MC LC

I Tng quan v tri phiu ........................................................................................................... 4

1. Khi nim v tri phiu ............................................................................................................. 4
2. Cc hnh thc huy ng vn .................................................................................................... 5
3. c im ca tri phiu ............................................................................................................. 6
4. Phn loi tri phiu ..................................................................................................................... 7
II Li ch v ri ro ca tri phiu ........................................................................................ 10
III So snh tri phiu v c phiu ....................................................................................... 12
IV Th trng tri phiu .......................................................................................................... 12
V Thc trng th trng tri phiu Vit Nam ............................................................. 13
Danh mc ti liu tham kho.................................................................................................... 15


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I Tng quan v tri phiu
1. Khi nim v tri phiu
Trn cc phng tin thng tin i chng ta thng nghe nhiu v tri
phiu. Vy tri phiu l g? Cc khi nim lin quan n tri phiu?
Trc khi i n khi nim tri phiu, ta cn hiu th no l chng khon:
Chng khon (Securities) l bng chng xc nhn quyn v li ch ca
ngi s hu i vi ti sn hoc phn vn ca t chc pht hnh. N c th
hin di hnh thc chng ch, bt ton ghi s hoc d liu in t, bao gm cc
loi: tri phiu, c phiu v chng ch qu. Bn cnh n cng bao gm quyn
mua c phn, chng quyn, quyn chn mua, quyn chn bn, hp ng tng
lai, nhm chng khon hoc ch s chng khon.
T nhng thng tin v chng khon nh trn, ta c th hiu khi nim tri
phiu nh sau:
Tri phiu l mt loi chng khon quy nh ngha v ca ngi pht hnh
(ngi vay tin) phi tr cho ngi nm gi chng khon (ngi cho vay) mt
khon tin xc nh, thng l trong nhng khong thi gian c th, v phi hon
tr khon cho vay ban u khi n o hn.
Cc thut ng lin quan n tri phiu
Nh pht hnh, y c th l doanh nghip (tri phiu trong trng hp
ny c gi l tri phiu doanh nghip), mt t chc chnh quyn nh Kho bc
nh nc (trong trng hp ny gi l tri phiu kho bc), chnh quyn (trong
trng hp ny gi l cng tri hoc tri phiu chnh ph). Ngi mua tri phiu,
hay tri ch, c th l c nhn hoc doanh nghip hoc chnh ph. Tn ca tri
ch c th c ghi trn tri phiu (trng hp ny gi l tri phiu ghi danh)
hoc khng c ghi (tri phiu v danh).
Tri ch l ngi cho nh pht hnh vay v h khng chu bt c trch
nhim no v kt qu s dng vn vay ca ngi vay. Nh pht hnh c ngha v
phi thanh ton theo cc cam kt n c xc nh trong hp ng vay.
Mnh gi (tin gc) ca tri phiu, hay cn gi l gi tr danh ngha ca
tri phiu l gi tr ghi trn tri phiu. Gi tr ny c coi l s vn gc. Mnh gi
tri phiu l cn c xc nh s li tc tin vay m ngi pht hnh phi tr.
Mnh gi cng th hin s tin ngi pht hnh phi hon tr khi tri phiu n
hn.
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Gi pht hnh: L gi bn ra ca tri phiu vo thi im pht hnh.
Thng thng gi pht hnh c xc nh theo t l phn trm (%) ca mnh
gi. Ty theo tnh hnh ca th trng v ca ngi pht hnh xc nh gi
pht hnh mt cch thch hp. C th phn bit 3 trng hp:
- Gi pht hnh bng mnh gi (ngang gi);
- Gi pht hnh di mnh gi (gi chit khu);
- Gi pht hnh trn mnh gi (gi gia tng).
Li sut: l s tin li thc thanh ton nh k cho ngi s hu tri
phiu. Li sut ca cc loi tri phiu khc nhau ty thuc vo ri ro ca n.
Tri phiu chnh ph c xem l an ton nht nn li sut cng thp nht, tri
phiu ca nhng cng ty mi ra i c li sut cao hn thu ht ngi mua
chu chp nhn ri ro cao hn. Li sut ny c xc nh theo t l phn trm
so vi mnh gi tri phiu v cng l cn c xc nh li tc tri phiu.
- Li sut danh ngha l t l gia tin li danh ngha theo nm v
tin gc. Li sut danh ngha c ghi c th trn tri phiu.
- Li sut ti hn l li sut, theo , gi tr hin ti ca ton b khc
khon tin phi thanh ton trong trng hp tri ch nm gi tri phiu
n khi o hn, bao gm tin li v tin gc, bng vi gi mua tri phiu.
Li sut ti hn thng thng bng vi li sut bnh qun ca th trng.
- Tin li danh ngha l s tin li thc thanh ton nh k cho ngi
s hu tri phiu. Thng thng, khon tin li ny c tr theo tng
nm hoc c tr 06 thng mt ln (nh ti M). n gin ho, bi vit
ny da trn gi nh tin li c tr nh k theo nm.
- K tr li l khong thi gian ngi pht hnh tr li cho ngi nm
gi tri phiu. Li sut tri phiu c xc nh theo nm, nhng vic
thanh ton li sut tri phiu thng c mi nm hai hoc mt ln.
Thi hn ca tri phiu: l khong thi gian t ngy pht hnh n ngy
ngi pht hnh hon tr vn ln cui. Tri phiu c thi hn khc nhau, tri
phiu trung hn c thi gian t 1 nm n 5 nm; tri phiu di hn, c thi gian
t 5 nm tr ln.

2. Cc hnh thc huy ng vn
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Huy ng vn l vic tm ra ngun tin c th thc thi mt tng hay d n c
th no .

Cc hnh thc huy ng vn thng thng:
- Vn ch s hu
-Pht hnh tri phiu
-Vay ngn hng, t chc tn dng:
- Vay cc qu u t:
- Huy ng vn khch hng
- Lin doanh - lin kt trong v ngoi nc
- Cc qu tn thc bt ng sn (REITs)
u nhc im ca hnh thc huy ng vn bng pht hnh tri phiu:
u im: Vn n t nhiu i tng c tim lc ti chnh (qu u t, cng
ty v tp on bo him, ti chnh...) v th tc php l khng qu phc tp.
Doanh nghip c th p dng li sut linh hot cng nh nhiu phng n tr li
v gc. Doanh nghip pht hnh tri phiu khng phi th chp ti sn; hoch
nh ti chnh bng tri phiu r hn cc khon vay khc.
Nhc im: Doanh nghip phi thanh ton y khi o hn ng theo
cam kt trong hp ng vi mc li sut c nh. Tri phiu bt ng sn ri ro
hn tri phiu ngn hng. C th gp kh khn trong vic cu trc khon vay sao
cho d n bt ng sn lun c kh nng tr li v gc. Phi bo m dng tin
lin quan n n khng b m.
3. c im ca tri phiu
Tri phiu l chng khon n. Pht hnh tri phiu l i vay vn.
Tri phiu th hin quan h ch n con n, gia ngi pht hnh v
ngi u t. Mua tri phiu l cho ngi pht hnh vay vn v nh vy, tri ch
l ch n ca ngi pht hnh. L ch n, ngi nm gi tri phiu (tri ch) c
quyn i cc khon thanh ton theo cam kt v khi lng v thi hn, song
khng c quyn tham gia vo nhng vn ca bn pht hnh.
Li sut ca cc tri phiu thng khc nhau, c quy nh bi cc yu
t:
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- Cung cu vn trn th trng tn dng. Lng cung cu vn li tu thuc
vo chu k kinh t, ng thi chnh sch ca Ngn hng Nh nc, mc thm
ht ngn sch ca Chnh ph v phng thc ti tr thm ht .
- Mc ri ro ca mi nh pht hnh v ca tng t pht hnh. Cu trc ri
ro ca li sut s quy nh li sut ca mi tri phiu. Ri ro cng ln, li sut
cng cao.
- Thi gian o hn ca tri phiu. Nu cc tri phiu c mc ri ro nh
nhau, nhn chung thi gian o hn cng di th li sut cng cao.
Ngi mua tri phiu ch l ngi cho ch th pht hnh vay tin v l ch
n ca ch th pht hnh tri phiu.
Thu nhp ca tri phiu l tin li, l khon thu c nh khng ph thuc
vo kt qu sn xut kinh doanh ca cng ty.
Tri phiu c n nh v t ri ro hn c phiu, nn tri phiu l chng
khon c cc nh u t a chung.
4. Phn loi tri phiu
Cn c vo thi gian o hn
- Tri phiu ngn hn (Shorts) c thi hn t 1 n 5 nm;
- Tri phiu trung hn (Mediums) c thi hn t 5 n 15 nm;
- Tri phiu di hn (Longs) c thi hn hn 15 nm;
- Tri phiu v hn (Perpetuities) khng c ghi ngy o hn.
Cn c vo i tng pht hnh tri phiu
- Tri phiu chnh ph: l nhng tri phiu do chnh ph pht hnh nhm
mc ch b p thm ht ngn sch, ti tr cho cc cng trnh cng ch, hoc lm
cng c iu tit tin t.Tri phiu chnh ph l loi chng khon khng c ri ro
thanh ton v cng l loi tri phiu c tnh thanh khon cao. Do c im , li
sut ca tri phiu chnh ph c xem l li sut chun lm cn c n nh li
sut ca cc cng c n khc c cng k hn.
Vit Nam, tri phiu chnh ph bao gm:
Tri phiu chnh ph:
+ Tn phiu kho bc;
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+ Tri phiu kho bc;
+ Tri phiu cng trnh trung ng;
+ Tri phiu u t;
+ Tri phiu ngoi t;
+ Cng tri xy dng T quc.
Tri phiu c chnh ph bo lnh;
Tri phiu chnh quyn a phng.
- Tri phiu th (cng trnh): l loi tri phiu c pht hnh huy
ng vn cho nhng mc ch c th, thng l xy dng nhng cng trnh c
s h tng hay cng trnh phc li cng cng. Tri phiu ny c th do chnh ph
trung ng hoc chnh quyn a phng pht hnh.
Bao gm cc loi sau:
+ Tri phiu theo ngha v tng qut (General obligation
bond);
+ Tri phiu hon tr (Put bond);
+ Tri phiu li sut thay i (Variable rates bond);
+ Tri phiu Zero Coupon (Tri phiu khng c tem tnh li
nhng gi c chit khu rt nhiu;
+ Tri phiu x (Junk bonds).
- Tri phiu doanh nghip (cng ty): l cc tri phiu do cc cng ty pht
hnh vay vn di hn.Tri phiu cng ty c c im chung sau: Tri ch c
tr li nh k v tr gc khi o hn, song khng c tham d vo cc quyt
nh ca cng ty. Nhng cng c loi tri phiu khng c tr li nh k, ngi
mua c mua di mnh gi v khi o hn c nhn li mnh gi. Khi cng ty
gii th hoc thanh l, tri phiu c u tin thanh ton trc cc c phiu. C
nhng iu kin c th km theo, hoc nhiu hnh thc m bo cho khon
vay.Tri phiu cng ty bao gm nhng loi sau:
+ Tri phiu bo m (Secured bonds): l tri phiu c m bo
bng nhng ti sn th chp c th, thng l bt ng sn v cc thit b.
Ngi nm gi tri phiu ny c bo v mt mc cao trong trng
hp cng ty ph sn, v h c quyn i n i vi mt ti sn c th.
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+ Tri phiu khng bo m (Debentures): Tri phiu tn chp khng
c m bo bng ti sn m c m bo bng tn chp ca cng ty. Nu
cng ty b ph sn, nhng tri ch ca tri phiu ny c gii quyt quyn
li sau cc tri ch c bo m, nhng trc c ng. Cc tri phiu tn chp
c th chuyn i cho php tri ch c quyn chuyn tri phiu thnh c
phiu thng ca cng ty pht hnh. Tu theo quy nh, vic chuyn i c
th c tin hnh vo bt c thi im no, hoc ch vo nhng thi im
c th xc nh.Ngoi nhng c im trn, mi t tri phiu c pht
hnh c th c gn km theo nhng c tnh ring khc na nhm p
ng nhu cu c th ca mt bn no . C th l:
Tri phiu thu hi c (Callable bonds - Redeemable bonds);
Tri phiu chuyn i (Convertible bonds);
Tri phiu qu chm (Sinking fund bonds);
Tri phiu c th chp (Mortgaged bonds).
Phn loi theo li tc tri phiu
- Tri phiu c li sut c nh: L loi tri phiu m li tc c xc nh
theo mt t l phn trm (%) c nh tnh theo mnh gi.
- Tri phiu c li sut bin i (li sut th ni): L loi tri phiu m li tc
c tr trong cc k c s khc nhau v c tnh theo mt li sut c s bin
i theo mt li sut tham chiu.
- Tri phiu c li sut bng khng: L loi tri phiu m ngi mua khng
nhn c li, nhng c mua vi gi thp hn mnh gi (mua chit khu) v
c hon tr bng mnh gi khi tri phiu o hn.
Phn loi theo mc m bo thanh ton ca ngi pht hnh
- Tri phiu bo m: L loi tri phiu m ngi pht hnh dng mt ti sn
c gi tr lm vt m bo cho vic pht hnh. Khi nh pht hnh mt kh nng
thanh ton, th tri ch c quyn thu v bn ti sn thu hi li s tin ngi
pht hnh cn n. Tri phiu bo m thng bao gm mt s loi ch yu sau:
- Tri phiu c ti sn cm c: L loi tri phiu bo m bng vic ngi
pht hnh cm c mt bt ng sn bo m thanh ton cho tri ch. Thng
gi tr ti sn cm c ln hn tng mnh gi ca cc tri phiu pht hnh m
bo quyn li cho tri ch.
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- Tri phiu bo m bng chng khon k qu: L loi tri phiu c bo
m bng vic ngi pht hnh thng l em k qu s chng khon d chuyn
nhng m mnh s hu lm ti sn bo m.
- Tri phiu khng bo m: L loi tri phiu pht hnh khng c ti sn lm
vt bo m m ch bo m bng uy tn ca ngi pht hnh.

Phn loi da vo hnh thc tri phiu
- Tri phiu v danh: l tri phiu khng mang tn tri ch, c trn chng ch
cng nh trn s sch ca ngi pht hnh. Nhng phiu tr li nh theo t
chng ch, v khi n hn tr li, ngi gi tri phiu ch vic x ra v mang ti
ngn hng nhn li. Khi tri phiu o hn, ngi nm gi n mang chng ch ti
ngn hng nhn li khon cho vay.
- Tri phiu ghi danh: l loi tri phiu c ghi tn v a ch ca tri ch, trn
chng ch v trn s ca ngi pht hnh. Hnh thc ghi danh c th ch thc hin
cho phn vn gc, cng c th l ghi danh ton b, c gc ln li. Dng ghi danh
ton b m ang ngy cng ph bin l hnh thc ghi s. Tri phiu ghi s hon
ton khng c dng vt cht, quyn s hu c xc nhn bng vic lu gi tn
v a ch ca ch s hu trn my tnh.
Phn loi da vo tnh cht tri phiu
- Tri phiu c th chuyn i: L loi tri phiu ca cng ty c phn m tri
ch c quyn chuyn sang c phiu ca cng ty . Vic ny c quy nh c
th v thi gian v t l khi mua tri phiu.
- Tri phiu c quyn mua c phiu: L loi tri phiu c km theo phiu cho
php tri ch c quyn mua mt s lng nht nh c phiu ca cng ty.
- Tri phiu c th mua li: L loi tri phiu cho php nh pht hnh c
quyn mua li mt phn hay ton b trc khi tri phiu n hn thanh ton.
II Li ch v ri ro ca tri phiu
Li ch
Tri phiu mang li nhiu li ch khng ch i vi cc ch th pht hnh, m
cn mang li nhiu li ch n vi cc nh u t v c trong iu tit kinh t v m
- L mt hnh thc huy ng vn n t nhiu i tng c tim lc ti chnh
(qu u t, Cty v tp on bo him, ti chnh...) v th tc php l khng qu phc
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tp. DN c th p dng li sut linh hot cng nh nhiu phng n tr li v gc. DN
pht hnh tri phiu khng phi th chp ti sn; Hoch nh ti chnh bng tri phiu
r hn cc khon vay khc.
- Tri phiu l cng c n c tin cy cao nht, c bit l tri phiu chnh ph.
- Trong mi trng lm pht thp, u t tri phiu l mt cch an ton duy tr
ngun thu nhp thng xuyn.
- Khi th trng chng khon bin ng, u t tri phiu l mt cch gip m
bo an ton vn u t v phn tn ri ro.
- D lm n km hiu qu, cng ty vn phi tr tin li, khng ct gim hoc
b nh c phiu. Nu cng ty ngng hot ng, thanh l ti sn, tri ch c tr tin
trc ngi c c phn u i v c phn thng thng.
Ri ro
- Ri ro tn nhim (credit risk): mc ri ro tn nhim ca tri phiu c nh
gi da trn cc yu t kinh t v kh nng hon tr li v gc tri phiu ca nh pht
hnh. Tri phiu chnh ph thng c coi l c mc ri ro thp nht, v Chnh
ph c kh nng thu thu hoc pht hnh tin tr n. Cc cng ty khng c nhng
quyn , do vy tri phiu cng ty c mc ri ro cao hn v phi tr li sut cao
hn cho nh u t. Ri ro tn nhim c th hin qua h s tn nhim. H s tn
nhim cng cao th tri phiu c coi l cng an ton.
- Ri ro li sut (interest rate risk): li sut th trng cng tng, gi tri phiu
cng gim v ngc li, khi li sut th trng gim, gi tri phiu nh u t ang
nm gi s tng. Bi li sut nh k ca tri phiu c n nh t trc, li sut
th trng gim lm cho cc tri phiu c vi mc li sut cao hn tr nn hp dn
hn. Tri phiu c thi gian o hn cng di th mc tng gi cng cao. Ngc li,
khi li sut th trng tng, gi tri phiu s gim. Tri phiu c thi gian o hn
cng di th mc gim gi cng ln.
- Ri ro lm pht (inflation risk): lm pht nh hng rt nhiu ti vic u t tri
phiu. Lm pht cng cao, li sut thc ca tri phiu (bng li sut danh ngha ca
tri phiu tr lm pht) cng gim, do vy lm mt gi tr ca tri phiu.
- Ri ro thanh khon (liquidity risk): khi nh u t tri phiu cn tin mt m th
trng li thiu tnh thanh khon, s kh lng tm c ngi sn sng mua li tri
phiu, hoc nu tm c th phi bn li vi gi r hn so vi gi tr thc ca tri
phiu.
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- Ri ro khi TTCK st gi mnh: thng thng, gi tri phiu khng bin ng
nhiu nh gi c phiu, do vy khi TTCK st gi mnh, cc nh u t c xu hng
chuyn u t t c phiu sang tri phiu, qua y gi tri phiu tng ln. Tuy
nhin, khi TTCK xung n mc y, nh u t li c xu hng chuyn sang c
phiu ang mc gi thp, iu lm gi tri phiu gim tr li.
Mang li nhiu li ch nhng tri phiu cng mang li khng t ri ro. Trc
nhng ri ro t u t tri phiu, nh u t cn cn trng xem xt c nhng quyt
nh hp l nht. Cc tri phiu pht hnh c quyn chuyn nhng mt cch d
dng. V vy, khi quyt nh u t vo tri phiu cng ty, ngoi vic phi ch ti
ngi pht hnh, hnh thc pht hnh, tnh cch o hn, t l li nhun nh u t
nn cn thn trng vi cc n nh, tr gi chuyn i, iu khon thu hi... hiu
tht r nhng ri ro bao hm trong .

III So snh tri phiu vi c phiu
Ging: u l hnh thc ca chng khon.
Khc:
Tri phiu C phiu
- L loi chng khon n;
- Pht hnh tng vn kinh doanh;
- Ngi s hu gi l ch n;
- Ngi s hu c hng li sut;
- Ngi s hu khng c quyn
qun l cng ty;
- C thi hn, t ngy pht hnh n
ngy ngi pht hnh hon tr vn ln
cui;
- t ri ro;
- c rt vn trc tip khi o hn.
- L loi chng khon vn;
- Pht hnh tng vn iu l;
- Ngi s hu gi l c ng;
- Ngi s hu c hng c tc;
- Ngi s hu c quyn qun l
cng ty;
- Khng c thi hn, tn ti cng vi s
tn ti ca cng ty;
- C ri ro ln;
- Khng c rt vn trc tip.

IV Th trng tri phiu
Th trng tri phiu l mt b phn ca th trng vn di hn, thc hin c ch
chuyn vn trc tip t nh u t sang nh pht hnh, qua thc hin chc nng
ca th trng ti chnh l cung cp ngun vn trung v di hn cho nn kinh t.
Th trng tri phiu ca vit Nam gm c tn phiu kho bc, tri phiu chnh
ph, tri phiu chnh quyn a phng, tri phiu doanh nghip( bao gm c tri
phiu ca ngn hng thng mi), chng ch tin gi v cc khon n c gi tr khc.
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Th trng tri phiu bao gm th trng s cp v th trng th cp:
+ Th trng s cp: l th trng mua bn cc tri phiu mi pht hnh. Trn th
trng ny vn t nh u t s c chuyn sang nh pht hnh thng qua vic nh
u t mua tri phiu mi pht hnh.
+ Th trng th cp: l ni giao dch cc tri phiu c pht hnh trn th trng
s cp. L th trng chuyn nhng quyn s hu tri phiu. Th trng th cp m
bo tnh thanh khon cho cc tri phiu c pht hnh.

V Thc trng th trng tri phiu Vit Nam
Tng gi tr tri phiu lu hnh trn th trng nm 2008 vo khong 13 t USD.
a s tri phiu Vit Nam l tri phiu Chnh ph nn cha to c sc hp dn
cho nh u t, ch mt vi Doanh nghip c php pht hnh tri phiu nh: Tp
on in lc Vit Nam, Cng ty Ti chnh c phn du kh, Cng ty u t pht trin
ng cao tc, vi mc ch l u t cc d n di hn trn 5 nm. Ch yu cho
cc a phng huy ng vn phc v cho vic xy dng cc cng trnh c s vt
cht h tng ti a phng ca mnh, ch yu pht hnh thng qua cng chng
ca chnh a phng thng qua KBNN. Hin nay, ch c hai a phng l H
ni v TP.HCM l thc hin pht hnh tri phiu chnh quyn a phng thng
xuyn, vi s lng ln nhm huy ng vn u t xy dng c s h tng, cc
cng trnh phc li ti a phng.
Nm 2009, so vi hu ht cc nc trong khu vc th quy m th trng tnh theo
t l gia s d tri phiu ang lu hnh trn GDP ca VN mi ch mc khong
15%, trong khi t l ny cc nc nh Thi Lan, Indonesia, Philippines, Malaysia
ti thiu l trn 30% v cc nc pht trin nh Nht Bn, M, Chu u th u trn
di 100%. iu cho thy th trng tri phiu Vit Nam vn cn rt nhiu tim
nng.


C cu th trng tri
phiu 2009. ( Ngun
Thi bo kinh t Si
Gn)

Trang 12


Nm 2010 - Th trng tri phiu chnh ph Vit Nam.
Th trng tri phiu chnh ph s cp. Tng lng pht hnh:
Ngun: Kho bc Nh nc, s liu tnh n ht thng 11/2010, Bloomberg
Th trng tri phiu chnh ph th cp.
Chng kin s tham gia tch cc ca cc nh u t trong nc, c bit l cc
NHTM.
Th trng tri phiu doanh nghip s cp.
Pht trin n r vi nhiu t pht hnh thnh cng, vi tng gi tr t
hn 47 ngn t ng, tng 76% so vi nm 2009. Mt s doanh nghip pht hnh
thnh cng: EVN 5000 t ng, Vinaconex 2000 t ng. Cc doanh nghip
sn xut, thng mi v bt ng sn vn nm t trng ch yu. Vic pht hnh
tri phiu chuyn i cha thu ht c nhiu s quan tm.
Th trng tri phiu doanh nghip th cp.
Mc d trn th trng s cp c nhiu t pht hnh TPDN din ra thnh
cng, trn th trng TPDN th cp hu nh khng c nhu cu mua bn, ngoi
tr mt s tri phiu ca cc doanh nghip ln nh Vinashin, EVN, Lilama, BIDV,
FPT.
Knh tri phiu mi tp s dng ti cc DN ln, c vn Nh nc, hay Cty c
phn c vn iu l ln, hoc cc ngn hng mi c phn ha mi pht hnh tri phiu
DN. Nguyn nhn do so vi tri phiu chnh ph, tri phiu DN c mc ri ro cao
hn (ri ro thanh ton, ri ro li sut...), c bit l i vi loi tri phiu bt ng sn,
tri phiu khng c bo m bng bo lnh thanh ton hay ti sn m bo. Th
trng tri phiu DN khng c giao dch tp trung, nn nh u t rt kh chuyn
nhng khi cn. c bit, vn cng b thng tin khi pht hnh cng khin DN bn
khon khi pht hnh tri phiu bi e ngi chuyn... minh bch. Khng phi DN no
cng c iu kin pht hnh tri phiu nh: C thi gian hot ng ti thiu l 1
nm; bo co ti chnh ca nm lin k trc nm pht hnh c kim ton; kt qu
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hot ng sn xut, kinh doanh nm lin k nm pht hnh phi c li. C phng n
pht hnh tri phiu c t chc, c nhn c thm quyn thng qua...
V pha nh u t, khng t nh u t mi ch quan tm ti cc knh u t ph
bin nh gi tit kim, knh vng, ngoi t m cha qua tm ti tri phiu DN bi
thiu thng tin cng nh lo ngi ri ro. Ngoi ra, khi mua tri phiu DN, hu ht
ngi mua ch hng li sut c nh, giao dch th cp hoc thng qua cc t chc
ti chnh, DN, nn tnh thanh khon khng cao, v l do ny, nh u t khng mn
m.

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Danh mc ti liu tham kho

Cc nguyn l tin t ngn hng v th trng ti chnh Trn Vit Hong v
Cung Trn Vit.

Th trng chng khon (cu trc v c ch hot ng) GSTS Nguyn Th
Cnh v TS Trn Vit Hong

http://www.saga.vn/Hoidap_KT/1201.saga

http://www.fpts.com.vn/VN/Ho-tro/Kien-thuc/Co-ban/2008/05/3B9B7274/
http://vi.wikipedia.org/wiki/Tr%C3%A1i_phi%E1%BA%BFu
http://forum.thuchanhchungkhoan.com/showthread.php?t=2293

http://www.vnecon.vn/showthread.php/29844-So-s%C3%A1nh-
c%E1%BB%95-phi%E1%BA%BFu-v%C3%A0-tr%C3%A1i-phi%E1%BA%BFu.
http://www.vntrades.com/Trai-phieu-len-ngoi.sid-49664.htm
http://www.vssc.com.vn/News/2010/7/4/130909.aspx
http://giavang.com.vn/home/article/6-hinh-thuc-huy-dong-von-20091018-
10801.html