ng sn, thp. V gi nguyn i
vi ngnh bo him. Vi mt bng gi hin ti, P/E ca TTCK Vit Nam hin ang
mc kh thp, gn tng ng vi mc P/E khi nn kinh t cn chu tc ng
mnh ca khng hong kinh t ton cu.
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Ngun : Thomson Reuters, PSI

Biu 2.11: T S P/E,P/B CA VIT NAM V MT S TH TRNG
TH GII
2.2.3. Cc ri ro khc.
Bn cnh nhng ri ro nu trn, trong hot ng kinh doanh chng khon,
NT cn phi i mt vi nhiu ri ro khc, l nhng giao dch gi to, a ra
cho mua, cho bn o nhm to cc t bin th trng cho mt loi chng khon
no . Ngoi ra, cn c cc hot ng mua bn t bin, dng cc phng tin
truyn thng gy nh hng th trng, hoc cc hnh vi p gi, tr gi, cht gia
v chy trc, . Tm li, nhng hot ng ny nh hng rt ln n quyn li
ca NT.
Thm vo , ri ro cn n t chnh bn thn nh u t. l, s thiu
kin thc, thiu tm l vng vng, thiu chuyn nghip khin nh u t gp ri ro
rt ln khi khng th chn lc hoc x l thng tin hng ngy. Gp phn vo ri ro,
khi th trng tng trng mnh, nhiu NT huy ng vn t nhiu ngun, c bit
l cm c mua chng khon khin NT khng cn nhc ht nhng ri ro do th
trng mang li. Kt qu l khi th trng bc sang giai on iu chnh, khng c
tim lc ti chnh, nhng NT vn mng buc phi ct l, rt khi th trng.
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Thm vo, NT thiu bn vng chnh l tm kim li nhun trong ngn hn m

khng tnh ton n cc chi ph hoc ri ro c th gp phi, cng l mt trong
nhng nguyn nhn khin th trng c nhng din bin kh lng nh thi gian
qua.
Kt lun chng 2:
Chng 2 cho chng ta c ci nhn tng quan v thc trng ca TTCKVN t
nm 200 n nm 2011, t a ra nhng nh gi chung v tnh hnh
TTCKVN, nu bt c nhng thnh tu m TTCKVN gt hi c cng nh
nhng vn cn tn ti cn c khc phc. Nhng ri ro trong u t chng
khon khng trnh khi. Chng 2 cng trnh by r nhng nguyn nhn dn
n ri ro v nhng ri ro trong u t trn TTCKVN. V vy, mt s gii php v
kin ngh trong chng 3 s gp phn hn ch nhng ri ro ny.
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CHNG 3
MT S GII PHP HN CH RI RO TRONG U T TRN
TTCKVN HIN NAY
3.1. Mt s gii php hn ch ri ro trong u t chng khon.

3.1.1. i vi Cng ty nim yt:
Cng ty nim yt phi nng cao hiu qu QTDN v QTDN tt s gip cho
cng ty nng cao kh nng tip cn vn v hot ng hiu qu hn, ngoi ra cn
mang li hiu qu cao cho NT v li ch hn cho cc thnh vin khc trong cng
ty. Kt qu l cc nh u t s sn sng tr gi cao hn cho c phiu ca nhng
cng ty qun tr tt. Nh vy, qun tr cng tt, c phiu cng c gi. Qun tr cng
ty tt em li li ch lu di cho cng ty trong vic nng cao hnh nh, uy tn, huy
ng ngun vn d dng vi chi ph thp, em li hnh nh tt v mt mi trng
u t minh bch v an ton. Cc ngn hng cng sn sng cho vay, thm ch vi
li sut thp hn, v qun tr tt s lm gim kh nng cc khon vay s c s
dng khng ng mc ch v tng kh nng cng ty s tr cc khon vay y v
ng hn. Ngc li, qun tr khng tt thng dn n nhng hu qu xu, thm
ch ph sn cng ty.
Tuy nhin, hin nay cc doanh nghip Vit Nam cha c h thng QTDN
tt. Vai tr v chc nng ca ban kim sot trong mt s cng ty cn cha r rng,
rt hn ch v mang tnh hnh thc. S minh bch v cng b thng tin cha c
thc hin tt, v vy NT khng c cung cp y v kp thi thng tin. V
vy, cc cng ty nim yt cn cng b thng tin v tnh hnh hot ng ca doanh
nghip, k hoch d kin cc nh u t c cch nhn nhn chnh xc v tnh
hnh ca doanh nghip. Vic cng b nhng thng tin ny l rt quan trng, s c
tc dng gp phn lm bnh n th trng.
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Thm vo , vai tr ca qun l nh nc trong vic buc cc doanh nghip

phi cng khai thng tin, kim tra thng tin v cc giao dch vi cc bn c lin
quan cn hn ch. Mc d, php lut doanh nghip nc ta c nhng quy nh
iu chnh vic thnh lp, t chc qun l v hot ng ca doanh nghip, trong
rt nhiu iu khon rng buc doanh nghip phi hot ng cng khai, minh bch,
tun th php lut, i x cng bng gia cc c ng, m bo quyn li c
ng... nhng trong thc tin vn hnh, vn cn rt nhiu vn pht sinh m lut
php khng th iu chnh ht.
Ngoi ra, do nhn thc v qun tr cng ty cn nhiu hn ch, ng thi,
khng loi tr yu t c tnh hiu sai bn cht v ngha ca qun tr cng ty, cc
quy ch qun tr cng ty c cc doanh nghip Vit Nam xy dng hin nay
thng mang tnh hnh thc, chung chung, cha p ng c yu cu cn c ca
nhng nguyn tc qun tr cng ty theo thng l qun tr tt nht v cha p ng
c nguyn vng ca c ng cng nh cc bn lin quan. Thc t, phn ln cc
cng ty nim yt qun tr ti chnh cha tt. Bo co thng nin ca nhiu cng ty
cn s si, b st ni dung, nh mc th lao, thng ca HQT cng vi nh gi
mi tng quan gia th lao v hiu qu hot ng ca DN, t l s hu c phn
ca HQT, ban kim sot, ban Gim c, c ng ln, bo co ti chnh cn cha
ch ng gii trnh v l li, cc khon ngoi tr ca kim ton, chnh lch gia
bo co t lp v bo co c kim ton; .
Quy ch qun tr cng ty thng c xy dng trn c s tun th cc quy
nh ca php lut hin hnh nh Lut Doanh nghip, Lut Chng khon v cc
vn bn di lut, ng thi b sung thm nhng quy nh ring cho ph hp vi
c th doanh nghip v mong mun ca c ng cng cc bn lin quan. Nhng
cng ty hot ng minh bch hay mong mun hot ng minh bch cn xy dng
quy ch qun tr cng ty chuyn nghip, minh bch, hiu qu v ch trng thc cht
hn l hnh thc. Nu nh cc yu cu bt buc trong lut l iu kin cn th cc
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yu cu t thc tin hot ng qun tr doanh nghip, trong rt quan trng l k

vng ca c ng v cc bn lin quan, mi l iu kin .
V vy, khi xy dng quy ch qun tr cng ty, ban lnh o cng ty phi bit
cng ty thc s cn g hot ng chuyn nghip, minh bch v hiu qu, m
bo c s cng bng trong c quyn, ngha v v li ch ca c ng, v s hi
ha vi li ch ca cc bn lin quan khc.
Mt khi lut v cc vn bn di lut cn nhiu k h th chnh iu l v
quy ch qun tr cng ty cn phi xy dng mt cch nghim tc nhm bc lt, bt
kn nhng k h ny bo v s minh bch, cng bng trong cng ty. Nhng quy
nh c th, cht ch v chi tit hn trong quy ch qun tr cng ty v quyn li c
ng, v i hi ng c ng, HQT, ban kim sot, v vn ngn nga xung
t li ch, cng b thng tin... s gip cng ty trnh c nhng tranh ci khi xy
ra nhng vn lin quan m lut khng quy nh ht.
Ngoi ra, bo m hiu qu php lut v qun tr cng ty , cc doanh
nghip cng cn phi:
-Tun th cc quy nh v qun tr cng ty l mt trong nhng yu cu bt
buc trc khi thc hin vic nim yt trn TTCK.
- Thng xuyn bo co vic tun th cc quy nh v qun tr cng ty v
bo co cho Trung tm v S Giao dch chng khon nhng thay i v nhn s
ca cng ty mt cch kp thi.
-Qun l cng ty v ban kim sot cng ty phi xc nh r ni dung, thm
quyn v c ch phi hp trong vic thc hin cc nhim v v qun tr cng ty; ni
dung v phng php phi hp gia cc b phn trong cng ty khi gii quyt cc
vn thuc thm quyn ca mnh.
- Thng xuyn r sot h thng qun tr cng ty nhm pht hin nhng
thiu st, l hng, nhng im cha hp l t ra bin php khc phc. Nng
cao v tr, vai tr ca c ng trong vic xut cc yu cu qun tr cng ty, c
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bit l thc hin quyn gim st ca c ng i vi hot ng ca ngi qun l

cng ty.
Bn cnh , minh bch thng tin l mt trong nhng nhn t quan trng
nht gip TTCK pht trin cng nh hn ch ri ro trong u t chng khon, ly
li nim tin i vi NT. Cng ty nim yt phi c trch nhim cng b thng tin
mt cch r rng minh bch theo ng php lut cho cc NT c nhng quyt
nh ng n. S minh bch ca doanh nghip l c s quan trng pht trin
bn vng, lm gia tng gi tr ca cc doanh nghip. H thng k ton kim ton l
cng c khng th thiu thc hin vic minh bch trong qun l cng ty. Thng
qua qu trnh kim ton a ra cc khuyn ngh v qun tr cng ty, qun tr ri ro,
hon thin h thng kim sot ni b.. gip doanh nghip iu chnh kp thi cc
tn ti, hon thin h thng qun tr hng ti vic tng cng tnh cng khai minh
bch. Vit Nam, thc v s minh bch ngay c vi cng ty nim yt vn cn
hn ch. V vy, mt s gii php nng cao tnh minh bch thng tin ti chnh,
minh bch ca TTCKVN nh sau:
- NT phi c quyn tip cn thng tin cng b v cch chuyn ti thng
tin phi c ci thin c th n th trng nhanh nht, khng b khc x.
- Vic p dng cc chun mc k ton c quc t chp nhn l mt bin
php cn thit to tnh minh bch v gii thch ng n cc bo co ti chnh.
Thng tin trn bo co phi m bo tin cy, ch trng ni dung hn hnh thc,
trung lp, thn trng v hon chnh, c trnh by mt cch nht qun gia cc
thi k v gia cc n v gip cho ngi s dng c th a ra cc nh gi, so
snh quan trng v phi d hiu i vi ngi s dng.
- m bo cho s n nh ca th trng ti chnh v th trng vn, cc
c quan qun l phi t vn quan tm c bit n cht lng thng tin c
cung cp cho cc i tng tham gia th trng.
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- Bn thn cc t chc cung cp thng tin cn nhn thy trch nhim trong
vic ci tin h thng thng tin ni b, to danh tin trong vic cung cp thng
tin c cht lng.
- Lut ha ngha v cng b thng tin c t pha QLNN v doanh nghip.
Lut php cn can thip su vo th trng v c ch ti mnh m x l cc hnh
vi vi phm. minh bch, iu u tin l phi c chun mc v s minh bch v
sau l phi c ch ti cho s minh bch. Nh qun l c th s dng mt trong
nhng ch ti quan trng nht l rt giy php hot ng v nu p dng ch ti
ny chc chn tt c php nhn trn th trng s ngay lp tc phi kim sot s
minh bch trong hot ng ca chnh mnh do i vi doanh nghip, rt giy php
ng ngha vi ph sn. Tm li, cn c cc ch ti mnh c th lp c trt
t minh bch trong cng b thng tin trong giao dch chng khon.
- Hon thin cng tc k ton kim ton, tip tc hon thin cng tc qun l
Nh nc i vi hot ng ca h thng kim ton. l, khng nn c hai h
thng k ton p dng cho cc doanh nghip, ngn hng thng mi; to ra v duy
tr n nh cho cc ch kim ton c ban hnh, gim bt nhng ni dung qun
l chi tit, ban hnh cc nguyn tc, chun mc v s hng dn; b sung bo co
vn ch s hu vo danh mc cc bo co cn phi c i vi cc doanh nghip;
m rng hn na cc lp o to bi dng kin thc chuyn mn nghip v k
ton khng ch cho cc k ton vin m cho c i tng khc, c bit l cc i
tng c nhu cu s dng thng tin k ton. Ngoi ra, v hot ng kim ton c
lp, ngnh kim ton phi t mc tiu pht trin v quy m, a dng ha dch v
cung cp v t tc tng trng cao v doanh thu v li nhun, nng cao nng
lc chuyn mn, gim thiu ri ro ngh nghip, u t cng ngh v k thut kim
ton, kim sot cht lng dch v, ha nhp vi th trng khu vc v quc t,
trnh nhng hin tng cnh tranh khng lnh, xy dng chnh sch tuyn dng,
o to hp l, xy dng quy trnh k, thut kim ton chung v ring cho lnh vc,
khu vc chng khon, ngn hng...
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3.1.2. i vi cc cng ty chng khon

CTCK cn phi nng cao cht lng dch v v khng ngng pht trin quy
m, to tnh chuyn nghip trong cc hot ng. Trong thi k hin nay, iu ny
khng ch l gii php pht trin, cnh tranh ca cc cng ty chng khon m cng
nhm nng cao hot ng u t chng khon v gim thiu ri ro cho cc nh u
t.
Th nht, hin nay nhiu cng chng chng khon c h thng cng ngh
thng tin rt yu km, thng xuyn mc li, nhiu trng hp lnh a vo h
thng chm, khng kp thi, n khi a vo ri th lnh trng thi E ( error),
mng b nghn khng giao dch c, h thng ng truyn c vn ,.... V vy,
cc cng ty chng khon cn phi khng ngng p dng u t cng ngh hin i,
trnh lc hu, cung cp cho nh u t giao dch mi lc mi ni, c ch bo mt
cc cao, tc x l nhanh v ti u ha phc v cng lc s lng ln khch
hng. Cc CTCK cn xy dng h thng cng ngh thng tin hin i, tc x
l nhanh, ti u ha, m bo kt ni thng sut, bo mt cao v to dng c cc
dch v gia tng a dng, hin i nh giao dch in thoi, giao dch trc tuyn,
bng in trc tuyn, dch v nhn tin, t ng cung cp thng tin qua email, sms,
cung cp ngun tin tc kp thi, p ng c nhu cu ca khch hng. Trong
, giao dch chng khon trc tuyn tr thnh yu t quan trng lm cha kho
cnh tranh gia cc CTCK. Tuy vy vic u t v trin khai mt h thng CNTT
o bm cho cc hot ng chng khon, nht thit cn phi u t mt cch ng
b gia h tng thng tin v h thng bo mt mt cch y . Song song vi vic
u t v cng ngh, cc cng ty chng khon s phi xy dng c mt h thng
qun l an ton thng tin, cc hng dn c th trong vic thc thi chnh sch v b
tr ti nguyn con ngi cng vi trch nhim v quyn li c th. H thng qun l
ny s gip cho cc cng ty chng khon c th thch ng linh hot vi s thay i
ca cc ri ro trong h thng cng ngh thng tin. Hin nay, c nhiu phn mm
nh Call contact/center, BackOffice, l nhng gii php cho h thng cng ngh
thng tin ca cc CTCK.
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Th hai, trong cc nghip v chng khon, mi gii l hot ng l ph bin

v quan trng nht. Cc nh u t cn c t vn mang tnh chuyn nghip, hiu
qu trnh ri ro. V hin nay, dch v t vn khch hng vn cha p ng c
nhu cu ca cc nh u t. Do , cc cng ty chng khon cn phi xy dng v
o to i ng nhn vin c nng lc, chuyn su, nng ng, c o c ngh
nghip,.... c mt i ng nhn lc cao cp trong lnh vc ti chnh p ng
c nhu cu khch hng tht s khng d dng. Cc cng ty chng khon nn
thng xuyn c cc lp hc nng cao nghip v, t chc cc bui hi tho v
nghip v chuyn mn, thc hin cc ch i ng cho cn b cng nhn vin ca
mnh, to iu kin h pht trin nng lc bn thn.
Bn cnh , cc cng ty chng khon cn thng xuyn t chc cc bui
thuyt trnh v th trng, t vn u t hay gii p thc mc ca khch hng nng
cao kin thc, hiu bit cho nh u t v th trng, hot ng kinh doanh chng
khon.
Ngoi ra, cc cng ty chng khon phi khng ngng xy dng c s h
tng, m rng phm vi hot ng nh chi nhnh, phng giao dch, i l h tr giao
dch cc nh u t cc tnh thnh khng c sn giao dch c th tham gia vo
th trng.
3.1.3. i vi nh u t.
Nh u t phi thng xuyn nng cao kin thc khng ch lnh vc ti
chnh, chng khon m nhiu lnh vc khc th cng tt. Kin thc l mt b lc
thng tin c phng hng, c ch ch v c phng php gip nh u t khn
ngoan hn trong cc hot ng u t.
iu quan trng, nh u t cn theo di v nhn nh mt cch xc ng
cc xu hng th trng, l xu hng ca th trng chng khon, xu hng ca
lnh vc u t lin quan v xu hng gi ca chng khon m nh u t ang c
v n cho bit thi im NT nn mua vo hay bn ra. S l ti u nu NT mua
c chng khon gi thp nht c th v bn gi cao nht c th. V th, vic xc
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nh c ng xu hng i ln hay i xung dn n vic ra quyt nh mua hay

bn ng thi im, l im then cht quyt nh thnh cng ca nh u t.
Bn cnh , nh u t cn la chn v thng xuyn thay i danh mc
u t chng khon, a dng ha ri ro. C mt nguyn tc vng l khng nn b
tt c trng vo mt gi. Tuy nhin, cng ng nhiu qu v nh th nh u t s
kh kim sot ht, khng c kh nng nm bt y cc thng tin v tt c
v ra quyt nh ng lc. V nh u t khng ch la chn chng khon mt ln
duy nht m phi thng xuyn iu chnh danh mc u t khi cn thit. Mt danh
mc u t tt nht l mt danh mc ti u v mt s lng v chng loi chng
khon, tc l danh mc c k vng li nhun cao nht. Nh u t cn nghin cu
cc loi chng khon khc nhau, so snh k vng li nhun v chn loi chng
khon c k vng li nhun cao nht. V th, i hi nh u t phi c kh nng t
duy, ch v bn lnh khi phn tch v a ra quyt nh. iu ny cho thy tham
gia th trng chng khon mt cch ch ng tht s l mt tr chi tr tu y th
thch.
Ngoi ra, nh u t cn phi nm r cc phn tch chng khon nh phn
tch c bn, phn tch k thut. Nh u t nn thng xuyn theo di th trng
kt hp vi phn tch k thut nm bt din bin th trng. Nhiu nh u t c
kinh nghim c th cm nhn kh chnh xc rng th trng hoc mt c phiu no
s tng hay gim, t mua vo hay bn ra. Cn phn tch c bn ch nn p
dng trit khi u t di hn cn trong ngn hn ch l mt yu t nh tham
kho. N gip NT la chn c c phiu theo cch la chn cng ty tt, hiu
c cc yu t chnh tc ng ti gi tr ca cng ty hoc ngnh. Trng hp lo s
m bn ra th NT s phi mt rt nhiu cng sc c th b p c tn tht,
nu l 20% th NT phi kim c 25% t khon tin cn li c th ha vn,
trong khi c phiu c th o chiu bt c lc no. Khng nn ch gi ln nh
ri mi bn, bi ng tin rt kh kim. Nhn thy xu hng gi tng th phi
nhanh chng mua vo bng c, v ngc li. NT ng nn do d. Cn bnh
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thng th cn cn nhc k, nht l trn sn H Ni. Khi lt sng th nn bn ngay

khi c li cng nh l. Bi li l phn on ca mnh ng, cn l l do phn on
sai, m phn on sai th kh nng phn on rng c phiu s phc hi cng
cha chc ng. Tt nht l chm dt. Ngoi ra, NT cn theo di thng tin tht
k, nht l nhng thng tin c nh hng ln nh ngh quyt, k hoch tng vn,
kt qu kinh doanh nn c s phn on i tt n u v bn ra khi thng tin
tt c cng b.
NT cn xy dng danh mc u t hiu qu. Qun l danh mc u t l
mt nghip v quan trng trong kinh doanh chng khon, l cng c hu hiu
hn ch ri ro v ti a ha li nhun. V vy, xy dng mt danh mc u t
ph hp th nh u t cn thc hin cc bc sau:
Bc 1: Xc nh chin lc u t : ch ng hay b ng
Ngi u t ch ng hay tch cc l ngi lun sn sng b ra rt nhiu
thi gian v cng sc qun l danh mc u t ca mnh. Cn ngi u t th
ng th ch mun b ra mt khong thi gian ti thiu cn thit theo di cc
khon u t v bng lng vi cc khon li khim tn c c. Cn lu rng quy
m u t l khng quan trng m iu ct yu l NT tiu tn bao nhiu thi gian
v cng sc cho danh mc u t. Hin ti, a s cc nh u t u thuc dng th
ng, bi v h l nhng ngi khng chuyn nghip, thiu k nng chuyn su.
Bc 2: Quyt nh c cu ca danh mc u t
l t trng c phiu v tri phiu trong danh mc u t. y l mt
quyt nh mang tnh cht c nhn v tu theo quan im mi ngi. Hin nay, a
s kin nghing v t l 50/50, tc l 50% s tin ca danh mc c s dng
u t vo c phiu, phn cn li s c s dng mua tri phiu.
Ngoi ra, nh u t cng cn cp ti l t trng ca danh mc u t c
cn phi iu chnh theo s bin ng ca th trng. Gi s rng NT ang c
trong tay mt danh mc u t vi t l 50/50. Nu th trng c phiu tng gi v
lm cho danh mc ca bn c t l 65% c phiu v 35% tri phiu th lc ny nh
u t c bn bt mt s c phiu a danh mc tr v t l 50/50. Xung quanh
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vn ny vn cn nhiu kin khc nhau nhng nhn chung i a s cc nh u

t s khng bn i c phiu phng trng hp khi c phiu gim gi th danh
mc s tr v mc cn bng 50/50.
Bc 3: a dng ho danh mc u t
Th nht, nh u t phi a dng ha t chc pht hnh. Nu danh mc u
t ca NT ch bao gm ton b cc tri phiu Chnh ph th NT khng cn phi
a dng ho chng loi cc ch th pht hnh, bi v tri phiu chnh ph hon ton
khng c ri ro. Tuy nhin, nu NT mua tri phiu cng ty, tri phiu a phng
hoc c phiu th vic a dng ho ch th pht hnh l mt vn cn c cn
nhc, bi v cc loi chng khon ny lun tim tng mt s ri ro nht nh. V a
dng ha n mc cn tu thuc vo quan im ca mi c nhn. Mi nh u
t s t a ra quyt nh cho danh mc u t ca mnh da vo tim lc ti chnh
cng nh mc ri ro c th chu ng.
Th hai, nh u t cn a dng ho cc lnh vc kinh doanh, a dng ha
cc ngun thu hoc c th a dng ho theo v tr a l. NT cn ch rng, cng
a dng ho th s cng hn ch c ri ro, tuy nhin ng nn a dng ho qu
nhiu v nh vy s tn rt nhiu cng sc qun l v n mt lc no th danh
mc s vt qu tm kim sot.
Bn cnh , nh u t cn xc nh c mc ngi ri ro. Mi NT u
c mc ngi ri ro nht nh mc khc nhau tu thuc vo tm l v khi
lng tin s hu. Vi l thuyt hm hu dng biu th mi quan h hu dng ca
mt n v tin t kim thm vi mc ri ro ca khon u t v mc ngi ri ro
ca NT cng cng thc cho mi tng quan ri ro v mc n b ri ro tng
xng, mi NT phi gn mt mc chp nhn no (hay gi tr hu dng) vo
nhng danh mc u t ngang nhau da trn li sut u t c tnh v ri ro ca
danh mc . T , NT tnh ton thang im sp xp th t danh mc u t.
Danh mc u t hp dn hn l danh mc c mc ri ro bng hay thp hn danh
mc khc, nhng c li sut c tnh cao hn.
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

69
3.2. Kin ngh i vi c quan QLNN, UBCKNN v cc c quan chc nng.

3.2.1. i vi c quan QLNN
Hon chnh h thng quy phm php lut iu chnh cc hot ng kinh
doanh. Hon thin khung php l l mt trong nhng cng c quan trong nht
Nh nc thc hin qun l i vi TTCK.
Phn nh hp l chc nng, nhim v ca UBCKNN vi cc SGDCK,
TTLKCK.
Thc hin trit ci cch th tc hnh chnh trong lnh vc QLNN, gim
bt s rm r khng cn thit trong qu trnh xy dng v ban hnh cc vn bn
php quy.
M rng knh thng tin cho nh u t.
u t c s h tng, cng ngh thng tin.
p t cc bin php trnh u c, thao tng th trng.
Tng cng s phi hp gi UBCKNN v cc hip hi ngnh lin quan nh
hip hi kinh doanh chng khon Vit Nam, hip hi cc nh u t ti chnh Vit
Nam.
3.2.2. i vi UBCKNN
UBCKNN gim tt c cc loi ph ang thu ca cc cng ty chng khon
thnh vin, ng thi b thu ph lu k chng khon i vi cc nh u t va
mi c ban hnh nhm gim bt kh khn trong thi gian ny.
UBCKNN v Trung tm Lu k chng khon cn tng cng cng khai
thng tin nh k thng xuyn v hot ng ca Trung tm v nhng thng tin v
quy m nh u t trong nc v nc ngoi tham gia th trng chng khon Vit
Nam.
UBCKNN phi hp vi B ti chnh trong vic ban hnh cc quy nh v
giao dch k hn, cho vay chng khon cm c, vay u t chng khon ca cc
NHTM.
UBCKNN nng cao thm quyn, m bo v th tng i c lp ca
UBCKNN trong b may QLNN.
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

70
UBCKNN phi hp vi NHNN qun l gim st cc lnh vc ngn hng,

bo him, chng khon.
UBCKNN v B ti chnh phi hp vi cc c quan thng tn bo ch, pht
thanh, truyn hnh xy dng cc chng trnh ph cp kin thc chng khon
mt cch thng xuyn, chuyn nghip, tng tn sut, cht lng, chng loi thng
tin.
Hin nay, theo thng t 74 cho php nh u t mua,bn cng mt loi
chng khon trong phin, c m nhiu ti khon giao dch tuy nhin iu nh
u t mong mun hn l rt ngn thi gian thanh ton xung cho php p dng
thanh ton ngy T+2 vn cn vng mc khu cng ngh ca Trung tm lu k
chng khon v ngn hng thanh ton b tr l BIDV. Nh vy, ch cn cho php
nh u t bn khng chng khon, tc bn trc khi chng khon v ti khon,
cn thanh ton vn l T+3 th hon ton c th lm c.
Cn phi c s a dng hn v c cu cc sn phm giao dch trn th trng
nhm m bo quyn li ca nh u t cng nh tng tnh hp dn v vy
UBCKNN cn sm cho php th trng php trin khai cc cng c chng khon
phi sinh, c hng dn v t chc a vo giao dch cc loi hp ng tng lai,
quyn chn nh u t c thm cng c t bo v mnh trc nhng bin ng
tri chiu ri ro ca th trng.
UBCKNN tng cng hp tc quc t.
3.2.3. i vi cc c quan chc nng
Cn c s phi hp ng b gia cc ngnh, cc c quan qun l to s ng
thun v h tr cho ngnh chng khon pht trin, chnh sch ca tng ngnh
khng nn mang tnh cc b m phi m bo tnh tng th chung ca nn kinh t,
c bit i vi thanh tra gim st.
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

71
Cc cng ty chng khon, cng ty nim yt, s giao dch chng khon v
Trung tm Lu k cn tng cng gim st th trng chng khon. C th, cc
cng ty chng khon cn nghim tc thc hin ch bo co, cng b thng tin,
tun th quy nh hin hnh v t chc v hot ng cng ty chng khon, qun l
ngi hnh ngh kinh doanh chng khon; thc hin nghim quy nh v giao dch
chng khon, thanh ton chng khon, r sot li ton b h s giao dch ca khch
hng, m bo lu gi y , chnh xc,.ng thi, tng cng cng tc qun
tr iu hnh, qun l ri ro, kim sot ni b, m bo hot ng an ton theo quy
nh hin hnh. i vi cc cng ty nim yt cn nghim tc thc hin ch cng
b thng tin trn th trng chng khon, thit lp b phn tip nhn, x l, gii p
thc mc, kin ngh, khiu ni ca c ng. i vi hai s giao dch chng khon,
cn tng cng cng tc gim st giao dch, gim st thnh vin, gim st vic cng
b thng tin, gim st tin n. Ch ng, kp thi bo co SSC cc tin n, hin
tng, s vic c du hiu vi phm xem xt, x l. Cn i vi trung tm lu k,
cn tng cng cng tc gim st hot ng ng k, lu k, b tr v thanh ton
chng khon ca cc thnh vin lu k; bo co nhng trng hp vi phm quy
nh SSC xem xt, x l vi phm. V m bo an ton cho h thng thanh ton
giao dch chng khon.
Kt lun chng 3:
Chng 3 tip ni chng 2 a ra mt s gii php c th i vi cc
doanh nghip nim yt, i vi cc cng ty chng khon cng nh cc nh u t
nhm gp phn hn ch ri ro trong u t trn TTCKVN. ng thi, chng 3
cng a ra mt s kin ngh thit thc i vi cc c quan qun l nh nc,
cc nh hoch nh, cng nh cc ban ngnh lien quan nhm gp phn pht trin
TTCKVN, hn ch nhng ri ro nu trn trong u t chng khon.
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

72
KT LUN
Trong giai on gn y, nh u t thng phn on, khng phn ng theo

ui din bin ca TTCK th gii, v th TTCK Vit Nam thng st gim khi
TTCK th gii phc hi. iu chng ta ch i l s tng im mnh, i km thanh
khon cao khng xut hin, th trng nhiu kh nng s tip tc xu hng lnh
xnh gim im. Xu hng st gim trong trung, di hn vn chim u th.
Th trng ngoi hi v th trng vng bin ng mnh, NHNN nng li
sut iu hnh cng vi tnh hnh KQKD qu III cn cha r rng khin th
trng chng khon kh tng. Bn cnh , th trng cng chu nh hng bi
nhng tin n v n xu, do vy tnh hnh hin nay cha hu thun cho th trng
chng khon tng im.
Trc bi cnh th trng khng my thun li i vi c NT ngn v di
hn. Tuy nhin, cc NT di hn c th coi vic gi c phiu tip tc gim l c hi
mua vo. Cc NT ngn hn thng a chung c phiu c vn ha nh, tuy nhin
vi thanh khon hin ti yu th gi c phiu nh s kh tng. Tuy nhin, gi c
phiu c vn ha nh v trung bnh ng vng tt hn. V th, th trng c l
s c mt khong thi giam kh khn trc khi c th tip tc tng tr li.
Bn cnh , tnh hnh cung cu cho thy lc bn c phn chim u th, cc
yu t tch cc t v m vn cha xut hin c th gip th trng hi phc. Do
, NT nn theo di v ch i quan st hn l mua vo vi mc tiu lt sng
trong ngn hn. NT di hn vn c th cn nhc gii ngn tng phn vi nhm c
phiu c bn v thanh khon tt.
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

73
TI LIU THAM KHO
1.Bi Kim Yn (2009), Phn tch chng khon v qun l danh mc u t, Nxb
Thng K.
2.Bi Kim Yn (2007), Gio trnh th trng chng khon, Nxb Lao ng.
3.Bi Tr Dng (2002), u t chng khon, Nxb Ti chnh.
4.o L Minh (2002), Nhng vn c bn v Chng khon v th trng chng
khon, Nxb Chnh tr Quc gia.
5.inh Vn Sn (2009), Pht trin bn vng th trng chng khon Vit Nam,
Nxb Ti Chnh.
6.Nguyn ng Nam (2006), Phn tch v u t chng khon, Nxb Ti chnh.
7.Nguyn Thanh Tuyn, Nguyn ng Dn (2006), Th trng chng khon, Nxb
Thng k.
8.Nguyn Th Mi (2006), Kinh doanh chng khon, Nxb Ti chnh.
9.L Vn T, Trn c Sinh, Nguyn Vn H (2005), Th trng chng khon Vit
Nam, Nxb Thng k.
10. L Vn T, L Tng Vn (2000), Th trng chng khon, Nxb Thng k.
11.L Vinh Quang (2006), Chng khon v phn tch u t chng khon, Nxb
Thng K.
12.Nguyn Vn Nng, Nguyn Th Hng Lin (2007), Gio trnh th trng chng
khon, Nxb Lao ng.
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

74
13. Ng Vn Thng (2007), QLNN v th trng chng khon

14. Phm Nguyn Hong(2011),nh hng ca lm pht n TTCKVN- L thuyt
v thc tin, chuyn s 1
15. Phan Minh (2004), Tip cn v kinh doanh chng khon, Nxb Ti chnh.
16. Bn tin th trng chng khon thng 7, 8/2011.
17. CTCP Chng khon Saigonbank Berjaya (2011), Bo co nghin cu thng
7/2011
18. Quc hi nc Cng ha X hi Ch Ngha Vit Nam (2006), Lut chng
khon.
19. Tp ch kinh t v d bo (2010), Tng quan kinh t x hi Vit Nam, chuyn
san TP CH KINH T V D BO, s 2
20.UBCKNN, Chin lc pht trin th trng chng khon Vit Nam n nm
2010 v tm nhn n nm 2020.
21. Cc trang web:
- Website y ban chng khon nh nc: www.ssc.gov.vn
- Website SGDCK TPHCM: www.hsx.vn
- Website SGDCK H Ni: www.hnx.vn
- Website cafef: cafef.vn
- Website u t chng khon: www.vir.com.vn
- Website tin nhanh chng khon: www.tinnhanhchungkhoan.com.vn
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

75
- Website stockbiz: www.stockbiz.vn

- Website c phiu 68: www.cophieu68.com
- Website cng ty CP Chng khon Tn Vit: www.tvsi.com.vn
- Website saga Vit Nam: www.saga.vn
- Website tin nhanh Vit Nam: www.vnexpress.net
- Website thi bo kinh t Vit Nam: www.vneconomy.vn
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

76
Ph lc 1
DANH SCH C PHIU NIM YT SGDCK TPHCM ( 2000- 2011)
STT
Ngy nim
yt
M
chng
khon
18/7/2000
REE
18/7/2000
KL nim
yt
KL lu hnh
Cng ty C phn C in lnh
236.643.385
244.642.052
SAM
Cng ty C phn u t v Pht trin

Sacom
130.798.432
130.798.432
2/8/2000
HAP
Cng ty C phn Tp on Hapaco
20.499.294
20.343.824
2/8/2000
TMS
CTCP Kho vn Giao nhn Ngoi

thng TP.HCM
18.275.870
18.275.870
11/12/2000
LAF
CTCP Ch bin Hng xut khu Long

An
14.728.019
14.728.019
17/12/2001
BBC
Cng ty C phn Bibica
15.420.782
15.371.192
21/12/2001
TRI
CTCP Nc gii kht Si gn
27.548.360
27.548.360
28/12/2001
GIL
CTCP Sn xut Kinh doanh Xut nhp

khu Bnh Thnh
12.774.588
12.774.588
8/3/2002
GMD
CTCP i l Lin hip Vn chuyn
99.559.781
100.000.000
10
12/4/2002
BT6
Cng ty C phn Beton 6
32.993.550
32.993.550
11
26/4/2002
AGF
12.859.288
12.779.288
12
26/4/2002
SAV
9.963.450
9.660.230
13
1/7/2002
TS4
Cng ty C phn Thy sn s 4
11.500.000
11.390.948
14
14/8/2002
KHA
14.120.309
13.168.439
15
18/12/2002
HAS
CTCP Xut nhp khu Khnh Hi

Cng ty C phn Xy lp Bu in H
Ni
8.000.000
7.800.000
16
12/4/2004
DHA
Cng ty C phn Ha An
15.119.946
15.061.213
17
16/6/2004
SFC
CTCP Nhin liu Si Gn
10.270.378
10.270.378
14.992.367
14.791.387
13.555.514
13.555.394
8.000.000
8.000.000
10.058.906
9.818.016
Tn t chc nim yt
CTCP Xut nhp khu Thy sn An

Giang
CTCP Hp tc Kinh t v Xut nhp
khu Savimex
18
29/12/2004
SSC
Cng ty C phn Ging cy trng Min

Nam
19
31/12/2004
MHC
CTCP Hng hi H Ni
20
4/5/2005
TNA
21
21/6/2005
PNC
CTCP Thng mi Xut nhp khu

Thin Nam
Cng ty C phn Vn Ha Phng
Nam
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

77
119.517.881
118.484.695
5.578.493
27.892.014
HTV
Cng ty C phn Kinh

Cng ty C phn Dy v Cp in Taya
Vit Nam
CTCP Vn ti H Tin
10.080.000
10.057.090
28/12/2005
VNM
Cng ty C phn Sa Vit Nam
370.825.550
370.721.660
26
11/1/2006
ITA
342.562.565
341.989.092
27
24/2/2006
CII
75.081.000
75.081.000
28
12/4/2006
DMC
CTCP u t Cng nghip Tn To

CTCP u t H tng K thut
TP.HCM
CTCP Xut nhp khu y t DOMESCO
17.809.336
17.503.796
29
11/5/2006
SJS
100.000.000
99.041.940
30
12/5/2006
COM
14.120.628
13.752.368
31
2/6/2006
STB
917.923.013
917.923.013
32
12/6/2006
ABT
13.607.207
11.918.447
33
12/6/2006
BMP
CTCP u t Pht trin th v Khu

cng nghip Sng
Cng ty C phn Vt t Xng du
Ngn hng Thng mi C phn Si
Gn Thng Tn
CTCP Xut nhp khu Thy sn Bn
Tre
Cng ty C phn Nha Bnh Minh
34.126.112
34.876.372
34
21/6/2006
CYC
CTCP Gch men Chang Yih
1.990.530
9.046.425
35
26/6/2006
VFC
Cng ty C phn Vinafco
20.000.000
19.976.121
36
28/6/2006
VSH
206.241.246
202.241.246
37
12/7/2006
VID
25.522.767
25.522.767
38
21/9/2006
DCT
27.223.647
27.223.647
39
29/9/2006
IFS
CTCP Thy in Vnh sn Sng hinh

CTCP u t Pht trin Thng mi
Vin ng
CTCP Tm lp Vt liu Xy dng
ng Nai
Cng ty C phn Thc phm Quc t
6.875.359
29.140.992
40
29/9/2006
SMC
CTCP u t Thng mi SMC
24.600.105
24.593.387
41
18/10/2006
CLC
Cng ty C phn Ct Li
13.103.830
13.103.830
42
20/10/2006
FMC
Cng ty C phn Thc phm Sao Ta
8.000.000
7.222.630
43
20/10/2006
PGC
34.446.699
34.443.346
44
23/10/2006
RAL
11.500.000
11.500.000
45
9/11/2006
PAC
26.987.843
26.628.933
46
9/11/2006
TTP
14.999.998
14.999.998
47
9/11/2006
VIP
59.807.785
59.807.785
48
12/11/2006
SCD
8.500.000
8.477.640
49
15/11/2006
IMP
15.214.500
15.214.500
50
15/11/2006
MCV
12.061.006
12.061.006
51
15/11/2006
PVD
210.508.215
209.740.215
52
16/11/2006
VPK
Cng ty C phn Gas Petrolimex

Cng ty C phn Bng n Phch nc
Rng ng
CTCP Pin c quy Min Nam
Cng ty C phn Bao b Nha Tn
Tin
Cng ty C phn Vn ti Xng du
Vipco
Cng ty C phn Nc gii kht
Chng Dng
CTCP Dc phm Imexpharm
CTCP Cavico Vit nam Khai thc m
v Xy dng
Tng CTCP Khoan v Dch v Khoan
du kh
Cng ty C phn Bao b Du thc vt
8.000.000
8.000.000
53
21/11/2006
BHS
Cng ty C phn ng Bin Ha
18.531.620
18.531.620
54
21/11/2006
FPT
193.376.774
193.493.529
55
22/11/2006
DIC
Cng ty C phn FPT

Cng ty C phn u t v Thng
mi DIC
15.000.000
14.999.616
22
18/11/2005
KDC
23
2/12/2005
TYA
24
7/12/2005
25
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

78
56
22/11/2006
HBC
57
22/11/2006
HRC
58
23/11/2006
TDH
59
28/11/2006
DRC
60
28/11/2006
HMC
61
29/11/2006
LGC
62
30/11/2006
LBM
63
30/11/2006
NAV
64
1/12/2006
DHG
65
1/12/2006
NSC
66
6/12/2006
DTT
67
6/12/2006
GMC
68
6/12/2006
TAC
69
7/12/2006
70
8/12/2006
71
CTCP Xy dng v Kinh doanh a c

Ha Bnh
Cng ty C phn Cao su Ha Bnh
Cng ty C phn Pht trin nh Th
c
Cng ty C phn Cao su Nng
Cng ty C phn Kim kh Thnh ph
H Ch Minh
Cng ty C phn C kh - in L Gia
CTCP Khong sn v Vt liu Xy
dng Lm ng
Cng ty C phn Nam Vit
20.788.166
20.288.166
17.260.976
17.260.970
37.875.000
37.874.950
46.153.865
46.153.865
21.000.000
21.000.000
8.283.561
8.283.561
8.500.000
8.157.500
8.000.000
8.000.000
65.176.429
65.166.299
8.014.161
8.014.161
8.151.820
8.151.820
8.868.571
8.819.311
18.980.200
18.980.200
VIS
CTCP Dc Hu Giang
Cng ty C phn Ging cy trng
Trung ng
Cng ty C phn K ngh thnh
CTCP Sn xut Thng mi May Si
Gn
Cng ty C phn Du thc vt Tng
An
Cng ty C phn Thp Vit
30.000.000
30.000.000
KHP
Cng ty C phn in lc Khnh Ha
41.551.296
41.051.296
8/12/2006
SFI
Cng ty C phn i l Vn ti Safi
8.289.981
8.289.981
72
8/12/2006
VTB
11.982.050
11.022.660
73
11/12/2006
PJT
8.400.000
8.400.000
74
11/12/2006
SJD
35.879.150
35.879.150
75
12/12/2006
BMC
8.261.820
8.261.820
76
13/12/2006
HAX
8.055.846
8.055.846
77
18/12/2006
MCP
Cng ty C phn in t Tn Bnh

ng thy Petrolimex
Cng ty C phn Thy in Cn n
Cng ty C phn Khong sn Bnh
nh
Cng ty C phn Dch v t Hng
Xanh
CTCP In v Bao b M Chu
9.849.520
9.831.162
78
26/12/2006
TCR
CTCP Cng nghip Gm s TAICERA
8.788.101
38.485.294
79
17/1/2007
PPC
Cng ty C phn Nhit in Ph Li
326.235.000
323.154.614
80
10/4/2007
SC5
Cng ty C phn Xy dng s 5
11.351.999
11.351.992
81
4/7/2007
GTA
Cng ty c phn Ch bin g Thun An
10.400.000
9.830.000
82
17/7/2007
TRC
Cng ty C phn Cao su Ty Ninh
30.000.000
29.600.000
83
23/7/2007
RIC
18.799.555
68.319.965
84
1/8/2007
VNE
63.721.061
62.742.141
85
7/8/2007
TNC
Cng ty C phn Quc t Hong Gia

Tng Cng ty C phn Xy dng in
Vit Nam
Cng ty C phn Cao su Thng nht
19.250.000
19.250.000
86
13/8/2007
PET
69.842.000
69.560.800
87
23/8/2007
ACL
11.000.000
11.000.000
88
7/9/2007
VIC
391.149.893
391.149.893
89
24/9/2007
TSC
8.312.915
8.012.915
90
25/9/2007
HDC
Tng CTCP Dch v Tng hp Du kh

Cng ty C phn Xut Nhp Khu
Thy Sn Cu Long An Giang
Cng ty C phn Vincom
CTCP Vt t K thut Nng nghip
Cn Th
Cng ty c phn Pht trin nh B Ra
23.899.902
23.399.413
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

79
Vng Tu
91
1/10/2007
VTO
92
5/10/2007
TCM
93
18/10/2007
SSI
94
29/10/2007
DPM
95
31/10/2007
HPG
96
31/10/2007
HT1
97
31/10/2007
UIC
98
20/11/2007
TPC
99
22/11/2007
DPR
100
25/11/2007
DCC
101
27/11/2007
PVT
102
28/11/2007
ANV
103
6/12/2007
NTL
104
7/12/2007
105
7/12/2007
106
10/12/2007
107
108

Vitaco
CTCP Dt may - u t - Thng mi
Thnh Cng
CTCP Chng khon Si Gn
Tng Cng ty Phn bn v Ha cht
Du kh - CTCP
Cng ty C phn Tp on Ha pht
79.866.666
79.866.666
44.737.486
44.637.036
351.111.742
348.111.742
380.000.000
377.647.740
317.849.760
313.618.830
Cng ty C phn Xi mng H Tin 1

Cng ty C phn u t Pht trin Nh
v th Idico
Cng ty C phn Nha Tn i Hng
198.000.000
197.952.000
8.000.000
8.000.000
24.430.596
21.268.956
CTCP Cao su ng Ph
Cng ty C phn Xy dng Cng
nghip
Tng Cng ty C phn Vn ti Du kh
43.000.000
43.000.000
10.300.000
10.300.000
232.600.000
232.600.000
66.000.000
65.605.250
63.600.000
61.600.000
ALP
Cng ty C phn Nam Vit

Cng ty C phn Pht trin th T
Lim
Cng ty C phn Alphanam
53.820.394
53.820.394
VHC
Cng ty C Phn Vnh Hon
47.151.273
45.952.523
ST8
Cng ty C phn Siu Thanh
11.957.902
11.896.902
11/12/2007
ICF
CTCP u t Thng mi Thy sn
12.807.000
12.807.000
11/12/2007
L10
9.000.000
8.900.000
109
12/12/2007
HSI
10.000.000
9.885.590
110
12/12/2007
VSC
23.894.502
23.727.902
111
13/12/2007
MPC
Cng ty C phn Lilama 10

CTCP Vt t Tng hp v Phn bn
Ha sinh
Cng ty C phn CONTAINER Vit
Nam
CTCP Tp on Thy sn Minh Ph
70.000.000
70.000.000
112
21/12/2007
LSS
40.000.000
40.000.000
113
27/12/2007
FBT
15.000.000
11.265.000
114
9/1/2008
PIT
12.376.503
11.387.383
115
9/1/2008
VHG
25.000.000
25.000.000
116
10/1/2008
SGT
74.001.914
74.001.604
117
24/1/2008
DXV
9.900.000
9.900.000
118
25/1/2008
VPL
205.498.489
205.498.489
119
1/2/2008
ASP
22.829.996
22.829.996
120
1/2/2008
TTF
30.749.839
30.749.518
121
14/2/2008
DQC
24.424.679
24.389.679
122
25/2/2008
SBT
Cng ty C phn Ma ng Lam Sn

CTCP Xut nhp khu Lm thy sn
Bn tre
Cng ty C phn Xut nhp khu
PETROLIMEX
Cng ty C phn u t v Sn xut
Vit Hn
CTCP Cng ngh Vin thng Si gn
CTCP Xi mng Vt liu Xy dng v
Xy lp Nng
Cng ty C phn VINPEARL
Cng ty C phn Tp on Du kh An
Pha
CTCP Tp on K ngh G Trng
Thnh
Cng ty C phn Bng n in
Quang
Cng ty C phn Bourbon Ty Ninh
141.905.800
137.252.330
123
31/3/2008
VKP
Cng ty C phn Nha Tn Ha
8.000.000
8.000.000
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

80
124
11/4/2008
BMI
Tng Cng ty C phn Bo Minh
75.500.000
75.500.000
125
23/6/2008
KMR
Cng ty C phn MIRAE
25.330.084
32.450.591
126
8/7/2008
DDM
Cng ty C phn Hng hi ng
12.244.495
12.244.495
127
9/7/2008
CNT
CTCP Xy dng v Kinh doanh Vt t
10.015.069
10.015.069
128
23/7/2008
VNS
Cng ty C phn nh Dng Vit Nam
29.999.997
29.999.997
129
15/8/2008
SZL
Cng ty C phn Sonadezi Long Thnh
20.000.000
20.000.000
130
20/8/2008
VNA
20.000.000
20.000.000
131
3/9/2008
DCL
9.913.692
9.913.692
132
5/9/2008
VSG
11.044.000
11.044.000
133
1/10/2008
CAD
8.799.927
8.799.927
134
14/10/2008
BAS
9.600.000
9.600.000
135
16/10/2008
PVF
600.000.000
600.000.000
136
17/10/2008
LCG
Cng ty C phn Vn ti bin Vinaship

Cng ty C phn Dc phm Cu
Long
Cng ty C phn CONTAINER Pha
Nam
Cng ty C Phn Ch Bin & xut
Nhp Khu Thy Sn CADOVIMEX
Cng ty C phn BASA
Tng Cng ty Ti chnh C phn Du
kh Vit Nam
Cng ty C phn LICOGI 16
56.249.956
56.249.956
137
20/10/2008
OPC
Cng ty C phn Dc phm OPC
8.190.000
8.190.000
138
23/10/2008
HLA
34.459.293
34.457.793
139
3/11/2008
KSH
11.690.000
11.690.000
140
5/11/2008
HSG
Cng ty C phn Hu lin Chu

Cng ty C phn Tp on Khong sn
Hamico
Cng ty C phn Tp on Hoa Sen
100.790.790
98.770.778
141
12/11/2008
TRA
Cng ty C phn TRAPHACO
12.339.824
12.339.824
142
20/11/2008
NBB
Cng ty C phn u t Nm By By
15.400.000
17.860.600
143
8/12/2008
PTC
CTCP u t v Xy dng Bu in
10.000.000
9.500.000
144
15/12/2008
HAG
Cng Ty C Phn Hong Anh Gia Lai
467.280.590
467.280.590
145
25/12/2008
BCI
CTCP u t Xy dng Bnh Chnh
72.267.000
72.267.000
146
26/12/2008
PNJ
CTCP Vng bc qu Ph Nhun
59.999.142
59.998.433
147
31/12/2008
MTG
11.999.995
11.999.995
148
20/2/2009
VST
58.999.337
58.999.337
149
20/4/2009
HCM
59.999.686
59.827.423
150
27/5/2009
SVC
Cng ty C phn MT GAS

Cng ty C phn Vn ti v Thu tu
bin Vit Nam
CTCP Chng khon Thnh ph H Ch
Minh
CTCP Dch v Tng hp Si Gn
24.995.573
24.975.507
151
8/6/2009
TMP
Cng ty C phn Thy in Thc M
70.000.000
70.000.000
152
12/6/2009
VCB
163.197.677
1.758.754.031
153
16/6/2009
BVH
680.471.434
680.471.434
154
18/6/2009
DHC
14.999.908
14.999.908
155
24/6/2009
D2D
10.700.000
10.654.984
156
2/7/2009
CSG
29.742.020
26.771.660
157
9/7/2009
CTG
332.001.655
1.685.810.134
158
13/7/2009
AAM
Ngn hng Thng mi C phn Cng

thng Vit Nam
CTCP Thy sn Mekong
159
4/8/2009
CSM
CTCP Cng nghip Cao su Min Nam
Ngn hng Thng mi C phn Ngoi

thng Vit Nam
Tp on Bo Vit
Cng ty C phn ng hi Bn tre
CTCP Pht trin th Cng nghip s
2
Cng ty C phn Cp Si gn
H Nguyn Thy Tin
11.339.864
9.139.864
42.249.837
42.249.295
Lp Ngn Hng m 2-K17

81
160
4/8/2009
PHR
161
10/8/2009
VNL
162
12/8/2009
DIG
163
21/8/2009
RDP
Cng ty C phn Cao su Phc Ha

CTCP Giao nhn Vn ti v Thng
mi
Tng Cng ty C phn u t Pht
trin Xy dng
Cng ty C phn Nha Rng ng
164
26/8/2009
ATA
165
31/8/2009
VPH
166
1/9/2009
HLG
167
3/9/2009
VNI
168
16/9/2009
MCG
169
18/9/2009
PHT
170
23/9/2009
LGL
171
23/9/2009
SRC
172
24/9/2009
ITC
173
25/9/2009
174
175
81.300.000
78.975.047
9.000.000
9.000.000
100.000.000
97.828.450
11.500.000
11.500.000
Cng ty C phn NTACO
10.000.000
10.000.000
Cng ty C phn Vn pht hng

Cng ty C phn Tp on Hong
Long
CTCP u t Bt ng sn Vit Nam
27.714.816
27.714.816
44.375.385
44.225.385
10.559.996
10.337.276
57.510.000
52.050.000
19.999.993
18.003.273
19.999.275
19.996.375
16.200.000
16.200.000
69.086.688
68.646.328
TBC
CTCP C in v Xy dng Vit Nam

CTCP Sn xut v Thng mi Phc
Tin
CTCP u t v Pht trin th Long
giang
Cng ty C phn Cao su Sao vng
Cng ty C phn u t - Kinh doanh
nh
Cng ty C phn Thy in Thc B
63.500.000
63.500.000
1/10/2009
TIC
CTCP u t in Ty nguyn
24.656.988
23.274.305
5/10/2009
SRF
20/10/2009
EIB
1.056.006.875
177
30/10/2009
MSN
8.020.066
1.056.006.8
75
515.272.269
7.312.926
176
178
3/11/2009
GDT
10.372.365
10.372.365
179
16/11/2009
HVG
Cng ty C phn K ngh lnh

Ngn hng Thng mi C phn Xut
nhp khu Vit Nam
Cng ty C phn Tp on Ma San
Cng ty C phn Ch bin G c
Thnh
Cng ty C phn Hng Vng
65.998.073
64.737.753
180
16/11/2009
TIE
Cng ty C phn TIE
9.569.900
9.569.900
181
17/11/2009
BTP
60.485.600
59.285.600
182
17/11/2009
TIX
24.000.000
24.000.000
183
19/11/2009
PGD
42.900.000
42.900.000
184
24/11/2009
DVP
20.000.000
20.000.000
185
30/11/2009
VNG
13.000.000
13.000.000
186
1/12/2009
LIX
Cng ty C phn Nhit in B Ra

Cng ty C phn Sn xut Kinh doanh
Xut nhp khu Dch v v u t Tn
Bnh
CTCP Phn phi Kh thp p Du kh
Vit Nam
CTCP u t v Pht trin Cng nh
V
Cng ty C phn Du lch Golf Vit
Nam
Cng ty C phn Bt git LIX
9.000.000
9.000.000
212.000.000
211.200.000
295.711.167
289.760.512
30.750.000
30.750.000
18.699.905
18.699.905
9.758.444
9.748.234
16.000.000
16.000.000
187
2/12/2009
AGR
188
7/12/2009
KBC
189
9/12/2009
CTD
190
11/12/2009
TCL
191
11/12/2009
VFG
CTCP Chng khon NH Nng nghip

v Pht trin Nng thn Vit Nam
Tng Cng ty Pht trin Th Kinh
Bc Cng ty C phn
Cng ty c phn xy dng Cotec
Cng ty C phn ai l Giao nhn Vn
ti Xp d Tn cng
Cng ty C phn Kh trng Vit Nam
192
14/12/2009
DXG
Cng ty c phn dch v v xy dng
H Nguyn Thy Tin
515.272.269
Lp Ngn Hng m 2-K17

82
a c t xanh
193
15/12/2009
DVD
194
17/12/2009
KSB
195
23/12/2009
SEC
196
23/12/2009
SHI
197
24/12/2009
ASM
198
25/12/2009
FDC
199
25/12/2009
KSS
200
28/12/2009
AGD
201
12/1/2010
NHW
202
13/1/2010
CMG
203
15/1/2010
TMT
204
19/1/2010
HDG
205
21/1/2010
KDH
206
22/1/2010
207
25/1/2010
208
209
Cng ty C phn Dc Phm Vin

ng
Cng ty c phn khong sn v xy
dng Bnh Dng
Cng ty c phn ma ng nhit in
Gia Lai
Cng ty c phn quc t Sn H.
Cng ty c phn u t v xy dng
Sao Mai tnh An Giang
CTCP ngoi thng v pht trin u
t Thnh ph H Ch Minh
Tng cng ty c phn khong sn Na
R Hamico
Cng ty c phn G ng
11.910.000
11.910.000
10.700.000
10.700.000
14.505.492
14.505.492
25.000.000
24.440.770
39.736.202
39.736.202
20.227.308
20.227.308
24.190.000
24.190.000
11.999.930
11.999.930
Cng ty c phn Ng Han

Cng ty c phn tp on cng ngh
CMC
Cng ty c phn t TMT
22.950.627
22.877.912
63.536.267
63.437.008
28.450.236
28.040.536
40.499.948
40.499.948
43.900.000
43.900.000
APC
Cng ty c phn Tp on H
CTCP u t v kinh doanh nh Khang
in
CTCP chiu x An Ph
11.448.000
11.440.600
CMT
CTCP cng ngh mng v truyn thng
8.000.000
8.000.000
2/2/2010
TLG
Cng ty c phn tp on Thin Long
17.650.000
17.650.000
4/2/2010
STG
8.351.857
8.351.857
210
10/2/2010
CTI
15.000.000
15.000.000
211
25/2/2010
NVN
CTCP Kho Vn Min Nam

CTCP u t Pht trin Cng Thun
IDICO
Cng ty c phn nh Vit Nam
10.656.800
10.656.800
212
1/3/2010
DAG
12.500.000
12.500.000
213
4/3/2010
BTT
8.800.000
8.800.000
214
4/3/2010
TLH
57.706.814
53.955.884
215
15/3/2010
LHG
20.000.000
19.985.506
216
2/4/2010
PPI
12.216.733
12.216.733
217
2/4/2010
VES
9.007.500
9.007.500
218
2/4/2010
VNH
8.023.071
8.023.071
219
5/4/2010
IJC
274.194.525
274.194.525
220
7/4/2010
CCI
9.000.000
8.797.240
221
7/4/2010
HAI
Cng ty c phn tp on nha ng

Cng ty c phn Thng Mi Dch
v Bn Thnh
Cng ty C phn Tp on Thp Tin
Ln
Cng ty c phn Long Hu
Cng ty c phn Pht trin h tng &
Bt ng sn Thi Bnh Dng
in MCa VNECO
Cng ty C phn Thy hi sn Vit
Nht
Cng ty c phn Pht trin h tng k
thut
CTCP u t pht trin cng nghip
thng mi C Chi
Cng ty c phn Nng Dc Hai
17.399.991
17.399.991
222
7/4/2010
POM
CTCP Thp Pomina
187.449.951
186.317.161
223
16/4/2010
OGC
CTCP tp on i Dng
250.000.000
250.000.000
224
16/4/2010
TDC
CTCP Kinh doanh v pht trin Bnh
100.000.000
100.000.000
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

83
Dng
225
28/4/2010
NVT
226
28/4/2010
SBA
227
29/4/2010
SBC
228
7/5/2010
SPM
229
11/5/2010
NTB
230
14/5/2010
TNT
231
17/5/2010
MKP
232
24/5/2010
PXT
233
27/5/2010
PXS
234
28/5/2010
DTL
235
7/6/2010
PXI
236
9/6/2010
237
238
CTCP bt ng sn du lch Ninh Vn

Bay
Cng ty C phn Sng Ba
CTCP Vn ti v Giao nhn Bia Si
Gn
Cng ty C phn SPM
CTCP u t xy dng v khai thc
cng trnh giao thng 584
60.500.000
60.500.000
45.000.000
44.800.070
8.000.000
8.000.000
14.000.000
13.770.000
36.000.000
36.000.000
Cng ty c phn Ti Nguyn
8.500.000
8.500.000
9.210.000
9.069.849
20.000.000
20.000.000
37.518.001
37.518.001
48.497.470
45.269.630
30.000.000
30.000.000
CMV
CTCP ha dc phm Mekophar

Cng ty C phn Xy lp ng ng
B cha Du kh
CTCP Kt cu Kim loi v Lp my
Du kh
Cng ty c phn i Thin Lc
CTCP Xy dng cng nghip & dn
dng du kh
CTCP Thng nghip C Mau
9.579.338
9.579.338
10/6/2010
NNC
CTCP Ni Nh
8.768.175
8.319.500
10/6/2010
PXM
CTCP Xy lp Du kh Min Trung
15.000.000
15.000.000
239
14/6/2010
DLG
32.009.827
32.009.827
240
15/6/2010
BCE
30.000.000
30.000.000
241
24/6/2010
GTT
CTCP tp on c Long Gia Lai

CTCP Xy dng v giao thng Bnh
Dng
CTCP Thun Tho
43.503.000
43.503.000
242
25/6/2010
NHS
8.100.000
8.100.000
243
28/6/2010
SBS
126.660.000
129.510.000
244
28/6/2010
UDC
35.000.000
35.000.000
245
30/6/2010
DTA
CTCP ng Ninh Ha
CTCP chng khon ngn hng Si Gn
Thng Tn
CTCP xy dng v pht trin th
tnh B Ra - Vng Tu
CTCP Tam
10.000.000
10.000.000
246
7/7/2010
KSA
CTCP khong sn Bnh Thun Hamico
12.868.800
12.868.800
247
9/7/2010
VTF
CTCP Thc n Chn nui Vit Thng
18.025.509
18.025.509
248
13/7/2010
DRH
CTCP u t Cn Nh M c
18.399.702
16.332.208
249
19/7/2010
VRC
CTCP xy lp v a c Vng Tu
14.504.762
14.504.762
250
22/7/2010
PDR
CTCP pht trin bt ng sn Pht t
130.200.000
130.200.000
251
27/7/2010
QCG
121.518.139
121.518.139
252
30/7/2010
CLG
10.000.000
10.000.000
253
17/8/2010
VMD
CTCP Quc Cng Gia Lai

CTCP u t v pht trin nh t
Cotec
CTCP y dc phm Vimedimex
8.141.196
8.141.196
254
27/8/2010
CDC
CTCP Chng Dng
12.465.715
12.465.715
255
30/8/2010
VOS
CTCP vn ti bin Vit Nam
140.000.000
140.000.000
256
31/8/2010
HVX
CTCP xi mng Vicem Hi Vn
15.500.000
18.500.000
257
14/9/2010
TV1
CTCP t vn xy dng in 1
17.400.000
17.400.000
258
15/9/2010
PTL
CTCP u t h tng v th du kh
100.000.000
100.000.000
259
17/9/2010
DSN
CTCP cng vin nc m Sen
8.450.000
8.450.000
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

84
260
17/9/2010
TDW
CTCP cp nc Th c
8.500.000
8.500.000
261
23/9/2010
SMA
CTCP thit b ph tng Si Gn
8.060.000
8.060.000
262
24/9/2010
KTB
26.800.000
26.800.000
263
5/10/2010
ELC
29.300.000
29.300.000
264
8/10/2010
KAC
20.000.000
20.000.000
265
12/10/2010
HQC
40.000.000
40.000.000
266
19/10/2010
HTL
CTCP u t Khong sn Ty Bc
CTCP u t pht trin cng ngh in
t - vin thng
CTCP a c Khang An
CTCP T vn Thng mi Dch v
a c Hong Qun
CTCP K thut v t Trng Long
8.000.000
8.000.000
267
20/10/2010
CLW
13.000.000
13.000.000
268
2/11/2010
CMX
11.496.797
11.496.797
269
5/11/2010
LM8
CTCP cp nc Ch Ln
CTCP ch bin thy sn v xut nhp
khu C Mau
CTCP Lilama 18
8.050.000
8.050.000
270
9/11/2010
AVF
22.500.000
22.500.000
271
12/11/2010
PXL
82.722.212
82.722.212
272
18/11/2010
PAN
CTCP Vit An
CTCP u t Xy dng Thng mi
du kh Idico
CTCP Xuyn Thi Bnh
11.550.000
11.550.000
273
30/11/2010
EVE
15.327.996
15.327.996
274
1/12/2010
VSI
12.000.000
12.000.000
275
9/12/2010
HTI
24.949.200
24.949.200
276
10/12/2010
VLF
10.400.000
10.400.000
277
5/1/2011
MDG
CTCP Everpia Vit Nam

CTCP u t v xy dng cp thot
nc
CTCP u t Pht trin H tng IDICO
CTCP Lng thc Thc phm Vnh
Long
CTCP Min ng
10.889.031
10.889.031
278
10/1/2011
NKG
23.000.000
23.000.000
279
21/1/2011
CCL
25.000.000
25.000.000
280
21/1/2011
VCF
26.579.135
26.579.135
281
22/2/2011
FDG
13.200.000
13.200.000
282
2/3/2011
HU3
9.999.944
9.999.944
283
21/3/2011
C47
8.000.000
8.000.000
284
28/4/2011
THG
8.000.000
8.000.000
285
12/5/2011
STT
8.000.000
8.000.000
286
17/5/2011
IDI
38.000.000
38.000.000
287
18/5/2011
C21
Cng ty C phn thp Nam Kim

Cng ty C phn u T v Pht Trin
th Du Kh Cu Long
Cng ty C phn VINACAF Bin
Ha
Cng ty c phn DOCIMEXCO
HUD3
Cng ty c phn xy dng 47
Tin Giang
CTCP Vn chuyn Si Gn Tourist
CTCP u t v Pht trin a Quc
Gia
Cng ty C phn Th k 21
19.336.371
19.336.371
288
20/5/2011
PTB
Cng ty C phn Ph Ti
8.599.760
8.599.760
289
1/6/2011
JVC
24.200.000
24.200.000
290
6/6/2011
BGM
16.800.000
16.800.000
291
8/6/2011
PGI
70.974.218
70.974.218
292
17/6/2011
ACC
10.000.000
10.000.000
293
20/6/2011
BIC
CTCP Thit b Y t Vit Nht

CTCP Khai thc v ch bin Khong
sn Bc Giang
Tng Cng ty C phn Bo him
PETROLIMEX
Cng ty c phn b tng Becamex
Tng CTCP Bo him Ngn hng u
t v Pht trin Vit Nam
66.000.000
66.000.000
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

85
294
1/7/2011
CIG
295
13/7/2011
HOT
296
18/7/2011
BSI
Cng ty C phn COMA18

Cng ty C phn Du lch Dch v Hi
An
Cng ty C phn Chng khon Ngn
hng u t v Pht trin Vit Nam
H Nguyn Thy Tin
12.000.000
12.000.000
8.000.000
8.000.000
86.500.000
86.500.000
Lp Ngn Hng m 2-K17

86
Ph lc 2
DANH SCH C PHIU NIM YT SGDCK H NI (2005- 2011)
STT
Ngy giao
dch u
tin
M
Chng
khon
14/7/2005
CID
CTCP Xy dng v Pht

trin C s H tng
1,036,700
14/7/2005
GHA
CTCP Hapaco Hi u
2,616,960
14/7/2005
VTL
1,798,820
70,200,000,000
26/12/2005
ILC
4,052,732
42,370,140,800
28/12/2005
BBS
4,000,000
32,000,000,000
13/3/2006
VNR
67,218,440
826,786,812,000
26/6/2006
TKU
24,379,946
25,663,730,400
20/9/2006
DAC
CTCP Vang Thng Long

CTCP Hp tc Lao ng
vi Nc ngoi
CTCP Bao b Xi mng
Bt Sn
Tng CTCP Ti bo
Him Quc Gia Vit Nam
CTCP Cng nghip Tung
Kuang
CTCP Viglacera ng
Anh
1,004,974
15,778,091,800
20/9/2006
VTS
1,290,455
29,938,556,000
10
9/10/2006
STP
CTCP Viglacera T Sn
CTCP Cng nghip
Thng mi Sng
6,640,800
105,700,000,000
11
10/10/2006
CTB
CTCP Ch to Bm Hi
Dng
1,714,330
34,286,600,000
12
21/11/2006
ACB
Ngn hng Thng mi

CP Chu
937,696,500
19,511,621,151,000
13
21/11/2006
BHV
CTCP Viglacera B Hin
972,013
12,400,161,200
14
24/11/2006
BCC
CTCP Xi mng Bm Sn
95,661,397
373,079,448,300
15
1/12/2006
PTS
CTCP Vn ti v Dch v
Petrolimex Hi Phng
5,568,000
40,716,000,000
16
4/12/2006
DHI
CTCP In Din Hng
1,383,180
5,947,674,000
17
5/12/2006
BTS
109,056,192
501,658,483,200
18
8/12/2006
TLT
CTCP Xi mng Bt Sn
CTCP Viglacera Thng
Long
6,989,800
65,704,120,000
19
11/12/2006
CMC
CTCP u t CMC
3,040,000
24,928,000,000
20
11/12/2006
NTP
CTCP Nha Thiu nin

Tin Phong
43,337,996
1,308,807,479,200
Tn cng ty
H Nguyn Thy Tin
S lng c
phiu lu
hnh
Tng gi tr th trng
9,088,800,000
Lp Ngn Hng m 2-K17

87
21
11/12/2006
TXM
Cty CP Thch cao Xi

Mng
7,000,000
27,300,000,000
22
11/12/2006
VC2
Cty CP Xy dng s 2
7,864,504
199,200,000,000
23
11/12/2006
VMC
6,500,000
162,500,000,000
24
14/12/2006
CJC
CTCP Vimeco
CTCP C in Min
Trung
2,000,000
32,800,000,000
1,759,180
7,219,920,000
25
14/12/2006
26
14/12/2006
LTC
CTCP In sch Gio khoa

Ho Pht
CTCP in nh Vin
Thng
3,880,000
24,444,000,000
27
14/12/2006
MEC
CTCP Someco Sng
7,000,000
50,400,000,000
28
14/12/2006
NLC
CTCP Thu in N Li
5,000,000
63,500,000,000
29
14/12/2006
SAP
CTCP In sch Gio khoa

ti Tp.H Ch Minh
30
14/12/2006
SDT
Cty CP Sng 10
31
14/12/2006
SJE
32
15/12/2006
HPC
CTCP Sng 11
CTCP Chng khon Hi
Phng
HTP
33
15/12/2006
TPH
34
18/12/2006
BVS
Cty CP In Sch gio

Khoa ti Tp.H Ni
CTCP Chng khon Bo
Vit
35
18/12/2006
VTV
CTCP VICEM Vt t
Vn ti Xi mng
1,286,984
10,167,173,600
11,700,000
119,340,000,000
7,991,797
80,768,659,700
39,693,560
148,483,294,000
2,015,985
8,870,334,000
72,218,737
1,199,083,354,200
15,600,000
115,440,000,000
6,261,590
40,526,016,000
36
20/12/2006
37
20/12/2006
HJS
CTCP Xy dng Cng

trnh Ngm
CTCP Thu in Nm
Mu
14,999,989
83,999,938,400
38
20/12/2006
POT
CTCP Thit b Bu in
19,286,346
153,497,047,400
39
20/12/2006
PPG
CTCP Sn xut Thng

mi Dch v Ph Phong
7,056,200
32,450,250,000
40
20/12/2006
S91
CTC Sng 9.01
2,940,000
14,994,000,000
41
20/12/2006
SCC
CTCP Xi mng Sng
1,887,600
7,920,000,000
42
20/12/2006
SD9
CTCP Sng 9
29,250,000
286,650,000,000
43
21/12/2006
EBS
CTCP Sch Gio dc ti

Tp.H Ni
9,938,784
66,426,646,000
44
21/12/2006
MCO
CTCP MCO Vit Nam
4,103,929
18,878,073,400
45
21/12/2006
SDA
10,919,721
88,451,100,900
46
21/12/2006
VNC
CTCP SIMCO Sng

CTCP Tp on
Vinacontrol
7,837,300
107,100,000,000
47
22/12/2006
S55
CTCP Sng 505
2,490,100
48,672,000,000
48
22/12/2006
S99
9,998,960
72,992,408,000
49
25/12/2006
DTC
1,000,000
25,300,000,000
50
25/12/2006
HLY
999,905
17,000,000,000
51
25/12/2006
HPS
CTCP Sng 9.09

CTCP Viglacera ng
Triu
CTCP Viglacera H Long
I
CTCP Xy dng Ho
Pht
1,565,250
8,765,400,000
CTN
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

88
52
25/12/2006
PJC
CTCP Thng mi v
Vn ti Petrolimex H
Ni
53
25/12/2006
S64
Cty CP Sng 6.04
54
25/12/2006
SD3
CTCP Sng 3
15,999,356
94,396,200,400
55
25/12/2006
SD6
CTCP Sng 6
17,509,824
141,829,574,400
56
25/12/2006
SDC
2,174,938
27,187,500,000
57
25/12/2006
SDY
CTCP T vn Sng
CTCP Xi mng Sng
Yaly
4,500,000
18,000,000,000
58
25/12/2006
SNG
CTCP Sng 10.1
3,840,300
45,571,500,000
59
25/12/2006
VSP
CTCP Vn ti Bin v
Bt ng sn Vit Hi
32,915,803
270,399,871,900
60
27/12/2006
HNM
CTCP Sa H Ni
12,500,000
70,000,000,000
61
27/12/2006
NBC
12,000,000
138,000,000,000
62
27/12/2006
NPS
2,170,000
21,700,000,000
63
27/12/2006
PLC
CTCP Than Ni Bo
CTCP May Ph Thnh,
Nh B
CTCP Ho du
Petrolimex
43,652,226
768,301,582,400
64
27/12/2006
SD5
CTCP Sng 5
9,000,000
273,600,000,000
65
27/12/2006
SD7
CTCP Sng 7
9,000,000
129,600,000,000
7,999,994
73,600,000,000
5,381,030
40,225,263,000
1,498,680
10,940,364,000
66
27/12/2006
SIC
67
27/12/2006
STC
68
28/12/2006
DAE
69
28/12/2006
SGD
70
28/12/2006
71
CTCP u t - Pht trin

Sng
CTCP Sch v Thit b
Trng hc Tp. H Ch
Minh
3,074,260
45,778,909,000
2,000,000
15,600,000,000
4,037,000
21,512,400,000
TLC
CTCP Sch Gio dc ti

Tp. Nng
CTCP Sch gio Dc ti
Tp.HCM
CTCP Vin thng Thng
Long
11,080,000
33,932,000,000
28/12/2006
VFR
CTCP Vn ti Thu tu
15,000,000
151,500,000,000
72
29/12/2006
CIC
CTCP u t v Xy
dng COTEC
4,213,789
16,433,862,900
73
29/12/2006
NST
CTCP Ngn Sn
6,913,133
58,761,630,500
74
29/12/2006
PSC
CTCP Vn ti v Dch v
Petrolimex Si Gn
4,800,000
66,240,000,000
75
29/12/2006
VBH
Cty CP in t Bnh Ho
2,900,000
50,750,000,000
76
29/12/2006
YSC
CTCP Hapaco Yn Sn
1,089,670
77
14/6/2007
RCL
CTCP a c Ch Ln
4,499,553
91,795,165,200
78
10/8/2007
PVI
CTCP PVI
320,311,136
2,954,641,734,000
79
28/8/2007
SSS
CTCP Sng 6.06
2,500,000
13,500,000,000
80
19/9/2007
SCJ
9,758,000
102,459,000,000
81
20/9/2007
PVS
CTCP Xi mng Si Sn
Tng CTCP Dch v K
thut Du kh Vit Nam
297,802,094
4,615,932,457,000
DST
CTCP Sch v Thit b

Gio dc Nam nh
1,000,000
3,900,000,000
82
16/10/2007
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

89
83
15/11/2007
PGS
84
15/11/2007
PVC
85
19/11/2007
C92
CTCP Kinh doanh Kh

ho Lng min Nam
Tng CT Dung dch
Khoan v Ho phm Du
kh - CTCP
CTCP Xy dng v u
t 492
86
20/11/2007
HHC
87
21/11/2007
SJC
88
22/11/2007
TNG
89
27/11/2007
HCT
90
27/11/2007
VDL
91
30/11/2007
SD2
92
11/12/2007
HEV
CTCP Sng 2
CTCP Sch i hc Dy ngh
93
13/12/2007
TST
CTCP Dch v K thut

Vin thng
94
13/12/2007
VC3
95
17/12/2007
DCS
38,000,000
676,400,000,000
35,000,000
563,500,000,000
2,400,000
23,520,000,000
CTCP Bnh ko Hi H
8,212,500
72,270,000,000
CTCP Sng 1.01

CTCP u t v Thng
mi TNG
CTCP Thng mi - Dch
v - Vn ti Xi mng Hi
Phng
CTCP Thc phm Lm
ng
4,468,905
46,029,721,500
13,461,325
129,228,720,000
2,016,385
14,719,610,500
3,128,840
94,178,084,000
12,000,000
102,000,000,000
1,000,000
7,500,000,000
4,800,000
38,400,000,000
7,933,800
248,000,000,000
33,499,699
234,500,000,000
6,000,000
30,600,000,000
31,066,600
646,185,280,000
19,996,480
255,977,472,000
5,485,921
76,256,039,400
2,823,522
62,118,342,000
CTCP Xy dng s 3
Cng ty c phn Tp
on i Chu
CTCP Dch v Vn ti v
Thng mi
CTCP p Lt cao Cp
Vinaconex
CTCP B tng v Xy
dng Vinaconex Xun
Mai
96
17/12/2007
TJC
97
17/12/2007
VCS
98
20/12/2007
XMC
99
21/12/2007
MIC
100
24/12/2007
HCC
CTCP K ngh Khong

sn Qung Nam
CTCP B tng Ho Cm
- Intimex
101
25/12/2007
SDJ
CTCP Sng 25
4,343,700
24,759,090,000
102
28/12/2007
VC7
7,750,000
74,400,000,000
103
2/1/2008
PVE
CTCP Xy dng S 7
Tng cng ty T vn
Thit k Du kh- CTCP
18,000,000
187,200,000,000
104
4/1/2008
BTH
3,500,000
32,550,000,000
105
4/1/2008
LUT
CTCP Ch to Bin th
v Vt liu in H Ni
CTCP u t Xy dng
Lng Ti
14,960,000
139,500,000,000
1,091,000
16,940,000,000
10,000,000
100,000,000,000
106
9/1/2008
CAP
CTCP Lm Nng sn
Thc phm Yn Bi
107
9/1/2008
S96
CTCP Sng 9.06
108
10/1/2008
SJM
CTCP Sng 19
5,000,000
22,500,000,000
109
16/1/2008
S12
CTCP Sng 12
5,000,000
28,000,000,000
110
16/1/2008
VC5
CTCP Xy dng s 5
5,000,000
37,500,000,000
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

90
CTCP Xi mng v Xy
dng Qung Ninh
111
17/1/2008
QNC
112
18/1/2008
SRA
113
23/1/2008
SDD
CTCP SARA Vit Nam

CTCP u t v Xy lp
Sng
CTCP u t v xy
dng VNECO 9
18,375,109
202,962,199,000
2,000,000
13,600,000,000
15,542,148
90,146,488,400
7,200,088
78,480,959,200
15,000,000
56,000,000,000
202,500,000
2,369,250,000,000
5,000,000
46,500,000,000
2,231,058
7,362,491,400
114
23/1/2008
VE9
115
24/1/2008
NVC
116
28/1/2008
KLS
CTCP Nam Vang

CTCP Chng khon Kim
Long
117
28/1/2008
VC6
CTCP Vinaconex 6
118
22/2/2008
HBE
119
22/2/2008
LBE
CTCP Sch - Thit b

Trng hc H Tnh
CTCP Sch v Thit b
Trng hc Long An
1,095,900
7,810,000,000
1,200,000
8,880,000,000
120
6/3/2008
NGC
CTCP Ch bin Xut

khu Ng Quyn
121
17/3/2008
B82
CTCP 482
3,000,000
36,300,000,000
122
17/3/2008
SRB
CTCP Tp on SARA
8,500,000
25,656,855,000
123
18/3/2008
DBC
CTCP Dabaco Vit Nam
43,611,100
667,249,830,000
124
11/4/2008
HUT
CTCP Tasco
34,997,600
346,476,240,000
125
21/4/2008
L62
4,480,861
38,983,490,700
126
23/4/2008
L18
CTCP Lilama 69.2

CTCP u t v Xy
dng s 18
5,400,000
62,100,000,000
4,811,610
101,102,287,000
127
20/5/2008
YBC
CTCP Xi mng v
Khong sn Yn Bi
128
2/6/2008
BLF
CTCP Thy sn Bc Liu
5,000,000
18,000,000,000
129
11/6/2008
L43
CTCP Lilama 45.3
3,500,000
33,250,000,000
130
24/6/2008
ONE
CTCP Truyn thng s 1
5,000,000
29,500,000,000
131
25/6/2008
SD4
10,300,000
50,470,000,000
132
26/6/2008
TC6
10,000,000
104,000,000,000
133
18/7/2008
CTC
8,000,000
54,400,000,000
134
22/7/2008
TV4
5,040,346
42,319,849,100
135
23/7/2008
SDS
2,436,300
38,640,000,000
136
28/7/2008
MMC
CTCP Sng 4
CTCP Than cc Su
TKV
CTCP Vn ho Du lch
Gia Lai
CTCP T vn Xy dng
in 4
CTCP Xy lp v u t
Sng
CTCP Khong sn
Mangan
3,160,000
21,488,000,000
4,692,300
76,960,000,000
137
21/8/2008
KKC
138
4/9/2008
VE1
139
5/9/2008
VCG
CTCP Sn xut v Kinh

doanh Kim kh
CTCP Xy dng in
Vneco 1
Tng CTCP Xut nhp
Khu v Xy dng Vit
Nam
140
18/9/2008
CCM
CTCP Khong sn v Xi
mng Cn th
H Nguyn Thy Tin
2,931,280
13,500,000,000
300,000,000
3,990,000,000,000
4,000,000
46,460,000,000
Lp Ngn Hng m 2-K17

91
141
23/9/2008
STL
142
25/9/2008
SPP
CTCP Sng - Thng

Long
CTCP Bao b Nha Si
Gn
143
26/9/2008
TPP
144
24/10/2008
145
3/11/2008
15,000,000
193,500,000,000
12,307,790
324,999,740,000
CTCP Nha Tn Ph
4,000,000
23,174,480,000
THT
CTCP Than H Tu - TKV
9,100,000
101,010,000,000
DC4
CTCP DIC s 4
4,900,500
43,000,000,000
4,947,477
42,357,884,800
1,510,280
19,935,696,000
146
17/11/2008
SSM
CTCP Ch to Kt cu
Thp VNECO.SSM
147
18/11/2008
TBX
CTCP Xi mng Thi Bnh
148
19/11/2008
L61
CTCP Lilama 69.1
7,015,000
55,418,500,000
149
19/11/2008
THB
11,424,570
117,673,071,000
150
21/11/2008
MKV
1,059,992
7,526,000,000
151
21/11/2008
TCS
10,000,000
115,000,000,000
152
21/11/2008
TDN
CTCP Bia Thanh Ha

CTCP Dc Th y Cai
Ly
CTCP Than Cao Sn TKV
CTCP Than o Nai TKV
8,000,000
84,000,000,000
153
28/11/2008
SD8
2,800,000
16,520,000,000
154
3/12/2008
DHT
CTCP Sng 8
CTCP Dc phm H
Ty
4,122,602
107,187,652,000
155
4/12/2008
VGS
36,003,310
229,358,231,000
156
12/12/2008
PVA
10,000,000
148,000,000,000
157
15/12/2008
V11
8,399,889
28,559,622,600
158
18/12/2008
BST
CTCP Xy dng s 11
CTCP Sch thit b Bnh
Thun
1,100,000
6,160,000,000
159
22/12/2008
SVI
CTCP Bao b Bin Ha
5,813,550
105,081,300,000
160
5/1/2009
AGC
CTCP C ph An Giang
8,300,000
41,500,000,000
CTCP Kinh doanh Kh

ho lng Min Bc
27,719,850
340,954,155,000
12,500,000
131,250,000,000
1,902,300
22,827,600,000
CTCP ng thp Vit c

VG PIPE
CTCP Tng Cng ty Xy
lp Du kh Ngh An
161
7/1/2009
PVG
162
14/1/2009
SEB
163
16/1/2009
PTM
164
16/1/2009
QTC
CTCP u t v Pht
trin in min Trung
CNG TY C PHN
SN XUT, THNG
MI V DCH V
T PTM
CTCP Cng trnh Giao
thng Vn ti Qung
Nam
1,200,000
17,040,000,000
165
5/2/2009
VCC
CTCP Vinaconex 25
6,000,000
50,400,000,000
166
12/2/2009
VHL
CTCP Viglacera H Long
9,000,000
295,200,000,000
167
16/2/2009
QST
168
5/3/2009
169
15/4/2009
1,350,000
11,340,000,000
HLC
CTCP Sch v Thit b

Trng hc Qung Ninh
CTCP Than H Lm TKV
11,955,675
86,490,000,000
SDP
CTCP u t v Thng
mi Du kh Sng
8,000,000
55,200,000,000
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

92
170
17/4/2009
SKS
171
20/4/2009
SHB
172
21/4/2009
ICG
CTCP Cng trnh Giao

thng Sng
Ngn hng TMCP Si
Gn - H Ni
CTCP Xy dng Sng
Hng
173
8/5/2009
HVT
174
14/5/2009
175
176
4,500,000
40,050,000,000
481,083,361
3,467,372,738,400
20,000,000
226,000,000,000
CTCP Ha Cht Vit Tr
7,234,212
64,384,486,800
VC1
CTCP Xy dng s 1
7,400,000
133,940,000,000
15/5/2009
BHC
CTCP B tng Bin Ha
4,500,000
18,450,000,000
8/6/2009
BPC
CTCP Bao b Bm Sn
3,800,000
29,640,000,000
177
8/6/2009
DXP
CTCP Cng on X
5,250,000
148,050,000,000
178
8/6/2009
PMS
CTCP C kh Xng Du
5,174,110
46,800,000,000
179
8/6/2009
SAF
CTCP Lng thc Thc

phm SAFOCO
4,545,777
81,823,986,000
180
8/6/2009
SJ1
CTCP Thy sn S 1
3,500,000
63,000,000,000
181
8/6/2009
TMC
CTCP Thng mi Xut

nhp Khu Th c
8,000,000
92,800,000,000
182
8/6/2009
UNI
CTCP Vin Lin
9,484,468
54,061,467,600
183
8/6/2009
VTC
CTCP Vin thng VTC
4,529,143
17,231,844,800
184
10/6/2009
DPC
2,237,280
27,742,272,000
185
11/6/2009
DZM
CTCP Nha Nng

CTCP Ch to My Dz
An
3,449,850
68,997,000,000
186
12/6/2009
CAN
CTCP hp H Long
5,000,000
108,500,000,000
187
12/6/2009
SFN
CTCP Dt li Si Gn
2,924,550
28,500,000,000
188
12/6/2009
VGP
8,053,022
103,505,119,200
189
15/6/2009
HBD
CTCP Cng rau Qu

CTCP Bao b PP Bnh
Dng
1,428,300
17,652,500,000
190
15/6/2009
SHC
3,709,550
9,273,875,000
191
16/6/2009
ECI
1,860,000
10,416,000,000
192
17/6/2009
NHC
1,489,845
38,475,506,300
193
18/6/2009
SGC
CTCP Hng hi Si Gn
CTCP Bn v Tranh
nh Gio dc
CTCP Gch ngi Nh
Hip
CTCP Xut nhp Khu
Sa Giang
7,147,580
96,493,712,400
194
22/6/2009
SDN
1,518,218
24,291,488,000
195
25/6/2009
SHS
CTCP Sn ng Nai
CTCP Chng khon Si
Gn H Ni
99,845,000
420,000,000,000
196
29/6/2009
DNP
3,415,127
25,021,750,100
197
30/6/2009
RHC
CTCP Nha ng Nai

CTCP Thu in Ry Ninh
II
3,200,000
32,000,000,000
198
2/7/2009
S74
6,000,000
48,000,000,000
199
9/7/2009
HOM
69,522,800
360,000,000,000
200
23/7/2009
MDC
CTCP Sng 7.04

CTCP Xi mng Hong
Mai
CTCP Than Mng Dng
- TKV
12,085,000
123,267,000,000
201
27/7/2009
ALT
CTCP Vn ho Tn Bnh
4,920,398
56,775,847,200
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

93
202
30/7/2009
SGH
203
31/7/2009
CTS
204
6/8/2009
NBP
205
6/8/2009
VTA
206
7/8/2009
CTM
CTCP Khch sn Si Gn
CTCP Chng khon
Ngn hng Cng thng
Vit Nam
CTCP Nhit in Ninh
Bnh
CTCP Vitaly
CTCP u t Xy dng
v Khai thc M
Vinavico
207
11/8/2009
EID
208
14/8/2009
VNT
209
18/8/2009
BKC
CTCP u t v Pht
trin Gio dc H Ni
CTCP Giao nhn Vn ti
Ngoi thng
CTCP Khong sn Bc
Kn
CTCP u t v Pht
trin Gio dc Nng
210
19/8/2009
DAD
211
19/8/2009
PVX
212
19/8/2009
SED
Tng CTCP Xy lp Du
kh Vit Nam
CTCP u t v Pht
trin Gio dc Phng
Nam
Cng ty c phn
Nagakawa Vit Nam
CTCP u t Xy dng
v Pht trin th Sng
213
22/9/2009
NAG
214
28/9/2009
SDU
215
29/9/2009
PDC
216
30/9/2009
EFI
217
30/9/2009
VMG
218
5/10/2009
TCT
Cng ty C phn Du lch

Du kh Phng ng
CTCP u t ti chnh
gio dc
CTCP Thng mi v
Dch v Du kh Vng
Tu
CTCP Cp treo Ni B
Ty Ninh
CTCP Dc phm Dc
liu Pharmedic
219
9/10/2009
PMC
220
12/10/2009
GGG
221
13/10/2009
TV2
222
19/10/2009
SDH
223
21/10/2009
BED
224
27/10/2009
HAD
225
30/10/2009
DBT
226
2/11/2009
TMX
CTCP t Gii Phng

CTCP T vn Xy dng
in 2
CTCP Xy dng H tng
Sng
CTCP Sch v Thit b
trng hc Nng
CTCP Bia H Ni - Hi
Dng
CTCP Dc phm Bn
Tre
CTCP Thng mi xi
mng
H Nguyn Thy Tin
1,766,300
157,553,960,000
78,993,400
545,054,460,000
12,865,500
203,274,900,000
6,000,000
4,000,000
24,000,000,000
15,000,000
106,500,000,000
5,472,000
87,552,000,000
5,443,200
60,950,470,000
4,920,200
32,500,000,000
250,000,000
2,875,000,000,000
8,000,000
60,000,000,000
13,499,998
86,400,000,000
20,000,000
268,000,000,000
15,000,000
61,500,000,000
12,303,100
77,869,060,000
9,600,000
41,280,000,000
3,197,000
149,939,300,000
6,475,394
111,484,104,800
9,177,171
33,351,093,300
4,439,000
38,619,300,000
19,516,700
230,450,000,000
3,000,000
33,300,000,000
4,000,000
110,000,000,000
2,948,500
51,000,000,000
6,000,000
48,600,000,000
Lp Ngn Hng m 2-K17

94
227
3/11/2009
VIT
CTCP Viglacera Tin

Sn
9,900,000
73,260,000,000
5,000,000
91,500,000,000
228
4/11/2009
CSC
CTCP u t v Xy
dng Thnh Nam
229
5/11/2009
CVT
CTCP CMC
7,880,300
77,600,000,000
10,000,000
87,472,000,000
11,695,200
108,000,000,000
12,195,016
224,188,454,600
230
5/11/2009
PHC
CTCP Xy dng Phc

Hng Holdings
231
5/11/2009
VC9
CTCP Xy dng s 9
232
11/11/2009
TH1
233
25/11/2009
BXH
CTCP Xut nhp khu

Tng hp I Vit Nam
CTCP Bao b Xi mng
Hi Phng
3,012,040
32,228,828,000
9,216,696
118,226,508,800
234
26/11/2009
GLT
Cng ty c phn K thut

in Ton Cu
235
26/11/2009
MHL
CTCP Minh Hu Lin
3,976,350
74,755,380,000
236
1/12/2009
LM3
5,150,000
23,175,000,000
237
1/12/2009
TKC
8,869,885
84,726,976,500
238
1/12/2009
TV3
3,380,986
38,205,300,000
239
1/12/2009
VIG
Cng ty c phn Lilama 3

CTCP Xy dng v Kinh
doanh a c Tn K
(Takco)
CTCP T vn Xy dng
in 3
CTCP Chng khon
Thng mi v Cng
nghip Vit Nam
34,132,800
126,293,210,000
240
10/12/2009
DID
5,000,000
40,000,000,000
241
15/12/2009
WSS
50,300,000
201,200,000,000
242
16/12/2009
SHN
CTCP Dic ng Tin

CTCP Chng khon Ph
Wall
CTCP u t Tng hp
H Ni
31,623,360
356,986,960,000
243
17/12/2009
SQC
CTCP Khong sn Si
Gn - Quy Nhn
100,000,000
8,590,000,000,000
244
17/12/2009
V15
CTCP Xy dng s 15
10,000,000
53,000,000,000
6,000,000
525,000,000,000
3,980,000
27,200,000,000
5,000,000
20,000,000,000
245
21/12/2009
HGM
246
21/12/2009
L44
247
21/12/2009
LO5
CTCP C kh v Khong
sn H Giang
Cng ty C phn Lilama
45.4
Cng ty C phn Lilama
5
248
22/12/2009
SDG
CTCP Sadico Cn Th
6,499,997
126,749,941,500
2,199,697
13,418,151,700
249
23/12/2009
DNC
CTCP in nc lp my
Hi Phng
250
24/12/2009
MAC
CTCP Cung ng v Dch

v k thut Hng hi
5,499,811
20,349,300,700
251
25/12/2009
PGT
Cng ty C phn Taxi

Gas Si Gn Petrolimex
9,241,801
50,829,905,500
1,488,440
9,900,000,000
30,000,000
168,000,000,000
252
29/12/2009
HST
253
29/12/2009
VIX
CTCP Pht hnh sch v

Thit b Hng Yn
CTCP Chng khon
Xun Thnh
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

95
254
30/12/2009
AMV
255
5/1/2010
V12
256
7/1/2010
TTC
257
8/1/2010
HHL
258
12/1/2010
TAG
259
13/1/2010
LHC
260
18/1/2010
CPC
261
22/1/2010
INN
262
29/1/2010
BDB
263
22/2/2010
TAS
CTCP Sn xut kinh

doanh dc v Thit b y
t Vit M
2,100,000
13,860,000,000
CTCP Xy dng s 12
CTCP Gch men Thanh
Thanh
5,818,000
34,326,200,000
5,940,528
15,580,104,800
CTCP Hng H Long An

CTCP Th gii s Trn
Anh
2,748,270
9,893,772,000
8,121,256
168,115,174,200
2,000,000
47,000,000,000
3,887,200
44,375,040,000
5,400,000
57,780,000,000
1,126,474
7,096,786,200
13,900,000
54,210,000,000
1,800,000
27,000,000,000
11,000,000
55,000,000,000
4,050,000
46,170,000,000
18,214,000
142,000,000,000
2,999,989
50,399,815,200
1,751,095
8,755,460,000
3,265,155
14,366,682,000
99,945,900
1,139,988,600,000
13,528,900
58,174,270,000
22,500,000
72,000,000,000
50,000,000
235,000,000,000
39,000,000
152,100,000,000
CTCP u t v Xy
dng Thy li Lm ng
CTCP Thuc st trng
Cn th
CTCP Bao b v In Nng
nghip
CTCP Sch v Thit b
Bnh nh
CTCP Chng khon
Trng An
CTCP u t pht trin
dch v cng trnh cng
cng c Long Gia Lai
Cng ty C phn Sng
207
264
10/3/2010
DL1
265
10/3/2010
SDB
266
11/3/2010
CKV
267
17/3/2010
PHH
268
17/3/2010
VBC
269
23/3/2010
SDE
270
25/3/2010
L35
271
30/3/2010
VND
272
5/4/2010
APG
273
7/4/2010
SME
274
15/4/2010
PVL
CTCP Chng khon SME

CTCP Bt ng Sn
in Lc Du Kh Vit
Nam
275
19/4/2010
APS
CTCP Chng khon Chu

Thi Bnh Dng
276
21/4/2010
V21
CTCP Xy dng s 21
1,700,000
23,800,000,000
36,000,000
147,600,000,000
11,734,000
118,800,000,000
CTCP Thng mi Bu
chnh vin thng
Cng ty C phn Hng
H Du kh
CTCP Nha - Bao b
Vinh
CTCP K thut in Sng
CNG TY C PHN
C KH LP MY
LILAMA
CTCP Chng khon
VNDIRECT
CTCP Chng khon An
Pht
277
22/4/2010
AVS
CTCP Chng khon u

Vit
278
22/4/2010
LIG
Cng ty C phn LICOGI

13
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

96
279
22/4/2010
QHD
280
26/4/2010
MCC
281
28/4/2010
KSD
282
28/4/2010
TET
Cng ty C phn Que hn

in Vit c
Cng ty C phn gch
ngi cao cp
Tng CTCP Xut nhp
khu ng Nam
HAMICO
CTCP Vi si May mc
Min Bc
283
29/4/2010
HPB
284
4/5/2010
285
4,249,901
31,874,257,500
4,638,300
74,225,970,000
10,737,500
49,392,500,000
5,702,940
170,517,906,000
CTCP Bao b PP
3,857,200
35,696,000,000
CT6
CTCP Cng trnh 6
6,105,759
61,080,780,000
7/5/2010
HTC
CTCP Thng mi Hc
Mn
5,250,000
48,650,000,000
286
10/5/2010
VCR
CTCP u t v Pht
trin Du lch Vinaconex
35,240,000
259,200,000,000
287
11/5/2010
DNY
20,000,000
260,000,000,000
288
11/5/2010
VCM
3,000,000
29,700,000,000
289
19/5/2010
CX8
CTCP Thp DANA -

CTCP Nhn lc v
Thng mi Vinaconex
CTCP u t v Xy lp
Constrexim S 8
1,956,800
13,756,304,000
290
19/5/2010
KHB
Cng ty c phn Khong

sn Ha Bnh
6,270,000
70,851,000,000
291
20/5/2010
DLR
CTCP a c Lt
4,500,000
68,400,000,000
292
20/5/2010
NSN
2,959,314
14,796,570,000
293
25/5/2010
VDS
CTCP Xy dng 565

CTCP Chng khon
Rng Vit
34,979,987
202,883,924,600
294
1/6/2010
IDV
CTCP Pht trin h tng

Vnh Phc
3,258,500
97,386,600,000
295
2/6/2010
AME
12,000,000
45,600,000,000
296
9/6/2010
PHS
30,000,000
111,000,000,000
297
17/6/2010
HDO
9,458,879
80,408,971,500
298
21/6/2010
PVR
52,356,713
509,768,764,800
299
22/6/2010
VXB
4,049,006
40,490,060,000
9,152,000
40,191,500,000
4,100,000
36,080,000,000
3,780,000
91,600,000,000
CTCP Alphanam c in
CTCP Chng khon Ph
Hng
CNG TY C PHN
HNG O
CONTAINER
Cng ty CP Kinh doanh
Dch v cao cp Du kh
Vit Nam
Cng ty CP Vt liu Xy
dng Bn Tre
300
23/6/2010
CMI
301
24/6/2010
LCS
CTCP Cavico Khong

sn v Cng nghip
CNG TY C PHN
LICOGI 16.6
302
29/6/2010
MIH
CTCP Xut Nhp khu

Khong sn H Nam
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

97
303
30/6/2010
VE3
304
2/7/2010
DC2
305
2/7/2010
TSM
306
7/7/2010
SVS
C phiu Cng ty C
phn Xy dng in
VNECO 3
CTCP u t Pht trin Xy dng (DIC) s 2
CTCP Xi mng Tin Sn
H Ty
CTCP Chng khon Sao
Vit
CTCP Chng khon
Phng ng
Tng Cng ty u t
Pht trin Nh v th
Nam H Ni
307
12/7/2010
ORS
308
13/7/2010
NHA
309
15/7/2010
AAA
310
16/7/2010
HBS
311
20/7/2010
LDP
312
21/7/2010
PSI
313
21/7/2010
VCH
314
23/7/2010
SD1
315
26/7/2010
VE2
316
28/7/2010
HHG
CTCP Sng 1
CTCP Xy dng in
Vneco2
Cng ty c phn Hong
H
317
28/7/2010
HMH
CTCP Hi Minh
CTCP Nha v mi
trng xanh An Pht
CTCP Chng khon Ha
Bnh
CTCP Dc Lm ng
Ladophar
CTCP Chng khon Du
kh
CTCP u t xy dng
v Pht trin H tng
Vinaconex
CTCP u t Xy dng
Viwaseen Hu
Cng ty C phn Gch
ngi Kin Giang
318
28/7/2010
VHH
319
29/7/2010
KBT
320
30/7/2010
SMT
321
4/8/2010
VLA
CTCP Vt liu in v
Vin thng Sam Cng
CTCP u t v Pht
trin Cng ngh Vn
Lang
1,319,710
6,730,521,000
2,520,000
19,908,000,000
2,936,140
24,663,576,000
13,500,000
41,850,000,000
24,000,000
93,600,000,000
8,835,000
82,165,500,000
9,900,000
148,500,000,000
32,999,980
458,699,722,000
1,700,000
31,620,000,000
59,841,300
365,031,930,000
4,000,000
12,307,000,000
5,000,000
33,500,000,000
1,861,141
9,491,819,100
13,255,400
50,320,000,000
5,426,880
88,108,398,000
6,000,000
26,400,000,000
2,335,961
53,727,103,000
2,765,787
10,750,000,000
1,080,000
8,208,000,000
11,007,183
31,920,830,700
322
5/8/2010
VCV
Cng ty C phn Vn ti
Vinaconex
323
6/8/2010
CVN
CTCP Vinam
3,250,000
124,150,000,000
324
9/8/2010
BVG
9,750,948
42,904,171,200
325
16/8/2010
MIM
CTCP Thp Bc Vit

CTCP Khong sn v C
kh
3,099,939
27,118,115,500
326
18/8/2010
PIV
CTCP PIV
1,200,000
7,800,000,000
327
9/9/2010
PVV
CTCP u t Xy dng
Vinaconex - PVC
30,000,000
210,000,000,000
328
13/9/2010
API
CTCP u t Chu Thi Bnh Dng
26,400,000
121,440,000,000
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

98
329
13/9/2010
IDJ
330
13/9/2010
NVB
331
15/9/2010
NET
332
15/9/2010
SCL
333
16/9/2010
NIS
334
16/9/2010
S27
335
16/9/2010
SEL
336
17/9/2010
CTCP u t Ti chnh
Quc t v Pht trin
Doanh nghip IDJ
Ngn hng TMCP Nam
Vit
32,600,000
163,000,000,000
301,021,552
1,510,794,925,500
CTCP Bt git NET

CTCP Sng Cao
Cng
CTCP Dch v h tng
mng
4,500,000
148,500,000,000
9,000,000
82,800,000,000
3,000,000
20,400,000,000
1,572,833
6,720,181,900
5,000,000
31,040,000,000
ALV
CTCP Sng 27
CTCP Sng 11
Thng Long
CTCP Khong sn Vinas
A Li
1,500,000
7,800,000,000
2,500,000
61,500,000,000
9,088,000
39,200,000,000
100,000,000
1,560,000,000,000
2,722,500
29,947,500,000
1,500,000
4,500,000,000
15,000,000
73,500,000,000
13,500,000
183,600,000,000
1,800,000
108,360,000,000
2,592,740
31,112,880,000
2,500,000
25,000,000,000
337
17/9/2010
WCS
Cng ty C phn bn xe
Min Ty
338
1/10/2010
CTA
CTCP Vinavico
339
1/10/2010
OCH
340
5/10/2010
APP
341
6/10/2010
QCC
342
8/10/2010
TIG
343
11/10/2010
GBS
344
19/10/2010
HTB
CTCP Khch sn v Dch

v i Dng
CTCP Pht trin Ph gia
v Sn phm Du m
CTCP Xy lp v Pht
trin Dch v Bu in
Qung Nam
CTCP Tp on u t
Thng Long
Cng ty C phn Chng
khon Golden Bridge
Vit Nam
CTCP Xy dng Huy
Thng
345
26/10/2010
ARM
346
28/10/2010
KTT
CTCP Xut nhp khu

Hng khng (AIRIMEX)
Cng ty c phn u t
Thit b v Xy lp in
Thin Trng
347
28/10/2010
LM7
CTCP Lilama 7
5,000,000
27,263,500,000
Cng ty c phn Thng

mi Bia H Ni
3,123,000
59,024,700,000
100,000,000
1,100,000,000,000
1,350,000
9,930,000,000
348
29/10/2010
HAT
349
9/11/2010
SCR
350
15/11/2010
LCD
351
17/11/2010
PFL
352
23/11/2010
CTCP a c Si Gn
Thng Tn
CTCP Lilama Th nghim
C in
50,000,000
355,000,000,000
HBB
CTCP Bt ng sn Ti
chnh Du kh Vit Nam
Ngn hng TMCP Nh
H Ni
300,000,000
2,160,000,000,000
2,500,000
33,250,000,000
1,178,890
8,880,000,000
353
29/11/2010
CMS
CTCP Cavico Xy dng

nhn lc v Dch v
354
29/11/2010
PRC
CTCP Portserco
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

99
355
1/12/2010
VNF
356
3/12/2010
THV
Cng ty C phn Vn Ti
Ngoi Thng
CTCP Tp on Thi Ha
Vit Nam
5,584,500
145,600,000,000
55,000,000
297,000,000,000
13,000,000
66,300,000,000
2,220,000
9,768,000,000
9,846,562
63,017,996,800
1,132,000
6,960,000,000
357
8/12/2010
VKC
358
13/12/2010
MCL
359
15/12/2010
KMT
360
15/12/2010
VAT
Cng ty C phn CpNha Vnh Khnh

CTCP Pht trin nh v
Sn xut vt liu xy
dng Ch Linh
CTCP Kim Kh Min
Trung
CTCP Vin thng Vn
Xun
361
16/12/2010
MNC
CTCP Tp on Mai Linh

Bc Trung B
7,017,130
30,173,659,000
362
16/12/2010
PV2
CTCP u t PV2
36,868,800
201,690,000,000
363
24/12/2010
ADC
CTCP M Thut v
Truyn Thng
1,000,000
7,100,000,000
364
27/12/2010
HDA
2,200,000
24,200,000,000
365
29/12/2010
KST
CTCP Hng sn ng
CTCP Vin thng Tin
hc in t
2,996,010
28,761,696,000
CTCP u t Pht trin

Gas Th
18,870,000
100,011,000,000
3,000,000
46,500,000,000
3,000,000
29,400,000,000
4,981,190
41,500,000,000
15,000,000
129,000,000,000
2,600,000
23,598,000,000
15,280,790
168,088,690,000
3,372,740
34,064,674,000
3,500,000
44,800,000,000
2,411,510
30,867,328,000
15,086,160
76,500,000,000
2,600,000
71,760,000,000
44,979,894
445,500,000,000
35,000,000
294,000,000,000
8,080,000
78,376,000,000
366
29/12/2010
PCG
367
31/12/2010
KTS
368
5/1/2011
BSC
369
5/1/2011
SSG
370
7/1/2011
PPS
371
11/1/2011
BHT
372
11/1/2011
TVD
373
19/1/2011
TSB
374
14/2/2011
MCF
375
16/2/2011
DNM
CTCP ng Kon Tum

CTCP Dch v Bn
Thnh
CTCP Vn ti bin Hi
u
CTCP in lc K thut
Du kh Vit Nam
CTCP u t Xy dng
Bch ng TMC
CTCP Than Vng Danh TKV
CTCP c quy Tia Sng
Cng ty C phn Xy lp
C kh Lng thc Thc
phm
Tng CTCP Y t
DANAMECO
376
22/2/2011
PXA
377
25/2/2011
D11
378
1/3/2011
PTI
CTCP u t & Thng

mi Du kh Ngh An
Cng ty c phn a c
11
Tng CTCP Bo him
Bu in
379
15/3/2011
PSG
CTCP u t v Xy lp
Du kh Si Gn
380
21/4/2011
GFC
Cng ty c phn Thy

sn Gentraco
H Nguyn Thy Tin
Lp Ngn Hng m 2-K17

100
381
21/4/2011
NDN
382
27/4/2011
DIH
CTCP u t pht trin

Nh Nng
CTCP u t Pht trin
Xy dng - Hi An
383
6/5/2011
VIE
384
12/5/2011
HPR
385
22/6/2011
MAX
386
14/7/2011
INC
387
18/7/2011
PPP
388
26/7/2011
SVN
CTCP Cng ngh Vin

thng VITECO
Cng ty C phn u t
Xy dng Hng Pht
CNG TY C PHN
KHAI KHONG V C
KH HU NGH VNH
SINH
CTCP T vn u t
IDICO
CTCP Dc phm Phong
Ph
Cng ty c phn
SOLAVINA
IVS
Cng ty C phn Chng

Khon VNS
389
1/8/2011
H Nguyn Thy Tin
8,500,000
74,700,000,000
2,905,842
40,296,717,000
1,561,244
13,270,574,000
4,800,000
62,880,000,000
7,200,000
87,120,000,000
2,000,000
16,200,000,000
2,335,500
15,414,300,000
3,000,000
61,200,000,000
16,100,000
72,450,000,000
Lp Ngn Hng m 2-K17

101
Ph lc 3
B TI CHNH
CNG HO X HI CH NGHA VIT NAM

c lp - T do - Hnh phc
S: 74/2011/TT-BTC
H Ni, ngy 01 thng 06 nm 2011
THNG T
Hng dn v giao dch chng khon
Cn c Lut Chng khon s 70/2006/QH11 c Quc Hi thng qua ngy

29/06/2006;
Cn c Ngh nh s 118/2008/N-CP ngy 27/11/2008 ca Chnh ph quy nh
chc nng, nhim v, quyn hn v c cu t chc ca B Ti chnh;
B Ti chnh hng dn v giao dch trn th trng chng khon nh sau:
Chng I
QUY NH CHUNG
iu 1. Phm vi iu chnh
Thng t ny hng dn hot ng giao dch chng khon ca cng ty nim yt,
ng k giao dch v qu u t chng khon i chng trn S giao dch chng khon
(SGDCK).
iu 2. Gii thch thut ng
Trong Thng t ny, cc thut ng di y c hiu nh sau:
1. Thnh vin giao dch l cng ty chng khon c SGDCK chp thun tr thnh
thnh vin giao dch.
2. H thng giao dch l h thng my tnh dng cho hot ng giao dch chng
khon ti SGDCK.
3. H thng chuyn lnh l h thng thc hin vic chuyn cc lnh giao dch ca
nh u t t thnh vin giao dch n SGDCK.
4. Bin dao ng gi l gii hn dao ng gi chng khon quy nh trong ngy
giao dch c tnh theo t l phn trm (%) so vi gi tham chiu.
5. Gi tham chiu l mc gi lm c s SGDCK tnh gii hn dao ng gi chng
khon trong ngy giao dch.
6. Phng thc khp lnh l phng thc giao dch do h thng giao dch thc hin
da trn so khp cc lnh mua v lnh bn chng khon. Phng thc khp lnh bao gm
khp lnh nh k v khp lnh lin tc.
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7. Phng thc tho thun l phng thc giao dch trong cc thnh vin giao
dch t tho thun vi nhau v cc iu kin giao dch v c thnh vin giao dch nhp
thng tin vo h thng ghi nhn kt qu giao dch.
8. Giao dch mua k qu chng khon (margin) l giao dch mua chng khon ca
khch hng c s dng tin vay ca cng ty chng khon v s dng cc chng khon
khc c trong ti khon v chng khon mua c bng tin vay cm c.
9. Thng tin ni b l thng tin lin quan n cng ty i chng hoc qu i chng
cha c cng b m nu c cng b c th nh hng ln n gi chng khon ca
cng ty i chng hoc qu i chng .
10. Giao dch ni b l giao dch c s dng thng tin ni b mua bn chng
khon nhm mang li li ch (thu li hoc trnh, gim l) cho ngi thc hin giao dch,
ngi bit thng tin ni b hoc ngi th ba.
11. Giao dch thao tng th trng chng khon l vic mt hay nhiu c nhn, t
chc thc hin hoc thng ng vi nhau thc hin, mt cch trc tip hay gin tip vic
t lnh, giao dch hoc cng b, pht tn thng tin nhm to cung, cu, tnh thanh khon,
din bin gi gi to i vi mt hoc nhiu loi chng khon.
Chng II
QUY NH C TH
iu 3. T chc giao dch chng khon
1. SGDCK t chc giao dch chng khon theo phng thc khp lnh v phng
thc tha thun. Phng thc khp lnh trn h thng giao dch thc hin theo nguyn tc
u tin v gi v thi gian.
2. SGDCK t chc giao dch chng khon nim yt, ng k giao dch trn
SGDCK thng qua h thng giao dch ca SGDCK, ngoi tr cc trng hp sau:
a) Cc trng hp quy nh ti im b Khon 1 iu 4 Thng t 43/2010/TT-BTC
ngy 25/3/2010 ca B trng B Ti chnh sa i, b sung Quy ch ng k, lu k, b
tr v thanh ton chng khon ban hnh km theo Quyt nh s 87/2007/Q-BTC ngy
22 thng 10 nm 2007 ca B trng B Ti chnh.
b) u gi bn phn vn nh nc ti t chc nim yt, cng ty i chng;
c) Cc trng hp chuyn nhng khc qua Trung tm Lu k Chng khon
(TTLKCK) sau khi c U ban Chng khon Nh nc (UBCKNN) chp thun.
3. SGDCK ban hnh Quy ch hng dn giao dch chng khon sau khi c
UBCKNN chp thun. Quy ch hng dn giao dch chng khon quy nh c th v:
Thi gian giao dch; Phng thc giao dch; Cch xc nh gi tham chiu; Bin dao
ng gi chng khon; Cc loi lnh giao dch; Vic sa lnh, hy lnh giao dch v cc
ni dung khc c lin quan.
4. SGDCK H Ni c t chc giao dch chng khon nim yt v chng khon
ca cc cng ty i chng cha nim yt trn SGDCK, ngoi tr cc trng hp quy nh
ti cc im a, b v c Khon 2 iu ny.
5. TTLKCK cp m chng khon cho cc chng khon c giao dch trn
SGDCK.
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iu 4. Tm ngng giao dch chng khon

1. SGDCK tm ngng hot ng giao dch chng khon trn ton h thng trong
trng hp:
a) H thng giao dch hoc h thng chuyn lnh ca SGDCK gp s c;
b) Khi xy ra cc s kin bt kh khng lm nh hng n hot ng giao dch
ca th trng nh thin tai, ha hon;
c) UBCKNN yu cu ngng giao dch n nh th trng;
d) Cc trng hp SGDCK thy cn thit bo v li ch ca nh u t sau khi
c UBCKNN chp thun.
2. Vic tm ngng giao dch tng loi chng khon c th thc hin theo Quy ch
giao dch ca SGDCK.
3. SGDCK phi bo co UBCKNN ngay khi quyt nh tm ngng giao dch quy
nh ti im a, b Khon 1 v Khon 2 iu ny.
iu 5. Bin dao ng gi
1. SGDCK quy nh bin dao ng gi sau khi c UBCKNN chp thun;
2. Trong trng hp cn thit m bo bnh n th trng, UBCKNN quyt nh
iu chnh bin dao ng gi.
iu 6. Sa li sau giao dch, xc lp giao dch v hu b giao dch
1. TTLKCK chu trch nhim ban hnh Quy trnh hng dn vic sa li sau giao
dch i vi chng khon nim yt v ng k giao dch trn SGDCK sau khi c
UBCKNN chp thun.
2. SGDCK chu trch nhim ban hnh quy nh v vic xc lp giao dch v hy b
giao dch chng khon sau khi c UBCKNN chp thun.
iu 7. Giao dch chng khon ca nh u t
1. Nh u t phi m ti khon giao dch chng khon ti cng ty chng khon
thc hin giao dch chng khon trn SGDCK v chu trch nhim cung cp y , chnh
xc cc thng tin khi m ti khon giao dch.
2. Nh u t ch c php m mt ti khon giao dch ti mi cng ty chng
khon, ngoi tr cc trng hp sau:
a) Ti khon giao dch k qu ca nh u t;
b) Cng ty qun l qu phi m ti khon giao dch ring bit cho bn thn cng ty
v tng qu u t chng khon do cng ty qun l qu qun l ti mi cng ty chng
khon ni cng ty qun l qu m ti khon v phi nu r iu ny trong hp ng m ti
khon. Trng hp thc hin qun l danh mc u t, cng ty qun l qu phi m hai
(02) ti khon giao dch ng tn cng ty qun l qu ti cng ty chng khon thay mt
cho nh u t y thc, bao gm mt (01) ti khon cho nh u t y thc trong nc v
mt (01) ti khon cho nh u t y thc nc ngoi.
c) Nh u t nc ngoi l cng ty chng khon nc ngoi thnh lp theo php
lut nc ngoi c m ti khon giao dch chng khon tch bit ti cng ty chng
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khon qun l chng khon thuc s hu ca chnh cng ty (t doanh) v cc ti khon

cho khch hng (mi gii) ca cng ty chng khon nc ngoi.
d) Cng ty bo him 100% vn nc ngoi hot ng ti Vit Nam khi tham gia
giao dch chng khon phi m hai (02) ti khon giao dch ti cng ty chng khon: mt
(01) ti khon u t t ngun vn ch s hu v chu s iu chnh v t l s hu nc
ngoi, mt (01) ti khon u t t ngun thu ph bo him v khng chu s iu chnh v
t l s hu ca nh u t nc ngoi.
3. Vic m ti khon giao dch chng khon ca ngi hnh ngh chng khon
c thc hin theo quy nh ti Khon 2 iu 81, Lut Chng khon.
4. Trng hp nh u t m ti khon giao dch chng khon ti cc cng ty
chng khon khc nhau, trong h s m ti khon ti cng ty chng khon mi phi ghi r
s lng ti khon m v m s ti khon ti cc cng ty chng khon trc .
5. Nh u t nc ngoi ch c m ti khon giao dch sau khi ng k v
c TTLKCK cp m s giao dch chng khon.
6. UBCKNN hng dn nguyn tc cp m ti khon giao dch chng khon cho
nh u t. Cng ty chng khon ni nh u t m ti khon c trch nhim lu gi cc
thng tin v ch ti khon, thng tin giao dch chng khon v cc chng t c lin quan
ti thiu 10 nm k t ngy pht sinh giao dch.
7. Nh u t phi m bo t l k qu bng tin hoc chng khon trong giao
dch. UBCKNN hng dn t l k qu bng tin hoc chng khon sau khi c B Ti
chnh chp thun.
8. Vic chuyn nhng chng khon nim yt, ng k giao dch phi thc hin
qua SGDCK. Cc trng hp chuyn nhng nu ti Khon 2 iu 3 Thng t ny c
thc hin thng qua TTLKCK v phi cng b thng tin trn SGDCK.
9. Cng ty chng khon thc hin mua c phiu, chng ch qu l l ca nh u
t theo gi tho thun hoc t chc giao dch l l cho khch hng theo hng dn ca
UBCKNN.
iu 8. Giao dch chng khon trong ngy giao dch:
1. Nh u t c thc hin cc giao dch ngc chiu (mua, bn) cng mt loi
chng khon trong ngy giao dch, khi p ng cc iu kin sau:
a) S dng mt ti khon m ti mt cng ty chng khon thc hin c lnh
mua v bn;
b) Ch c mua (hoc bn) mt loi chng khon nu lnh bn (hoc lnh mua)
ca chng khon cng loi trc c thc hin v lnh giao dch phi p ng yu
cu t l k qu theo quy nh ti Khon 7, iu 7 Thng t ny.
c) Cng ty chng khon, ngn hng lu k chu trch nhim kim tra tnh hp l
ca lnh t mua/bn ca nh u t.
2. Nh u t khng c php:
a) Thc hin giao dch m khng dn n vic thay i quyn s hu chng khon;
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105
b) ng thi t lnh mua v bn cng mt loi chng khon trong tng ln khp
lnh trn cng mt ti khon hoc cc ti khon khc nhau m nh u t ng tn s hu.
iu 9. Ti khon giao dch y quyn
1. Nh u t khi m ti khon giao dch chng khon th c th c y quyn giao
dch trong cc trng hp sau:
a) y quyn giao dch bng vn bn cho cng ty chng khon hoc ngn hng lu
k chng khon thc hin giao dch thay cho mnh. Khi c y quyn giao dch, cng ty
chng khon/ngn hng lu k thay mt nh u t thc hin giao dch v phi tun th
cc quy nh v giao dch, thanh ton chng khon, ngha v cng b thng tin v chu
trch nhim trc nh u t v ni dung theo y quyn;
b) y quyn giao dch bng vn bn cho c nhn khc thc hin giao dch thay cho
mnh phi m bo:
- C xc nhn vic y quyn ca chnh quyn a phng hoc cng chng theo
quy nh ca php lut;
- Hp ng y quyn phi nu r phm vi y quyn;
- Ngi c y quyn khng c thc hin cc giao dch vi chnh mnh hoc
vi ngi th ba m mnh l ngi c y quyn.
2. Nhn vin cng ty chng khon khng c php nhn y quyn ca nh u t.
3. Nh u t m nhiu ti khon giao dch chng khon phi bo co ngha v c
ng ln trn tng s chng khon ti cc ti khon v cng b thng tin theo quy nh
ca php lut.
iu 10. Giao dch c phiu qu
1. T chc nim yt, t chc ng k giao dch mua li, bn c phiu qu trn
SGDCK thc hin theo quy nh ca php lut. SGDCK ban hnh Quy ch hng dn c
th v giao dch c phiu qu sau khi c UBCKNN chp thun.
2. Trng hp bn ra c phiu qu, cng ty i chng phi bo co UBCKNN t
nht by (07) ngy trc ngy thc hin giao dch.
3. T chc nim yt, t chc ng k giao dch c mua li c phiu l l ca nh
u t lm c phiu qu. T chc nim yt, t chc ng k giao dch mua li c phiu
l l phi m bo ngun vn mua li c phiu qu theo quy nh ca php lut v khng
phi hn ch thi hn bn ra c phiu l l mua lm c phiu qu.
iu 11. Giao dch k qu chng khon
1. Cng ty chng khon c thc hin giao dch k qu sau khi bo co vi
UBCKNN.
2. Nh u t mun thc hin giao dch k qu phi m ti khon giao dch k qu
ti cng ty chng khon ni nh u t m ti khon giao dch chng khon. Ti mi cng
ty chng khon ni nh u t m ti khon giao dch, nh u t ch c php m mt
(01) ti khon giao dch k qu. Cng ty chng khon phi qun l tch bit ti khon giao
dch k qu ca nh u t vi cc ti khon giao dch khc.
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3. Chng khon c php giao dch k qu l c phiu, chng ch qu u t

ang nim yt trn SGDCK p ng yu cu v chng khon c php giao dch k qu
theo quy nh ca UBCKNN. Cng ty chng khon c ngha v cng b cng khai danh
mc chng khon m cng ty thc hin giao dch k qu.
4. Cng ty chng khon c ngha v bo co nh k, bo co theo yu cu v hot
ng giao dch k qu vi UBCKNN, SGDCK v TTLKCK.
5. Trong trng hp cn thit, m bo an ton cho hot ng ca th trng
chng khon, UBCKNN c th yu cu cc cng ty chng khon tm ngng giao dch k
qu.
6. UBCKNN quy nh c th nghip v giao dch k qu cho cc cng ty chng
khon.
iu 12. Cc trng hp chng khon b qun l

SGDCK quy nh c th iu kin, bin php, thi hn p dng cc bin php i
vi cc trng hp chng khon giao dch trn SGDCK thuc din b cnh bo, kim sot,
tm ngng giao dch v nh ch giao dch sau khi c UBCKNN chp thun.
iu 13. Giao dch b cm
1. Giao dch b cm bao gm: giao dch ni b, giao dch thao tng th trng v cc
giao dch b cm khc theo quy nh ca php lut;
2. Cc hnh vi vi phm v giao dch chng khon c x l theo quy nh ca
php lut.
iu 14. Ch bo co v gim st
1. SGDCK, TTLKCK thc hin ch bo co tnh hnh giao dch chng khon
vi UBCKNN.
2. SGDCK, TTLKCK thuc i tng gim st ca UBCKNN v giao dch chng
khon.
Chng III
T CHC THC HIN
iu 15. iu khon thi hnh
1. UBCKNN chu trch nhim ban hnh cc quy nh hng dn c th. Cc
SGDCK, TTLKCK chu trch nhim ban hnh cc Quy ch hng dn, Quy trnh nghip
v v gim st vic tun th cc hot ng giao dch ca thnh vin sau khi c
UBCKNN chp thun.
2. Thng t ny c hiu lc thi hnh k t ngy 01/08/2011.
3. Vic sa i, b sung Thng t ny do B trng B Ti chnh quyt nh.
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107
Ni nhn:
-
Vn phng Chnh ph;

Vn phng Trung ng v cc Ban ca ng;
Vn phng Quc hi;
Vn phng Ch tch nc;
Cc B, c quan ngang B, c quan thuc Chnh ph;
HND, UBND cc tnh, thnh ph trc thuc Trung ng;
Vn phng BC phng chng tham nhng TW;
Vin Kim st NDTC, To n NDTC;
Kim ton Nh nc;
C quan Trung ng ca cc on th;
Cng bo;
Website Chnh ph;
Cc kim tra vn bn - B T php;
Cc n v thuc B Ti chnh;
Website BTC;
Lu: VT, UBCKNN.
H Nguyn Thy Tin
KT.B TRNG
TH TRNG
Trn Xun H
Lp Ngn Hng m 2-K17

108

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z

H NGUYN THY TIN

GII PHP HN CH RI RO TRONG

LUN VN THC S KINH T

TP. H Ch Minh- Nm 2011

H NGUYN THY TIN

GII PHP HN CH RI RO TRONG U

Chuyn ngnh: Ti chnh- Ngn hng

LUN VN THC S KINH T

TP. H Ch Minh- Nm 2011

Ti xin cam oan y l cng trnh nghin cu thc s ca c nhn ti, di

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2.1.3.4. Ch s gi chng khon .........................................................................38

DANH MC CC K HIU, CH VIT TT

CPI: Ch s gi tiu dng

DANH MC CC BNG BIU

Gii php hn ch ri ro trong u t trn TTCKVN hin nay

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Lp Ngn Hng m 2-K17

Gii php hn ch ri ro trong u t trn TTCKVN hin nay

-Tng quan v tnh hnh TTCKVN, cc ri ro m cc nh u t gp phi

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Lp Ngn Hng m 2-K17

Gii php hn ch ri ro trong u t trn TTCKVN hin nay

1.1.Tng quan v TTCK

Cn c vo tnh cht php l: TTCK bao gm 2 loi:

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Lp Ngn Hng m 2-K17

Gii php hn ch ri ro trong u t trn TTCKVN hin nay

Cn c vo qu trnh lun chuyn chng khon: TTCK bao gm:

Cn c theo i tng giao dch: TTCK bao gm:

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Lp Ngn Hng m 2-K17

Gii php hn ch ri ro trong u t trn TTCKVN hin nay

1.1.3.4.nh gi hiu qu hot ng ca cc doanh nghip.

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Lp Ngn Hng m 2-K17

Gii php hn ch ri ro trong u t trn TTCKVN hin nay

1.1.5. Cc ch th tham gia TTCK.

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Lp Ngn Hng m 2-K17

Gii php hn ch ri ro trong u t trn TTCKVN hin nay

T chc lu k v thanh ton b tr chng khon: l t chc nhn lu tr,

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Lp Ngn Hng m 2-K17

Gii php hn ch ri ro trong u t trn TTCKVN hin nay

Ri ro th trng xut hin do c nhng phn ng ca cc nh u t i vi

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Lp Ngn Hng m 2-K17

Gii php hn ch ri ro trong u t trn TTCKVN hin nay

ch s gi hng tiu dng. Bn cnh , s thay i sc mua cng nh hng n

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Lp Ngn Hng m 2-K17

Gii php hn ch ri ro trong u t trn TTCKVN hin nay

thu nhp ca h, nh hng n d kin ca h v thu nhp, v lm tng ri ro ca

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Lp Ngn Hng m 2-K17

Gii php hn ch ri ro trong u t trn TTCKVN hin nay

H Nguyn Thy Tin

Lp Ngn Hng m 2-K17

Gii php hn ch ri ro trong u t trn TTCKVN hin nay

2.1.Tng quan v TTCK Vit Nam

Lp Ngn Hng m 2-K17

Gii php hn ch ri ro trong u t trn TTCKVN hin nay