Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

Li m u
Xy dng v i michinh sch tin t l mt i hi bc xc ph hp vi xu th hi nhp vi khu vc v trn th gii. t c cc mc tiu nh n nh gi tr ca ng tin, km ch lm pht v tng trng kinh t, Ngn hng Trung ng s dng hng lot cc cng c nh: t gi, li sut, nghip v chit khu, nghip v th trng m, d tr bt buc, trong nghip v th trng m c coi l mt trong nhng cng c hiu qu nht v n gip Ngn hng Trung ng c th iu tit cc mc tiu trung gian mt cch ch ng, linh hot v y quyn lc. i vi cc nc c nn kinh t pht trin lu i th cng c nghip v th trng m c xem l mt trong nhng cng c linh hot v li hi nht. Song Vit Nam li mi c vn hnh v cn ang mc s khai. Trong bi vit ny em xin trnh by thc trng vn dng cng c nghip v th trng m ca Ngn hng Nh nc Vit Nam v mt s gii php nhm nng cao hiu qu ca cng c ny.

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

Chng i L lun chung v cng c nghip v th trng m

1.1- L thuyt nghip v th trng m 1.1.1- Khi nin v c ch tc ng Th trng m (TTM) l th trng tin t m ngi ta thc hin vic mua bn cc cng c ti chnh ngn hn. Nghip v th trng m (NVTTM) l mt cng cu ca chnh sch tin t Ngn hng Trung ng (NHTW), ni din ra hot ng mua, bn cc chng t c gi ngn hn ca NHTW trn TTM. Theo lut Ngn hng Nh nc Vit Nam thng 12/1997, NVTTM l nghip v m NHNN thc hin mua bn Tn phiu Kho bc, chng ch tin gi, Tn phiu Ngn hng Nh nc v cc loi giy t c gi ngn hn khc trn th trng tin t nhm thc hin chnh sch tin t quc gia. NVTTM l mt cng c thc thi chnh sch tin t, mang li hiu qu cao v hin ang c cc nc trn th gii s dng iu hnh chnh sch tin t (CSTT). Khi NHTW thc hin NVTTM s tc ng vo cc mc tiu ca CSTT c v mt gi v mt lng. V mt lng: l nh hng ca NVTTM vo d tr ca ngn hng thng mi (NHTM). Khi NHTW thc hin vic mua chng t c gi trn TTM, kt qu l d tr ca NHTM tng ln v ngc li. Nh vy, khi NHTW thc hin NVTTM s tc ng vo d tr ca NHTM, lm nh hng n khi lng tn dng, t nh hng n lng tin cung ng. V mt gi: khi NHTW mua chng t c gi s lm tng d tr ca NHTM, cung vn tn dng cng v th tng ln. Cung vn tn dng tng s nh hng n li sut ngn hn, lm li sut ngn hn c xu hng gim xung v tc ng vo tc ng vo 2

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

li sut di hn thng qua cu trc k hn ca li sut. Bn cnh , khi NHTW thc hin mua chng t c gi trn TTM s nh hng n t sut sinh li ca cc chng t c gi dn n c s chuyn dch vn u t, lm nh hng n li sut th trng, tc ng vo cung cu vn trong nn kinh t, nh hng n lng tin cung ng. Khi NHTW thc hin vic mua, bn chng t c gi trn TTM s tc ng vo gi c ca cc chng t c gi v khi NHTW thc hin vic can thip vo gi c ca cc chng t v i khi lng chim t trng ln th vai tr can thip ca NHTW cng c ngha quan trng tc ng vo lng tin cung ng. 1.1.2- Thnh vin tham gia TTM TTM thc cht l th trng tin t m rng nn cc ch th tham gia th trng ny rt ng o, vi nhiu mc ch khc nhau, c th gm: Ngn hng thng mi: tham gia th trng nhm iu ho mc d tr ngn qu duy tr kh nng thanh ton, cho vay vn d tha kim li; ng thi qua th trng m cc NHTM thc hin nghip v mi gii v kinh doanh chng khon. Cc NHTM c mt vai tr c bit quan trng trn TTM v NHTM l trung gian ti chnh ln nht, nhn s lng khng lf vn tin gi v dng tin m h thu c cho vay, ngoi ra NHTM l thnh vin c bit ca th trng tin t- va l ngi i vay va l ngi cho vay. T chc ti chnh phi ngn hng: gm cc cng ty bo him, cng ty ti chnh, qu u t, cc hi tit kim nh v cc inh ch ti chnh khc Mc ch tham gia th trng ca cc t chc ny cng ging cc NHTM, nhng khc ch, hnh vi giao dch ca NHTM vi cc t chc ny c tc ng trc tip ti khi lng tin cung ng hoc li sut qua s bin ng gi c ca cc loi chng khon c giao dch. Cc doanh nghip sn xut kinh doanh ln: h c th trc tip thc hin hot ng mua bn trn th trng hoc c th tin hnh qua nhng nh mi gii chuyn nghip, hay qua s mi gii ca NHTM. Cc h gia nh: tham gia TTM nhm phc v cho mc ch giao dch nh tin mua hng, phc v cho phng nga ri ro bt ng, kim li nh s thay i v li sut 3

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

d on. S tham gia ca cc c nhn ny rt hn ch bi tin cy thp, thng thng h giao dch qua cc cng ty chng khon. Nh giao dch chuyn nghip: thng l cc cng ty chng khon chuyn nghip, tham gia vi t cch l trung gian trong vic mua bn cc giy t c gi gia NHTW vi cc i tc khc, h hng chnh lch gi mua v bn. NHTW: tham gia vi t cch l ngi ch o th trng v kt hp vi NHTW trong cc hot ng ca TTM t tc ng tch cc vo qu trnh hnh thnh v pht trin ca TTM. 1.1.3- Hng ho trn th trng V mt l thuyt, NVTTM khng gii hn v chng loi cng nh thi hn cc loi chng khon giao dch, thng gm: - Tri phiu kho bc - Chng ch tin gi - Tri phiu chnh ph - Tri phiu chnh quyn a phng - Cc hp ng mua li Nhn chung cng c c php mua bn trn TTM l nhng cng c c s dng ph bin rng ri, c tnh thanh khon cao, th trng hot ng mnh, thch hp vi cc hnh thc giao dch c bit khng bp mo v ph v th trng. 1.1.4- Phng thc giao dch trn TTM Giao dch song phng: NHTW giao dch trc tip vi ngi mua, bn thc hin mua bn hn chng t c gi. Giao dch qua th trng chng khon: thng qua th trng chng khon, qua cc i l chng khon m NHTW tip cn vi ngi mua hoc bn tin hnh mua hoc bn. Giao dch qua u thu: gm u thu khi lng v u thu li sut. + u thu khi lng: NHTW cng b khi lng tin cn mua hoc bn bng phng thc u thu v n nh mc li sut thc hin, NHTW cng b iu kin t thu cc t chc mua bn phi chp hnh, cc T chc tn dng (TCTD) cn mua hoc bn tin hnh np thu theo quy nh. Sau khi m thu, NHTW xc nh t l gi tr t thu v phn b cho tng t

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

chc tham gia t thu. Sau khi trng thu cc ngn hng tin hnh nhn tn phiu kho bc v thanh ton tin theo quy nh. + u thu li sut: cc n v t thu ng k li sut t thu km theo khi lng cn mua hoc bn theo li sut ng k. NHTW quan tm n li sut t thu v ly t li sut cao n li sut thp cho n khi no t c khi lng m NHTW cn cung ng vo lu thng, trong trng hp NHTW mua; V ly t li sut thp n cao trong trng hp NHTW bn. Nghip v th trng m cho php mua hoc bn vi khi lng v thi gian giao dch, phng thc giao dch tu , ph hp vi yu cu ca CSTT. - Phng thc mua bn hn: khi d bo vn kh dng khng thay i, th hin mt s tr tr trong lu thng tin t th phng thc mua bn hn giy t c gi nhm to ra mt s chuyn ng tin t ban u l cn thit. Ngoi ra, nghip v mua bn hn cn cho php sa sai bng cch o ngc giao dch, nu phin giao dch trc mua qu nhiu th phin ny c th thc hin giao dch bn gii quyt s chnh lch v ngc li. - Phng thc mua bn c k hn: khi d bo cho thy vn kh dng thay i tht thng, m bo hn ch sai st trong qu trnh cung ng tin, phng thc giao dch c p dng l mua-bn c k hn. C th, trong trng hp cn tng tm thi vn kh dng th NHTW mua mt lng giy t c gi trong mt thi gian nht nh bng hp ng mua li, khi ht thi hn hp ng, vn kh dng cng ng thi gim xung, v ngc li trong trng hp cn gim tm thi vn kh dng. 1.2- mi lin h vi cc cng c khc ca Cstt NVTTM l mt cng c ra i sau so vi cc cng c khc v n c mi quan h mt thit vi cc cng c khc. 1.2.1- Vi cng c ti chit khu:NVTTM v nghip v ti chit khu (NVTCK) u nhm mc ch ti cp vn cho cc NHTM. NVTCK cho php cp vn kh dng cho cc ngn hng thng qua hnh vi chit khu chng t c gi. NVTTM khng ch cung cp vn kh dng cho cc NHTM trn th trng tin t m cn rt vn kh dng ra khi th trng ny, t gip NHTW

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

kim sot tt hn khi lng vn kh dng ca ngn hng v li sut trn th trng. Mt khc, vic thc th NVTCK, cc NHTM u bit trc li sut ti chit khu cn li sut trn TTM lun bin ng nn cc NHTM kh d on trc c. Nh vy nh s linh hot ca NVTTM m n khc phc nhng hn ch ca cng c TCK, n ng vai tr quan trng nh l mt cng c h tr cho cng c TCK. 1.2.2- D tr bt buc:d tr bt buc (DTBB) v NVTTM c tnh tng ng v u cho php NHTW ch ng iu tit DTBB ca h thng ngn hng. So vi cng c DTBB, NVTTM to c u th cnh tranh trong hot ng ca cc NHTM, n linh hot hn DTBB. Nh nhng li th ny m NVTTM thay th cng c DTBB. Tu theo yu cu ca CSTT m NHTW s dng nhiu cng c a dng khc nhau, trong NVTTM l cng c c th s dng linh hot trong bt k loi CSTT no. 1.3- u v nhc ca cng c nvttm 1.3.1- u im Vi cc nc pht trin ang s dng cc cng c iu chnh c s tin t v to ra s bin ng trong mc cung ng tin th NVTTM lun l mt cng c tuyt vi nht, c vai tr quyt nh quan trng nht trong s cc cng c c s dng. Khi s dng cng c ny, NHTW c th ch ng can thip khi lng nhiu hay t tu , thi gian ph thuc vo thi gian m NHTW mun iu chnh lng tin cung ng. NHTW c th quyt nh mua, bn chng loi giy t c gi nhm t c mc tiu ca CSTT. Cng c ny c tnh linh hot cao, bt k lc no s can thip ca NHTW u tc ng n tin trung ng sau nh hng n li sut. NHTW c th iu chnh hng ngy lng mua vo bn ra tu , thng qua gi mua v gi bn m NHTW c th m rng hay thu hp lng tin trung ng, v c kh nng iu chnh sai lm nu bn hoc mua khng ph hp. NVTTM l mt cng c y quyn lc, v mt khi NHTW quyt nh mua hoc bn th tm mi cch nh gi v t ra cc iu kin thu ht cc NHTM tch cc tham gia. 1.3.2- Nhc im Hn ch ln nht ca cng c ny l cng c ny pht huy hiu qu th quc gia phi c th trng ti chnh pht trin, hng ho ca th trng l cc giy t c gi ngn hn phi 6

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

phong ph v a dng, NHTW phi c kh nng d bo trc c vn kh dng ca ton h thng can thip mau bn c nh vy vic can thip mi c ngha. Khi NHTW mua, bn lm tc ng n lng tin trung ng, t nh hng n li sut trn th trng tin t lin ngn hng, v vy trnh nh hng ny th NHTW phi c cc gii php s l ph hp.

Chng ii Thc trng vn dng cng c nghip v th trng m ca ngn hng nh nc vit nam trong thi gian qua
Ngy 12/7/2000 Ngn hng Nh nc Vit Nam (NHNNVN) thc hin phin giao dch u tin ti nghip v th trng m nh du bc pht trin quan trng trong iu hnh CSST ca NHNN theo phng php gin tip. 2.1- chun b cho s ra i ca nvttm 2.1.1- Quy nh chung Ti Vit Nam, NHNNVN ban hnh Qui ch NVTTM theo quyt nh s 85/2000/ Q-NHNN 14 ngy 9/3/2000. Ni dung quy ch nh sau: - Ban iu hnh NVTTM: Ban iu hnh NVTTM c NHNN thnh lp do mt ph Thng c lm trng ban v cc thnh vin l i din ca cc n v c lin quan thuc NHNN. Ban iu hnh NVTTM c t chc v hot ng theo quy nh ca Thng c NHNN. - Thnh vin tham gia NVTTM l cc t chc tn dng (TCTD) c thnh lp v hot ng phi c cc iu kin sau: + C ti khon tin gi ti NHNN (s giao dch NHNN hoc chi nhnh NHNN tnh, thnh ph). + C cc phng tin cn thit tham gia NVTTM, gm ni mng my vi tnh vi NHNN, c my fax v in thoi giao dch vi NHNN. + C ng k tham gia NVTTM. 7

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

Cc loi giy t c gi c giao dch thng qua TTM: + Tn phiu Kho bc. + Tn phiu NHNN. + Cc loi giy t c gi ngn hn khc do Thng c NHNN quy nh c th trong tng thi k. - Phng thc mua hoc bn giy t c gi: Ban iu hnh NVTTM quyt nh mi phin giao dch ch p dng 1 trong 2 phng thc sau: + Bn v cam kt mua li (giao dch c k hn). + Mua hoc bn hn. 2.1.2- Quy nh c th iu kin giao dch thng qua TTM ca giy t c gi: + C th giao dch c. + c pht hnh bng ng Vit Nam. + ng k ti NHNN theo quy nh v vic ng k giy t c gi ngn hn ca NHNN. + Giy t c gi c mua, bn hn phi c thi hn cn li ti a l 90 ngy. Phng thc u thu: Vic mua, bn cc loi giy t c gi gia NHNN vi cc TCTD thc hin thng qua phng thc u thu khi lng hoc u thu li sut. Xc nh khi lng, thi hn giy t c gi cn mua, bn c da vo cc cn c sau: + Mc tiu CSTT. + Kt qu d bo vn kh dng. + Khi lng, li sut trng thu ca cc loi giy t c gi ngn hn NHNN mua hoc bn thng qua NVTTM ti phin u thu gn nht. + Tham kho cc loi li sut hin hnh trn th trng. + Tnh hnh hot ng ti cp vn ca NHNN i vi cac TCTD. Quy nh u thu ca NVTTM ti Vit Nam: + Thng bo mua, bn giy t c gi. + Np n d thu. + T chc xt thu. + Xc nh gi mua hoc bn giy t c gi. + Thng bo kt qa u thu. + Lp v giao nhn hp ng bn v mua li. 8

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

+ Thanh ton v chuyn giao quyn s hu giy t c gi. X l vi phm. Cc TCTD tham gia t chc u thu vi phm 3 ln lin tip mt trong cc trng hp sau y, NHNN s tm nh ch vic tham gia mua, bn trong thi gian 3 thng k t ngy c thng bo vi phm ln 3: + Khng ng k giy t c gi tng ng vi khi lng trng thu (i vi trng hp TCTD bn giy t c gi). + Khng s tin phi thanh ton tng ng vi khi lng trng thu c NHNN thng bo. + Khng thanh ton hoc thanh ton khng s tin phi thanh ton trong trng hp n hn thanh ton i vi trng hp TCTD bn v cam kt mua li. Bo co thc hin NVTTM. Sau mi phin giao dch, s giao dch NHNN lp bo co gi Thng c NHNN, Ban iu hnh NVTTM, V Chnh sch tin t, V Tn dng v kt qu u thu ca phin giao dch . Hng thng, qu, nm, s giao dch NHNN tng hp, bo co tnh hnh thc hin NVTTM trong k cho Thng c NHNN, Ban iu hnh NVTTM v cc n v c lin quan. 2.2- thc trng vn dng nghip v th trng m ca nhnnvn trong thi gian qua 2.2.1- Thnh tu Qua hn 3 nm, NHNN ban hnh cc vn bn lm c s php l nh Quy ch NVTTM, Quy nh v vic ng k giy t c gi ngn hn, Quy ch qun l vn kh dng v cc vn bn khc c lin quan. Mt s b phn c thnh lp nh Ban iu hnh NVTTM, B phn d bo vn kh dng, B phn NVTTM, lp t thit b v ci t chng trnh phn mm p dng trong NVTTM trong NHNN v cc TCTD thnh vin. Trong thi gian qua, vic iu hnh ca Ban iu hnh NVTTM din ra ng qui nh v lun bm st tnh hnh thc t ca th trng t a ra nhng quyt nh v hnh thc giao dch cng nh khi lng v thi gian. Tnh n u nm 2002, thnh vin ca NVTTM bao gm 21 TCTD, trong c 4 NHTM nh nc, 10 NHTM c phn, 4 chi nhnh ngn hng nc ngoi, 1 cng ty ti chnh v Qu tn dng trung ng.

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

Hin nay, ch c hai loi hng ho chnh thc c giao dch trn TTM l tn phiu kho bc v tn phiu NHNN. Tuy cc thnh vin tham gia th trng khng nhiu vi s lng hng ho t i nhng tnh n ngy 5/12/2001 lng giao dch t 7755,78 t ng, tng ng vi 62 phin giao dch, vi tt c cc hnh thc giao dch ca TTM nh bn hn, bn c k hn, mua hn, mua c k hn. Trong mi giai on khc nhau, da trn s phn tch v d on vn kh dng ca cc thnh vin t Ban iu hnh quyt nh tin hnh hnh thc giao dch no cho ph hp. Trong tng s 62 phin u thu NVTTM, NHNN tin hnh 54 phin vi hnh thc mua c k hn vi t l 87,1% trong tng s cc phin giao dch, p ng kp thi nhu cu vn ca cc thnh vin. Trong nm 2002, bng cch tip tc duy tr hai phng thc giao dch l mua c k hn v bn hn, NHNN t chc c 85 phin th trng m, gp 1,3 ln s phin ca hai nm trc vi tng khi lng giao dch l 9145,53 t ng, bng 232,48% so vi nm 2001. Thng qua NHNN cung ng thm vn cho nn kinh t, hoc rt bt tin t lu thng v to iu kin cho cc NHTM tham gia c hiu qu th trng u thu tn phiu kho bc. C th, thng qua 57 phin giao dch theo phng thc mua c k hn, NHNN cung ng 7245,53 t ng vn cho cc NHTM; thng qua 28 phin giao dch theo phng thc bn hn, NHNN thu v 1900t ng vn. Trong nm 2000, NHNN t chc giao dch 10 ngy mt phin, t ngy 1/1/2001 thc hin giao dch nh k 7 ngy mt ln, to iu kin cho cc t chc tn dng ch ng thng xuyn tip cn khi c nhu cu. Thi hn thanh ton v giao nhn cc giy t c gi ngn hn gia cc t chc tn dng trc y l 2 ngy, t cui 2001 rt xung cn 1 ngy. u nm 2002, tng khi lng giy t c gi 4466 t ng, NHNN bn ra1170 t ng. Cng trong nm ny, do tnh hnh vn kh dng ca cc TCTD rt khn trng nn t thng 5 NHNN a vo giao dch 2 phin TTM mi tun. Vic d bo vn kh dng cng c tin b, thng l cng chiu vi vn kh dng trn th trng. Trong cc phin giao dch, NHNN p dng tt c cc nghip v u thu, nh: u thu khi lng v u thu li sut. Trong u thu li sut, NHNN p dng c hai phng thc xt thu li sut thng nht v li sut ring l. ng thi p dng c hai hnh thc thng bo v khng thng bo khi lng trc cc phin giao dch. 10

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

Mc tiu n nh li sut TTM tc ng n n nh li sut ca cc TCTD c thc hin trong nm 2002 thng qua vic cung ng v thu ht vn ti th trng ny, c bit c phin doanh s giao dch ti 1000 t ng. Do trong thi im khan him vn tin ng Vit Nam ti cc TCTD nhng li sut trn th trng bin ng khng ln. ng thi tnh cnh tranh trn th trng tng hn trc do cc thnh vin c nhng chuyn bin tch cc trong vic nh gi, nhn nh th trng v t thu li sut cao nht, thp nht trong cc phin giao dch u thu nm qua c khong cch thp hn nm 2001. Li sut trng thu trn th trng m nm 2002 bnh qun khi mua vo l 4,9% nm, tng 0,09% so vi 2001 v li sut trng thu bn ra l 4,7% nm, gim 0,54% so vi nm trc. c trng ni bt ca TTM l NHNN c kh nng ch ng tc ng vo lng vn kh dng ca cc NHTM da vo c ch gi linh hot trn th trng m khng b hn ch bi mc ph thuc v vn cu cc NHTM vo NHNN. Kh nng pht huy hiu qu ca NVTTM ph thuc vo mc tch cc ca th trng tin t lin ngn hng. Th trng ni t lin ngn hng c NHNN t chc t nm 1994 n nay qua nhiu giai on iu chnh t giao dch trc tip ti NHNN, sau l giao dch gin tip c s tham gia vi t cch trung gian ca NHNN v n nay l hot ng t do ca cc ngn hng. Th trng ngoi t lin ngn hng cng c trin khai t nm 1996 v duy tr hot ng cho n nay vi hnh thc giao dch trc tip ti NHNN. Tuy nhin phng thc giao dch c thay i cho ph hp vi iu kin v yu cu ca Vit Nam. Vi hot ng ca th trng ny, NHNN v ang to iu kin p ng nhu cu ngoi t v d tr ngoi t ca cc TCTD. ng thi cng thng qua y, NHNN s dng nh mt cng c iu hnh CSTT. 2.2.2- Hn ch Qua ba nm trin khai, hot ng NVTTM t c cc kt qu kh kh quan, tuy nhin TTM vn cn bc l mt s nht nh. Hot ng NVTTM l mt hot ng hon ton mi nn mt s TCTD vn cn b ng khi tham gia giao dch. NVTTM ra i trong iu kin nn kinh t cn ang trnh thp v cha 11

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

n nh, th trng ti chnh v th trng tin t cha pht trin, mi trng hot ng kinh doanh ca cc TCTD cn cha ng nhiu ri ro. Hot ng ca TTM cha thc s si ng. Th hin trong mi phin giao dch NVTTM ch c t 1 n 4 thnh vin tham gia, chim t l tng i thp (15%) so vi tng cc thnh vin tham gia NVTTM v chim t l nh trong tng s TCTD. Cc thnh vin tham gia NVTTM ch yu l cc NHTM nh nc (do lng hng ho ch yu tp trung ti cc ngn hng ny), cc TCTD khc nhn chung khng c iu kin cnh tranh ti cc phin u thu trn th trng s cp v th cp. Do vy, trong cc phin giao dch ca TTM gn nh khng c mt NHTM c phn no tham gia, trong khi cc chi nhnh ngn hng nc ngoi do ngun tin ng cha thc s di ro nn kh nng tham gia NVTTM rt hn ch. Hng ho trn th trng hin nay thiu thn c chng loi ln khi lng. Theo quy nh ch c tn phiu NHNN v tn phiu kho bc v cc giy t c gi ngn hn khc do Thng c quy nh trong tng thi k. Tuy nhin trn thc t ch c hai loi hng ho l tn phiu kho bc v tn phiu NHNN. Nhng giy t c gi ny ch tp trung vo cc TCTD c quy m ln nn hn ch tc ng ca cng c ny. Vic ch o li sut u thu v khi lng giao dch trong cc phin giao dch cha linh hot. Tc tng trng cung ng vn ti NVTTM thp hn so vi nghip v cho vay c m bo bng giy t c gi. Chng trnh phn mm h thng u thu NVTTM khng tp trung, cc thnh vin kh s dng v kh khc phc c khi c s c. Th trng lin ngn hng tuy c s si ng nht nh nhng cha thc s pht trin, ch dng mc giao dch din ra i vi tng nhm nh trn c s vay mn thng xuyn v hiu bit ln nhau. Doanh s giao dch trn th trng ny cn thp. Cc TCTD vn cha quan tm ng mc ti cng tc o to i ng cn b nghip v trc tip, chuyn su vo NVTTM v vic u t trang thit b k thut phc v cho nghip v ny cn nhi bt cp. Mt khc, do cc TCTD hin ti vn ch yu quan tm n cc nghip v truyn thng nh tn dng nn cha c thi quen kinh doanh trn th trng tin t m in hnh l thng qua NVTTM.

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Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

Lut NHNN quy nh ch c cc loi giy t c gi ngn hn mi c giao dch trn TTM do vy phm vi hot ng ca NVTTM b thu hp. Vic d on vn kh dng ca cc TCTD vn cn nhiu hn ch c bit l ch thng tin phc v cho cng tc d on, do hn ch ti cht lng ca vic d on vn kh dng. Thi gian giao dch mi tun mt phin v thi gian thanh ton hin ti vn cha p ng kp thi ti nhu cu ca cc TCTD trong vic iu ho vn ca mnh. 2.3- nguyn nhn. 2.3.1-Tc tng trng kinh t thp Vi tc tng trng kinh t (TTKT) thp th sc thu ht vn u t km v v vy vng tun hon lun chuyn vn chm, to nn s ngui lnh v bun t trn TTM. Mt khc, hot ng ngn hng nc ta vn cha thot ra c nghip v kinh doanh truyn thng, l hot ng tn dng, d n cho vay hu ht cc ngn hng vn chim 70% tng s s dng vn; mt s ngn hngg ring bit con s ny cn ln hn nhiu. Trong khi mt s ngn hng khc, d n cho vay khch hng gim do s chng li ca tc TTKT, th ngun vn d ra vn cha c s dng mt cch linh hot vo cc hot ng u t khc m nm ng li trn ti khon thng gi ti NHNN 2.3.2- Kh nng d bo nhu cu vn kh dng ca h thng ngn hng Tnh cht bin ng khng theo quy lut ca dy s lch s i vi cc nhn t nh hng n cung cu vn kh dng, c bit l cc s liu lien quan n Ti sn c ngoi t rng v cho vay Ngn sch rng. Vic d bo trn nn tng s liu lch s theo thuyt d bo ca Markov v l thuyt d bo iu chnh cho kt qu chnh xc trong iu kin mi trng n nh. Vi mi trng khng n nh nh nc ta th tnh chnh xc ca d bo li ph thuc vo vic xc nh t l iu chnh sai s m iu ny li ph thuc vo nng lc v kinh nghim ca nhn vin d bo. S bin ng ca khon mc Tin gi ca cc TCTD ti NHNN l ch tiu rt kh kim sot. Bn cnh , kh nng cp 13

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

nht thng tin cng hn ch do ch bo co v tng hp s liu hin hnh. 2.3.3-Kh nng pht huy hiu qu ca cc knh dn truyn tc ng ca CSTT. Vit Nam, kh nng ny cn rt hn ch: - Tnh cht cnh tranh ca h thng NHTM cn yu. Hot ng ca h thng ngn hng hin nay b chi phi mnh bi tnh cht c quyn ca NHTM nh nc. n lt mnh, tnh cht kinh doanh ca cc ngn hng ny li b chi phi ng k bi cc mc tiu chnh sch v cc khon cho vay hay ch nh. Khi kh nng ti a ho li nhun b gim st th kh nng tc ng ca CSTT qua knh li sut b bp mo v thiu hiu qu. - Th trng ti chnh (TTTC) cha pht trin, trong mt nn kinh t viTTTC tch cc v a dng ho c gi l nn kinh t c ti tr trc tip, trong iu kin ny, mi s thay i li sut ngn hn do tc ng ca NVTTM s c tc ng tc thi qua gi chng khon trn th trng vn t m tc ng tr li i vi s nh gi tin gi v tin vay ca h thng ngn hng. Ngc li trong iu kin TTTC cha pht trin th kh nng tc ng vo gi chng khon l kh thc hin v knh tc ng qua gi chng khon l km hiu qu. Mt khc, mc tch cc ca TTTC cn nh hng n kh nng d bo s bin ng li sut. Mt TTTC cha pht trin s khng to nn xu hng n nh li sut, cc ngn hng khng sn sng iu chnh li sut khi c s can thip v li sut ca NHNN do vy lm gim hiu lc ca knh tc ng qua li sut. - T trng ti sn c trong tng danh mc u t ca nhng ngi u t thp. CSTT nh hng n gi tr ti sn c v n ca cc ch th kinh t trong x hi thng qua s thay i cc mc li sut ngn hn. Tuy nhin s nhy bn ca mc nh hng li ph thuc vo c cu danh mc u t ca cc ch th kinh t. Trong iu kin nn kinh t cha pht trin, s hiu bit ca cng chng cng nh thi quen s dng cc ti sn ti chnh thp do t trng ti sn c trong tng danh mc u t thp lm cho hiu qu truyn dn ca CSTT qua knh li sut v gi chng khon hn ch. 14

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

Tnh trng la ho, v mt l thuyt, nu trong iu kin chuyn ho ti sn bng la ni a v la ngoi l khng hon ho th CSTT vn pht huy hiu qu ngay c trong tnh trng la ho. Tuy nhin trong iu kin Vit Nam, s khan him ngoi t cng vi nh hng ca CSTT tht cht ca cc d tr Lin bang M buc ngn hng trong nc phi nng li sut tin gi USD ng thi duy tr li sut cho vay bng ngoi t. iu ny gy sc p lm tng t gi, do li sut ni t trit tiu nh hng ca CSTT. 2.3.4- Nguyn nhn khc - Vit Nam, TTM cha thc s tr thnh mt cng c ng vai tr quan trng trong vic iu hnh CSTT. Nguyn nhn c bn nht l chng ta mi ch c hng ho mua bn th trng s cp cn th trng th cp mi ch c hnh thnh v ang trong thi k u hot ng. Hng ho trn th trng ch yu l tri phiu kho bc nhng khi lng pht hnh cn t li cha thng xuyn. Cc loi giy t c gi khc cha c pht hnh rng ri, Th trng tin t m rng cha thc s ra i. - Li sut chng khon khng c sc hp dn nn khng thu ht c cc nh u t. -

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Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

Chng iii Cc gii php nng cao hiu qu ca cng c nghip v th trng m
3.1- Hon thin c ch t chc, iu kin cng ngh thc hin tt NVTTM, NHNN cn c cc b my gm cc chuyn gia ti chnh-tin t gii chuyn mn, theo di phn tch, nh gi tnh hnh tin t, lm pht a ra cc quy nh can thip vo TTM mt cch kp thi v cng cc cng c khc thc thi c hiu qu mc tiu CSTT. B my ny c gi l Ban TTM trc thuc NHNN trung ng, nhim v ch yu ca Ban ny l theo di din bin, xu hng vn ng ca tnh hnh lm pht, li sut, u t t a ra cc phng n mua hoc bn, khi lng mua hoc bn tng t, li sut trnh Thng c. Pht trin cng ngh ngn hng, bao gm o to con ngi v trang thit b k thut hin i. Cc thnh vin tham gia TTM cn trang b my tnh cn thit v ni mng vi h thng my tnh trung tm cng nh trong ni b cc TCTD tip nhn, cung cp v x l thng tin kp thi. ng thi NHNN cn hon thin hn na h thng u thu ti NHNN trung ng. 3.2- hon thin quy ch v hot ng nvttm NHNN cn a ra cc quy nh c th v cng c c mua, bn trn TTM, tng cng pht hnh v m ng phm vi lu thng ca cc loi chng khon c tnh lng cao, c bit l chng khon kho bc ngn hn.Trong thi gian ti cn b sung vo c cu hng ho cc loi tn phiu kho bc thi hn < 1 nm, cc loi chng ch tin gi, thng phiu, chp phiu ngn hng V lu di, khi iu kin php l cho php, phm vi giy t c gi s c m rng khng ch gm cc loi ngn hn m c cc loi trung v di hn min l chng c tnh thanh khon cao. NHNN cn quy nh c th v phm vi i tng tham gia TTM gm NHNN v cc ch th khc trong x hi. Nu phm vi i tng tham gia TTM gm NHTM v cc TCTDth khi NHNN c bin php mua, bn cc chng khon s ch tc ng n khi l16

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

ng cc phng tin thanh ton qua ngn hng sau mi tc ng n khu vc phi ngn hng v ton x hi. Khi NHNN thc hin mua, bn thng vi khu vc phi ngn hng s tc ng trc tip n khi lng tin t, tc dng s nhanh chng v chc chn hn. NHNN cn thc hin linh hot c ch mua, bn ti TTM. Nu trng tm ca CSTT hng vo vic kim sot cht ch khi lng tin t th p dng phng thc gi c nh l khng thch hp m nn p dng phng thc u thu nhm nhanh chng t c khi lng mua bn cn thit. Nu trng tm ca CSTT l iu tit li sut th nn p dng phng thc gi c nh. 3.3- xy dng mt th trng tin t nng ng Mi trng NHNN pht huy NVTTM l th trng tin t (TTTT). S pht trin ca TTTT lm tng tnh lng v s lng cc loi chng khon c mua, bn v NHNN c th cn c vo chn ra cc loi chng khon mua hoc bn. NHNN cn cng c th trng ni t v ngoi t lin ngn hng nhm m bo kh nng qun l cung cu vn kh dng. NHNN nn tp trung vo th trng s cp, pht hnh tn phiu NHNN, tri phiu kho bc, nht l m rng th trng u thu tn phiu kho bc ngn v trung hn. NHNN cng c th khuyn khch th trng lin ngn hng qua cc bin php k thut nh s dng c ch thanh ton v chuyn khon hin i 3.4- kt hp vi cc cng c khc ca cstt S dng cng c DTBB nh l mt cng c h tr. Khi DTBB tng th nhu cu ti cp vn ca NHTM ti NHNN tng v ngc li. Vi c ch thay i t l DTBB, NHNN va m bo mc vn kh dng ti u cho h thng ngn hng mt cch ch ng va h tr cho vic iu chnh mc li sut trn th trng ty theo tnh hnh thc t v can thip ca NHNN. S kt hp gia NVTTM v DTBB bao gi cng mang li hiu qu nhanh chng v y l s tc ng kp c v lng v gi vo TTM NVTCK ch c thc hin thng qua NVTTM v NVTCK c t v tr b sung. Theo phng php ny, vic cng b li sut ti chit khu ca NHNN hon ton tu thuc theo li sut trn TTM, cn khi lng chng khon hng ngy c gp vo lng mua, bn ca th trng vo thi im . Trong trng hp cn thit phi c cc mc tiu chit khu u tin ng thi xc nh

17

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

cc ngn hng c php ti chit khu phc v cho mc tiu u tin . 3.5- hon thin h thng ngn hng Lnh mnh ho h thng ngn hng l nhim v trng tm trong n ci cch h thng ngn hng, m c bit l ci thin tnh hnh ti chnh v cc t l an ton ca cc ngn hng. i vi kh nng pht huy hiu qu NVTTM, vn quan trng l khc phc tnh trng d tha vn trong qu trnh hot ng, tnh ton v qun l vn kh dng ca cc ngn hng, xc lp h thng thng tin hai chiu gia cc ngn hng, cc gii php x l n qu hn, nng cao quy trnh vn iu l cu cc NHTM c phn, cc uy cu t chc li h thng ngn hng Khn trng hon thin c ch chnh sch v h thng cc vn bn php quy c khun kh php l cn thit cho vic thc hin tt Lut NHNN v Lut cc TCTD, m bo cho h thng ngn hng hot ng an ton, hiu qu, hiu lc, nng ng. Hin i ho cng ngh ngn hng m trng tm l nghip v thanh ton qua ngn hng, pht trin mnh cc cng c v dch v thanh ton khng dng tin mt. NVTTM hot ng c hiu qu cn trang b h thng thanh ton v qun l hin i, c phn mm hin i kt ni trong ni b NHNN v gia NHNN vi cc TCTD thnh vin nhm m bo thc hin cc cng on giao dch t khi cng nhn thnh vin, ng k ch k in t, thng bo mi thu, ng k giy t c gi, xt thu, to lp v k hp ng mua li n khu thanh ton v thng bo bo co. 3.6- Mt s bin php khc. - NVTTM ch c th hu hiu trong mt mi trng c th trng mua i bn li cc giy t c gi, hot ng si ni, khi lng giao dch ln, hng ho phong ph v cc giao dch mua bn chng khon, vay mn ln nhau ca cc NHTM, TCTD v cc ch th kinh t khc phi tr thnh tp qun, thi quen. t c mi trng , NHNN cn c mt s bin php v chnh sch ng b c bn sau: + Vic pht hnh tn phiu, tri phiu kho bc phi tp trung vo mt u mi do NHNN lm i l. + NHNN cn sm nghin cu c ch c th thc hin pht hnh tn phiu NHNN 18

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

+ NHNN c th xem xt cho php mt s NHTM c php pht hnh cc loi chng ch, tin gi gp phn cung cp hng ho cho th trng tin t ng thi lm lu thng hng ho cc khon tin gi tit kim. + Thc hin cc bin php thc y hnh thc tn dng thng mi nh ban hnh lut tn phiu, qui ch hot ng v cc vn bn hng dn lin quan. + H thng NHTM cn tip tc i mi cng ngh tin t, tin ti thc hin x hi ho vic m ti khon tin t cho cc ch th trong x hi, c nh vy cc ch th ny tham gia mua bn tn phiu ti TTM.

Kt lun
Xu hng quc t ha, ton cu ho cc hot kinh t ni chung v cc giao dch ti chnh ni ring cng vi qu trnh t do ha u t v lun chuyn vn quc gia gy sc p ln i vi vic iu hnh CSTT ca NHTW. Vit Nam cng khng phi l 19

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

mt ngoi l. NHNN Vit Nam ang chuyn dn t vic s dng cc cng c trc tip sang cc cng c gin tip ph hp vi xu th hin nay m c th l vic s dng cng c TTM. Vit Nam, do cc iu kin nh kh nng qun l vn kinh doanh khng cao, trang b k thut cha hin i, nn ti chnh tin t cha n nh nn hiu qu ca cng c ny cha cao. Do vy nng cao hiu qu ca n, NHNN cn thc hin mt s phng php c bn nu trn.

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Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

Ti liu tham kho 1- Gio trnh Nghip v Ngn hng Trung ng v chnh sch
tin t - Hc vin Ngn hng 2- Tp ch Ngn hng s 9 - 2001 s 3 - 2003 s 6 - 2003

21

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

Mc lc

Li m u....................................................................1 Chng I: L lun chung v cng c nghip v th trng m .....................................................................................2 1.1. L thuyt nghip v th trng m...........................2 1.1.1. Khi nim v c ch tc ng..........................................2 1.1.2. Thnh vin tham gia th trng ..........................................3 1.1.3. Hng ho trn th trng ....................................................3 1.1.4. Phng thc giao dch trn th trng m............................4 1.2. Mi lin vi cc cng c khc ca chnh sch tin t. .4 1.2.1. Mi cng c ti chit khu.................................................4 1.2.2. D tr bt buc................................................................5 1.3. u v nhc im ca cng c nghip v th trng m .....................................................................................5 1.3.1. u im.............................................................................5 1.3.2. Nhc im.........................................................................5 Chng II: Thc trng vn dng cng c nghip v th trng m ca Ngn hng Nh nc Vit Nam trong thi gian qua .....................................................................................6 2.1. Chun b cho s ra i ca nghip v th trng m.6 2.1.1. Quy nh chung................................................................6 2.1.2. Quy nh c th...............................................................6 2.2. Thc trng vn dng nghip v th trng m ca Ngn hng Nh nc Vit Nam ........................................8 22

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

2.2.1. Thnh tu..........................................................................8 2.2.2. Hn ch..............................................................................9 2.3. Nguyn nhn ..................................................................................... 10 Chng III: Cc gii php nng cao hiu qu ca cng c nghip v th trng m ..................................................................................... 13 3.1. Hon thin c ch t chc v iu kin cng ngh ..................................................................................... 13 3.2. Hon thin quy ch v hot ng nghip v th trng m ..................................................................................... 13 3.3. Xy dng mt trng tin t nng ng ..................................................................................... 14 3.4. Kt hp vi cc cng c khc ca chnh sch tin t ..................................................................................... 14 3.5. Hon thin h thng ngn hng ..................................................................................... 14 3.6. Mt s bin php khc ..................................................................................... 15 Kt lun 23

Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

..................................................................................... 16 Ti liu tham kho ..................................................................................... 17

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Tiu lun mn hc Ngn hng Trung ng Phan Th Hng Tho

Ngn hng NH NC Vit Nam

Hc vin ngn hng

tiu lun mn hc
Ngn hng trung ng
ti:
nh gi hiu qu s dng cng c nghip v th trng m ca ngn hng Nh nc Vit Nam v gii php

Gio vin hng dn : H Th Su Sinh vin thc hin : Phan Th Hng Tho Lp : 3031 Khoa : Tin t tn dng Quc t

H Ni - 2003

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