nh gi chng ng 10 nm hot ng ca Th trng chng khon Vit Nam

TS. Nguyn Th Hoi L Ths. Trn Th Xun Anh Bt u i vo hot ng t nm 2000, n nay th trng chng khon Vit Nam tri qua 10 nm hnh thnh v pht trin. Vi m hnh hot ng u tin l Trung tm giao dch chng khon (SGDCK) thnh ph H Ch Minh khai trng vo 07/2000 v SGDCK H Ni vo thng 03/2005, y l hai SGD tp trung v l sn giao dch chng khon th cp. n thng 05/2007 SGDCK thnh ph H Ch Minh chuyn i thnh S giao dch chng khon (SGDCK) v n cui nm 2007 SGDCK H Ni cng c chuyn i thnh SGDCK theo nh hng xy dng thnh th trng OTC. T ngy 24/06/2009 th trng Upcom c a vo vn hnh trn SGDCK H Ni cho php c phiu ca cc Cng ty i chng cha nim yt c giao dch qua h thng c qun l. Nhn li chng ng qua, th trng chng khon Vit Nam c nh gi l c tc tng trng theo cp s nhn do nhng thnh tu t c, song vn cn nhng hn ch khng th trnh khi ca mt th trng mi ni, ang pht trin.

1. Mt s thnh tu t c
Quy m th trng tng nhanh, tng bc ng vai tr l knh dn vn trung v di hn quan trng.
Sau 10 nm i vo hot ng, TTCK Vit Nam c nhng bc tin vt bc v c lc c nh gi l mt trong nhng th trng c tc pht trin nhanh nht th gii; c bit l mc , t l v tc tng vn ha (Bng 1).Trong sut thi k t 20002005, vn ha th trng ch t trn di 1% GDP. Quy m th trng c bc nhy vt mnh m ln 22,7% GDP vo nm 2006 v tip tc tng ln mc trn 43% vo nm 2007. Trc bin ng ca th trng ti chnh th gii v nhng kh khn ca nn kinh t trong nc, ch s gi chng khon st gim lin tc trong nm 2008 v lm mc vn ha th trng gim hn 50%, xung cn 18%. Khi nn kinh t trong nc v th gii bt u hi
1

phc nh t qu II/2009, ch s gi chng khon bt u tng tr li cng vi s lng cc cng ty nim yt trn th trng cng gia tng nhanh chng. Gi tr vn ha th trng c phiu tnh n cui nm 2009 t 37,71% GDP. c tnh n cui nm 2010 s t khong t 40-50% GDP.

Bng 1: Mc , t l v tc tng vn ha TTCK

Thi gian 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*

Mc vn ha (t ng) 986 1,570 2,436 2,370 4,516 9,598 237,276 492,900 225,935 620,551 695,186

T l vn ha (% GDP) 0,28 0,34 0,48 0,39 0,63 1,21 22,70 40,00 19,76 37,71 42,25

Tc tng (%) 59.23 55.16 -2.71 90.55 112.53 2372.14 107.73 -54.16 174.66 12.03

Ngun UBCKNN, * Tnh n 30/6/2010 - % GDP ca nm lin trc nm tnh ton Do quy m th trng c bc tng trng mnh m, vng chc tng bc ng vai tr l knh dn vn trung v di hn quan trng cho doanh nghip ni ring v nn kinh t ni chung. Hot ng pht hnh c phiu bt u si ng t nm 2006, c bit l pht hnh c phn ha cc doanh nghip nh nc. Trong nm 2006 c 44 cng ty c phn thc hin cho bn hn 203 triu c phiu. Hot ng ny thc s bng n trong nm 2007 khi c gn 200 t pht hnh ca 192 cng ty v 4 ngn hng thng mi vi tng lng vn huy ng ln n gn 40.000 t ng. Do s suy gim ca TTCK trong nm 2008, tng s vn huy ng ch t hn 14.300 t ng thng qua hn 100 t cho bn chng khon ra cng chng. Tuy nhin, th trng hi phc vo nm 2009 to iu kin cho hot ng pht hnh qua th trng chng khon, c bit l pht hnh c phiu. Tng s vn huy ng qua pht hnh c phiu nm 2009 tng hn 50% so vi 2008, t 21.724 t ng.

Bng 2: Hot ng pht hnh v u gi c phiu

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n v: t ng Nm 2005 2006 2007 2008 2009 Tng Pht hnh c phiu 813 1,858 55,846 14,341 21,724 94,582 u gi c phn ha 4,573 14,255 49,953 7,809 2,124 78,715 Tng cng 5,386 16,113 105,799 22,150 23,848 173,297

Ngun: Tng hp t cc bo co ca UBCKNN Hot ng pht hnh tri phiu qua S giao dch chng khon dn tr thnh mt knh huy ng vn quan trng cho Chnh ph. D n tri phiu Chnh ph (TPCP) tnh n cui 2009 vo khong 16,9% GDP. Cc tri phiu doanh nghip c pht hnh ch yu theo hnh thc pht hnh ring l, do vy, s tri phiu doanh nghip c nim yt trn TTGDCK/SGDCK khng nhiu.

S lng cng ty nim yt tng trng mnh gp phn tng cung hng ha v tnh thanh khon cho th trng
Nm 2000, vi 2 cng ty nim yt khi a TTGDCK Tp.HCM vo hot ng l

REE v SAM, TTCK c mc tng trng nhanh v gi do ngun cung hng ha khan him, ch s VN Index lin tc tng v t ti nh im l 571,04 im ngy 25/6/2001. Sau , th trng lin tc st gim trong sut 3 nm sau , trc khi tng mnh tr li vo cui nm 2003. Nm 2005, sau khi TTGDCK H Ni i vo hot ng, tng s cc cng ty nim yt trn c hai th trng l 44 cng ty vi tng gi tr nim yt l 4,94 nghn t ng. Tuy nhin, nhn chung, giai on 2000-2005 l giai on hot ng kh trm ca TTCK Vit Nam v s lng cc cng ty tham gia nim yt trn th trng kh khim tn. S chuyn bin v lng th hin r qua s lng cc cng ty nim yt v giao dch trn sn k t nm 2006 n nay (Hnh 1). Tnh n gia nm 2010, c 557 doanh nghip nim yt c phiu
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trn c hai SGDCK v 4 chng ch qu i chng nim yt, vi tng gi tr vn ha th trng 695.186 nghn t ng, tng 71,43 ln so vi cui nm 2005.

Hnh 1: Quy m nim yt trn TTCK Vit Nam

5577

457

342 253 195

10

20

22

26

41

Ngun: UBCKNN, * Tnh n 30/6/2010 i cng vi s pht trin ca cc cng ty nim yt, mt khi lng hng ha nht nh c tp trung cho hot ng chng khon trn SGDCK TP H Ch Minh v SGDCK H Ni. Trong giai on 2000-2002, c phiu l hng ha nim yt ch o trn SGDCK Tp.HCM vi s lng khng nhiu (40 m), gi tr giao dch bnh qun cng rt thp, vi khong 2% gi tr th trng c phiu nim yt. Giai on 2004-2007, gi tr tri phiu nim yt so vi GDP tng ng k, ln ti 11,3% GDP. Hin nay trn c hai SGDCK c khong trn 500 c phiu nim yt, tng gn 14 ln so vi thi im ban u th trng i vo hot ng. V tri phiu, cho n thi im hin nay cc SGDCK phi hp vi B ti chnh t chc u thu 284 t tri phiu chnh ph do Kho bc v Qu h tr u t pht trin pht hnh vi gi tr trng thu hn 50.000 t ng. Tng s tri phiu chnh ph hin ang c nim yt l trn 500 m, gi tr vo khong 120.000 t ng, tp trung ti SGDCK H Ni. Ngoi tri phiu chnh ph, quy m th trng tri phiu doanh nghip cng khng ngng tng ln, trong nm 2009 c 15 t cc doanh nghip pht hnh tri phiu thay v 2
4

 3 doanh nghip nh nm 2008. Tng gi tr huy ng c ln ti 20,000 t ng, tng gp 3 ln so vi nm 2008, chim 10% th trng tri phiu Vit Nam. Th trng chng khon c s tng trng khng ch v quy m nim yt m c v tnh thanh khon ca th trng. Nu nh nm 2005, bnh qun c 667.600 c phiu c giao dch mt phin, th nm 2006, con s ny tng ln 2,6 triu n v (tng 3,93 ln), tip tc tng ln 9,79 triu v 18,07 triu trong hai nm sau . Tc lun chuyn th trng trong giai on ny lin tc tng t 0.43 ln (nm 2006) ln 0.64 ln (nm 2007), 0.68 ln (nm 2008) v c t 1.13 ln (nm 2009). Tng gi tr giao dch chng khon bnh qun mi phin ca c th trng vo thi im 31/05/2010 tng gp 4.000 ln so vi gi tr giao dch bnh qun t khi th trng mi hot ng nm 2005.

Hnh 2: Gi tr giao dch bnh qun phin

Ngun: UBCKNN, * Tnh n 30/6/2010 Ngoi ra tnh thanh khon ca th trng cng tng dn do nhng quy nh mi c p dng. Trong thi gian u, SGDCK TP H Ch Minh ch giao dch 3 phin mt tun v nng ln 5 phin mt tun k t ngy 01/08/2002. Quy trnh thanh ton c ci tin dn, gim thi gian thanh ton t 4 ngy xung cn 3 ngy. Bin dao ng gi c iu chnh theo th trng, thi gian u thc hin +-2%, c lc tng ln +-3% (1/8/2002), v
5

n nay l +-5% ti SGDCK TpHCM v +-7% ti SGDCK H Ni, to iu kin cho cc nh u t c c s la chn mc gi. Ring i vi giao dch tri phiu: khng gii hn t l nm gi i vi tri phiu ca cc t chc, c nhn nc ngoi; b bin dao ng gi; c ch giao dch tha thun; rt ngn thi gian thanh ton T+1. Thm vo , h thng giao dch tri qua nhiu ln nng cp, n nay trin khai giao dch trc tuyn trn c hai sn rt tin li cho nh u t. Trc nm 2006, TPCP c giao dch ng thi ti HOSE v HNX. Tuy nhin, t ngy 24/9/2009, h thng giao dch TPCP chuyn bit vi gn 30 thnh vin, trong , c nhiu ngn hng thng mi v cc cng ty chng khon ln chnh thc hot ng. H thng ny 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. Ngoi ra, trung tm lu k chng khon Vit Nam cng hnh thnh v pht trin t nm 2006, phc v tt cho phn ng k, thanh ton b tr tin v chng khon sau giao dch, bo m cc hot ng ny nhp nhng v n nh, tin li cho doanh nghip v nh u t.

H thng cc nh ch trung gian v dch v chng khon ngy cng pht trin c v s lng, cht lng hot ng v nng lc ti chnh
Mi nm qua, t ch ch c 4 CTCK khi th trng i vo hot ng, tnh n 30/06/2010 UBCKNN cp php hot ng cho 105 CTCK vi tng vn iu l ca cc cng ty ny t gn 30.000 t ng, vi cc nghip v mi gii, t doanh, bo lnh pht hnh v t vn u t. Hin cc cng ty ny ang tp trung hon thin b my t chc ca mnh, m rng a bn hot ng bng vic m thm cc chi nhnh, phng giao dch ti cc tnh thnh ph nh H Ni, Tp. H Ch Minh, Hi Phng, Bnh Dng, ng Nai, Long An, Nng. Bn cnh , UBCKNN ch nh Ngn hng u t v pht trin Vit nam lm ngn hng ch nh thanh ton, thc hin thanh ton tin cho cc giao dch chng khon. Ngoi ra, to iu kin cho ngi nc ngoi tham gia th trng chng khon Vit Nam, UBCKNN cng cp php cho 6 ngn hng nc ngoi thc hin lu k chng khon cho ngi nc u t nc ngoi. ng thi, 38 t chc kim ton c lp c chp thun lm nhim v kim ton bo co ti chnh ca cc t chc pht hnh v t chc kinh doanh chng khon. Tng s thnh vin lu k ca Trung tm Lu k Chng khon hin l 122 thnh vin, trong , c 8 ngn hng lu k v 12 t chc m ti khon trc tip. S lng ngi
6

hnh ngh tng nhanh, ph hp vi s tng trng ca cc Cng ty chng khon. T nm 2007 n 2009 c gn 8400 ngi hnh ngh c cp chng ch. Trong khi , s lng cng ty qun l qu cng tng gp 8 ln t 6 cng ty cui nm 2005 ln 47 cng ty tnh n 30/06/2010. Cc cng ty qun l qu thnh lp v qun l cc qu u t chng khon, thc hin vic qun l trn 200 danh mc u t cho cc t chc, c nhn trong v ngoi nc. Tng gi tr ti sn do cc t chc ny huy ng v qun l c t 66.000 t ng (tng ng 3,8 t USD).

Bng 3: Tc tng trng s lng CTCK v Cng ty qun l qu

S lng cng ty qun l qu

Thi gian 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*

S lng CTCK 7 8 9 12 13 14 55 78 102 105 105

Tc tng 14% 13% 33% 8% 8% 293% 42% 31% 3% 0%

Tc tng

1 2 6 18 25 43 47 47

100% 200% 200% 39% 72% 9% 0%

Ngun: UBCKNN, * Tnh n 30/6/2010 H thng cc nh ch trung gian khng ch tng v s lng v c cht lng, s cnh tranh lnh mnh l lc y khin cc t chc ny ngy cng phi nng cao hiu qu hot ng v cht lng dch v cung cp cho khch hng. Cc t chc ny ch trng nng cao nng lc qun tr, ng dng cng ngh thng tin, u t trang thit b my mc hin i phc v cho kinh doanh. Cng vi vic trin khai giao dch trc tuyn, cc loi hnh dch v cung cp trn th trng ngy cng a dng v c cht lng, m bo tnh cng khai, minh bch v bnh ng trn th trng, v d cc m hnh u t mi nh qu u t chng khon, hp ng mua li tri phiu,c phiu c k hn (repo) bt u a vo th trng t nm 2005. Cc dch v gia tng gi tr nh lin kt ti khon vi ngn hng, bo gi chng khon qua in thoi, theo di giao dch chng khon trc tuyn, t lnh giao dch qua in thoi, internet c cc CTCK a vo p dng ngy cng nhiu.
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Trong thi gian u mi tham gia vo th trng cc CTCK ch yu lm nghip v Mi gii l chnh th nay hu ht cc doanh nghip kinh doanh chng khon trin khai u t cc hot ng nh T vn ti chnh, T doanh, Bo lnh pht hnh. Nng lc ti chnh ca cc CTCK ngy cng c nng cao v t mc bnh qun vn iu l trn 150 t ng trn cng ty. Cc CTCK ang hot ng trn th trng lin tc c cc t tng vn iu l, m rng quy m hot ng, gia tng th phn khin tnh hnh cnh tranh gia cc CTCK ngy cng tr nn gay gt. Theo thng k nm 2009 c 10 CTCK c mc vn iu l cao nht trn 500 t ng, v 80/105 CTCK kinh doanh c li.

H thng cc nh u t trong v ngoi nc pht trin mnh c v s lng v cht lng

S lng cc nh u t tham gia TTCK ngy cng ng o, tng hn 300 ln trong vng 10 nm, t gn 3.000 ti khon (cui nm 2000) ln n gn 926.000 ti khon (thng 06/2010). Bn cnh , cc ngn hng thng mi, cc cng ty ti chnh, hng trm cc CTCK, cng ty qun l qu, cc doanh nghip bo him, qu u t tch cc tham gia trn TTCK, gp phn hnh thnh mt h thng cc nh u t chuyn nghip. Tnh n thi im cui thng 08/2009, c tt c 21 qu u t chng khon, trong c 04 qu u t i chng v 17 qu u t thnh vin thnh lp v hot ng. Hot ng ca cc qu u t c nh gi l kh hiu qu, chuyn nghip v tng trng u n, n nh. H thng cc nh u t chuyn nghip tip tc c khuyn khch, to iu kin pht trin nhm m bo c mt TTCK tng trng nhanh, bn vng, kh nng hp thu v lm trit tiu nhng c shock th trng, bo m an ninh ti chnh quc gia v s an ton ca cc nn kinh t. Ngoi ra, cc chnh sch khuyn khch u t, mi trng u t thn thin, ci m thu ht s tham gia ngy cng ng o ca cc nh u t c nhn v t chc nc ngoi. n nay c trn 10.000 ti khon giao dch ca nh u t nc ngoi, trong c trn 1.000 ti khon l ca cc t chc nc ngoi, cc qu u t nc ngoi.

H thng vn bn php l, khun kh php l c pht trin mt cch ng b, thng nht, ph hp vi thc tin pht trin TTCK Vit Nam
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Lut Chng khon c Quc hi ban hnh ngy 29/6/2006 v c hiu lc thi hnh t ngy 01/01/2007, nh du bc ngoc quan trng trong vic hon thin khun kh php l cho TTCK. H thng vn bn php lut v chng khon v cc chnh sch qun l th trng tng i y , ng b v thng nht cho hot ng ca TTCK, tng bc loi b nhng mu thun, xung t vi cc vn bn php lut khc c lin quan (v c bn thng nht vi Lut Doanh nghip v Lut u t); 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 c quan qun l nh nc. Cc vn bn quy phm php lut hin nay, tuy cn nhng hn ch nht nh, song v c bn p ng c cc yu cu v nguyn tc qun l, vn hnh ca hot ng th trng chng khon. Mc khc, h thng vn bn php l cn thng xuyn c iu chnh nng cao hiu qu hot ng qun l nh nc trong lnh vc chng khon, bo v quyn v li ch hp php ca nh u t v to ra mi trng kinh doanh, u t thng thong, thn thin v ph hp vi thng l quc t.

Cu trc TTCK tng bc c hon thin theo hng tch chc nng qun l vi chc nng t chc v vn hnh th trng, gp phn nng cao kh nng qun l, gim st ca nh nc
Th nht, vic ti cu trc th trng tng bc c thc hin khc phc s thiu ng b v to s phn nh ca th trng. Cc trung tm giao dch chng khon (SGDCK), trung tm Lu k chng khon (TTLKCK) c tch ra khi UBCKNN tr thnh php nhn c lp nhm tng cng qun tr v nng lc hot ng cho cc t chc ny, ng thi chc nng qun l nh nc trong hot ng chng khon c tch bch vi chc nng t chc vn hnh TTCK. Cc SGDCK sau c chuyn i thnh S Giao Dch Chng Khon (SGDCK) hot ng trn nguyn tc v thng l quc t, TTLKCK hot ng c lp, cung cp cc dch v ng k chng khon, lu k v thanh ton cho hot ng giao dch chng khon ti cc SGDCK, thc hin vic ng k lu k cc loi chng khon pht hnh ra cng chng nhng cha c nim yt.

Th hai, 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 va qua gp phn quan trng m rng th trng c t chc, pht huy tnh nng ng ca cc TTGDCK/SGDCK trong vic thu ht cc doanh nghip vo nim yt, ng k giao dch. Th ba, cu trc th trng tip tc c hon thin thng qua vic xy dng h thng giao dch tri phiu chnh ph chuyn bit tch khi th trng c phiu. a vo vn hnh h thng giao dch c phiu ca cc cng ty i chng cha nim yt UpCom, a c phiu pht hnh ca cc doanh nghip nh nc c c phn ha v cc cng ty c phn thuc khu vc t nhn c giao dch trn th trng t do v giao dch trn th trng c s qun l, gim st ca c quan qun l nh nc nhm m rng th trng c t chc, qun l v thu hp th trng t do. iu ny va tng cng tnh minh bch v bo v nh u t, mt khc trit tiu nhng h thng ri ro tim n c th nh hng n c th trng chnh thc v h thng ti chnh.

Hot ng qun l, gim st th trng ngy cng su st v tng bc hon thin

Sau 10 nm c rt kinh nghim t thc tin hot ng th trng, UBCKNN ra nhng bin php, chnh sch thch hp, kp thi, nhm m bo TTCK vn hnh an ton v pht trin n nh, khng xy ra v, xo trn ln nh hng n s pht trin kinh t x hi ca t nc, 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 nh u t. Hot ng qun l v gim st TTCK vi trng tm 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, cc chun mc v k ton, kim ton quc t v khuyn co ca T chc quc t cc UBCK (IOSCO). Ngoi ra, c ch gim st TTCK chuyn su, chuyn nghip theo thng l quc t cng c thit lp. Cng tc thanh tra, gim st ca UBCKNN tp trung vo: gim st tun th cc t chc trung gian 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
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TTCK nhm pht hin cc hnh vi lm dng th trng; thanh tra thc hin chc nng cng ch thc thi. Mc d t c nhng thnh cng nht nh, trong 10 nm qua TTCK Vit Nam cng bc l mt s hn ch nht nh v gp nhiu kh khn trong qu trnh pht trin. Cc yu t c bn ca mt th trng chng khon: h thng php l, ch th tham gia th trng, c s vt cht, h thng cng ngh c hnh thnh ngay t u nhng tnh ng b v mc gn kt vn cn mt s hn ch, c th nh sau:

2. Mt s hn ch trn TTCK Vit Nam

Ch s chng khon bin ng khng n nh
Trong 5 nm u pht trin (2000 2005) ch s VN- index mi t 307,5 im v ch s HaSTC index t 96,24 im. Giai on 2006 2009 ch s chng khon tng ln nhanh chng v t mc cao nht 1.170,76 im v HaSTC-index t 459,36 im vo thng 03/2007. Tuy nhin cuc khng hong ti chnh th gii nm 2008 phn no nh hng n TTCK Vit Nam, ch s VN-index gim mnh ch cn 366,02 im (gim 71% so vi u nm); HaSTC index gim cn 105,12 im (tng ng 81%). Sau giai on khng hong, th trng tip tc i xung v ch s VN-index t mc thp nht 251,44 im v HaSTC-index gim cn 88,64 im vo ngy 13/03/2009. T cui nm 2009 ch s chng khon trn 2 SGDCK bin ng gim, t thng 02/2010 n nay th trng bin ng lc tng, lc gim, ch s VN-index dao ng quanh mc 500 im. Mt c im dao ng ca ch s CK Vit Nam l rt ln, ch s VN-index bin ng tng gim mt phin c th ln n 25 im, trong khi ch s CK trn th trng chng khon th gii ch t 2 n 3 im. Vi s bin ng ca ch s CK nh trn th hin s tng trng khng n nh v bn vng ca TTCK Vit Nam.

Hng ha cn hn ch v quy m v c cu
Hin nay, trn 2 SGDCK th trng ch c hn 500 c phiu v mt s t tri phiu doanh nghip. S lng nh vy l tng i nh so vi tim nng ca nn kinh t. Ngc li, th trng giao dch tri phiu chnh ph chuyn bit ti SGDCK H Ni c trn
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500 m tri phiu cc loi, theo thng l quc t, s m tri phiu l tng i nhiu nn su v tnh thanh khon ca th trng cn hn ch. Giao dch trn th trng ch yu tp trung vo c phiu, tuy lng c phiu c a vo lu k giao dch ch chim khong hn 60% lng c phiu c nim yt. Giao dch tri phiu cn kh hn ch mc d s lng c kh nng giao dch rt ln. Nhn chung, cht lng ca cc cng ty nim yt trn TTCK Vit Nam hin nay cha cao. iu ny th hin trn mt s kha cnh nh sau: Cht lng qun tr doanh nghip ni chung, bao gm qun tr doanh nghip; qun tr ti chnh qun tr nhn s cn thp. Ngun nhn lc m nhim cc v tr lnh o ch cht nh HQT, ban gim c c trnh cha cao. Qun tr ti chnh ca cc doanh nghip cn rt nhiu vn , trong tnh trng doanh nghip sn xut kinh doanh nhng li u t ti chnh ln, vn bo co ti chnh hp nht rt phc tp v cha c qun l mt cch c hiu qu. Hu ht cc doanh nghip cha phi l cc doanh nghip hng u ca nn kinh t Nhiu doanh nghip nim yt l cc doanh nghip va v nh, quy m vn thp, cht lng kinh doanh ch t mc trung bnh, c hi m rng v pht trin khng cao. Nhiu doanh nghip c cht lng tt, doanh nghip hng u ca nn kinh t cha mun tham gia th trng nim yt Cha nh gi mt cch trung thc, chnh xc cht lng doanh nghip tham gia nim yt.

Hot ng ca cc t chc trung gian v h tr th trng cn nhiu hn ch

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Th nht, i ng nhn vin hnh ngh cn yu v trnh , kinh nghim v k nng ngh nghip. Vn ha kinh doanh ti nhiu cng ty vn cha c xy dng. 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. Th hai, chi nhnh ca cc CTCK v thnh vin lu k hu nh ch tp trung hai thnh ph ln l H Ni v Tp H Ch Minh, cha xy dng c mng li rng cc CTCK v thnh vin lu k cc tnh, thnh ph ln khc, nn cha thu ht c rng ri cc nh u t. Th ba, mt s loi hnh t chc nh qu u t chng khon, cng ty nh mc tn nhim, i l ng k chuyn nhng chng khon, l cc nh ch c vai tr quan trng trn th trng chng khon, s lng vn cn qu khim tn hoc vn cha c thnh lp.

H thng qun l cha hon thin

Th nht, h thng php lut lin tc thay i, b sung, song cho n thi im ny vn cha hon thin. Cn thiu rt nhiu cc quy nh cng nh cn phi sa i, b sung nhiu quy nh cho ph hp vi tnh hnh pht trin mi. 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; vic ban hnh cc quy nh php l nhn chung u c tr so vi mc tiu ra, ng thi, nhiu quy nh ti Lut Chng khon cha c hng dn thc hin, Th hai, h thng qun l cng cha n nh, UBCKNN khi mi thnh lp l c quan c lp, mi c sp nhp vo B ti chnh song li c nhng kin ngh xem xt tch ra c lp. c bit l cc SGDCK pht trin nhanh chng song cha theo nh hng v vn cha m bo s thng nht, y ca cu trc th trng, m bo s hot ng c hiu qu ca ton b th trng cng nh trin vng pht trin trong tng lai. Th ba, h thng gim st, phng nga ri ro, phng nga khng hong cha pht trin tng ng vi s pht trin ca th trng.

Cu trc th trng cn nhiu bt cp

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Hin nay, Vit Nam c hai SGDCK l HOSE v HNX, ngoi ra cn c nhiu th trng GDCK khc c hnh thnh mt cch t pht, bao gm: Hot ng giao dch th cp ti CTCK mt hnh thc ca th trng OTC t pht do cc CTCK ng ra thc hin Hot ng mua bn qua mng khng chnh thc Hot ng cm c tri phiu (ch yu l tri phiu chnh ph) v hot ng mua bn trn th trng t do. M hnh ny 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. Th trng giao dch c phiu cha nim yt mi c hnh thnh di hnh thc h thng giao dch Upcom, cha pht huy c vai tr to lp th trng theo kiu th trng phi tp trung. Ngoi ra, s lng c phiu a vo giao dch so vi s lng cng ty i chng chim t trng qu thp v thiu hp dn i vi doanh nghip cng nh cng chng u t. Hin ti, vn cn tn ti mt b phn th trng c phiu c ng k vi TTLKCK nhng cha c c ch giao dch v chuyn quyn s hu.

Ti liu tham kho

1. Chng khon Vit Nam tng trng theo cp s nhn, Tp

chhttp://vneconomy.vn/20100718042232460p0c7/chung-khoan-viet-nam-tang-truong-theocap-so-nhan.htm 2. Hong Th Thanh Thy, Phan Hong Diu, Nhn li con ng ca th trng chng

khon Vit Nam, K yu Hi tho khoa hc 06/2010, khoa Ti chnh Ngn hng, H Kinh t quc dn. 3. Nguyn Sn, 10 nm hot ng TTCK Vit Nam v nh hng chin lc giai on 2010 2020, Tp ch kinh t v d bo, s 2 thng 06/2010.
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4. PGS. TS Bi Anh Tun, PGS. TS Ng Tr Tu, NSC.Ths Phm Long, NCS. Ths Ng

c Anh, Hot ng ca cc cng ty chng khon ti Vit Nam 10 nm nhn li, K yu Hi tho khoa hc 06/2010, khoa Ti chnh Ngn hng, H Kinh t quc dn.
5. PGS.TS inh Xun Hng, Th trng chng khon Vit Nam 10 nm nhn li, K

yu Hi tho khoa hc 06/2010, khoa Ti chnh Ngn hng, H Kinh t quc dn.
6. PGS.TS Hong Xun Qu, Mt s nh gi v th trng chng khon Vit Nam,

K yu Hi tho khoa hc 06/2010, khoa Ti chnh Ngn hng, H Kinh t quc dn.
7. SGDCK H Ni, Th trng chng khon Vit Nam mi nm hnh thnh v pht

trin, K yu Hi tho khoa hc 06/2010, khoa Ti chnh Ngn hng, H Kinh t quc dn.

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