M U Nn kinh t Vit Nam trong thi gian va qua t c tc tng trng GDP bnh qun trn 8%/nm.

m. t c tc tng trng nh vy, th yu t ngun vn phc v cho vic pht trin kinh t chim gi vai tr quan trng. Vic huy ng ngun vn trong v ngoi nc ca Vit Nam t c kt qu ht sc kh quan. Nu nh ngun vn trong nc, gm ngun vn huy ng t dn c, c t chc kinh t,... gi vai tr ch o th ngun vn nc ngoi, gm vn FDI, ODA, FPI,... l ng lc v c s thay i cng ngh. iu ny th hin chnh sch, th ch, lut php ca ng v Nh nc ta c nhng i mi kp thi nhm ph hp hn vi xu th quc t ha. Tuy nhin, vic huy ng vn trong nc cng cha tht s pht trin mnh, c bit l ngun vn di hn. Do , y nhanh vic huy ng ngun huy ng di hn th vic pht trin th trng vn trong thi gian sp ti l rt cn thit. c bit l pht trin th trng chng khon, y l knh dn vn quan trng pht trin nhanh nn kinh t t nc. Va qua, th trng chng khon c nhng bc pht trin ng k c v quy m v cht lng hng ha trn th trng. Tuy nhin, hin nay ch tp trung pht trin th trng c phiu m cha c bit quan tm n vic pht trin th trng tri phiu. Do vy, th trng tri phiu l th trng ht sc tim nng, cn c c ch, chnh sch y mnh pht trin th trng ny trong tng lai. Vi tnh cp thit ca vic pht trin th trng tri phiu m nhm em chn ti Gii php pht trin th trng tri phiu Vit Nam nhm a ra nhng gii php c tnh cht nh hng trong ngn hn v di hn.

CHNG I: TNG QUAN V TRI PHIU V TH TRNG TRI PHIU I. Tng quan v tri phiu 1. Khi nim Tri phiu (TP) l chng ch hoc bt ton ghi s, xc nhn cc quyn v li ch hp php ca ngi s hu (Tri ch) ivi mt phn vn n ca t chc pht hnh, gm Chnh ph, Chnh quyn a phng v doanh nghip. 2. c trng: Mt tri phiu thng c nhng c trng sau: 2.1. Mnh gi: L gi tr danh ngha ca tri phiu c in ngay trn t phiu, i din cho s vn gc c hon tr cho tri ch ti thi im o hn. VN, mnh gi ca tri phiu c n nh l 100.000 VN v cc mnh gi khc l bi s ca 100.000 VN. Mnh gi ca tri phiu c xc nh ph thuc vo s tin huy ng trong k v s tri phiu pht hnh. Cng thc tnh: MG = VH/SPH Vi:

MG: mnh gi tri phiu VH: s vn huy ng SPH: s tri phiu pht hnh 2.2.T sut sinh li ca tri phiu: L li sut danh ngha ca tri phiu quy nh mc li m nh u t hng hng nm. Thng thng c 2 phng thc tr li: 6 thng/ln v 1 nm/ ln. Mi tri phiu c ghi li sut ca t chc pht hnh cam kt s thanh ton cho ch s hu tri phiu mt s tin li vo mt ngy xc nh v c th theo nh k. Li sut danh ngha c xc nh bi cc iu kin th trng ti thi im cho bn tri phiu.

S tin li nh u t nhn c hng nm = li sut coupon x MG Cc nhn t nh hng n li sut tri phiu: + 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 trung ng, 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. 2.3. Gi mua: Gi mua tri phiu l khon tin thc t m nh u t b ra c c quyn s hu tri phiu. Gi mua c th bng, cao, hoc thp hn mnh gi. Tuy nhin d gi mua th no th tin li lun c xc nh theo mnh gi. V n ngy o hn, tri ch s c tr li vn gc bng vi mnh gi tri phiu. Cc nhn t nh hng n gi tri phiu: + K hn ca tri phiu: k hn cng di, tnh bin ng ca tri phiu cng ln trc s bin ng ca li sut th trng. + Li sut tn dng di hn: khi li sut ny h thp th nhiu nh u t mua TP lm cho cu TP tng v gi TP tng v ngc li + Tnh hnh lm pht: khi nh u t mua TP cc cng ty pht hnh cam kt s tr mt li sut c nh trong sut k hn ca TP. Do khi lm pht xy ra, gi TP s gim. + Tnh hnh kinh doanh v uy tn ca doanh nghip pht hnh + Ri ro v t gi + Ri ro thanh l: ri ro v tnh th trng ph thuc vo kh nng bn d dng mt TP mi. + Ri ro do bin c bt ng

+ Ri ro TD: nguy c cng ty pht hnh khng c kh nng chi tr ng hn, tc l khng c kh nng chi tr mnh gi v li ng hn 2.4. Thi hn: Thi hn ca tri phiu l s nm theo ngi pht hnh ha hn p ng nhng iu kin ca ngha v. K hn tri phiu c ngha quan trng v li tc tri phiu ph thuc vo thi hn ca n. 2.5. Quyn mua li: i vi loi tri phiu c iu khon chuc li cho php t chc pht hnh tri phiu thu hi tri phiu v hon li vn gc vi mc gi d kin trc thi hn thanh ton. T chc pht hnh s dng quyn ny bo v h khng phi tr li sut cao hn i vi s tin m h vay. T chc pht hnh thu hi tri phiu khi t l li sut trn th trng thp hn li sut ca tri phiu ca t chc pht hnh pht hnh trc v c th pht hnh tri phiu mi vi t l li sut thp hn. 3. Phn loi tri phiu 3.1. Cn c theo tnh cht chuyn nhng: - 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. 3.2. 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. Tri phiu chnh ph gm nhng loi sau: Cng tri, TP cng trnh, TP kho bc di hn, TP m bo bng ti sn th chp, TP ngha v chung, TP thu hn ch, TP quc t. - Tri phiu cng trnh: l loi tri phiu c pht hnh huy ng vn cho nhng mc ch c th, thng l xy dung 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. - Tri phiu 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 c m bo: 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. + Tri phiu khng bo m: 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 c th mua li cho php ngi pht hnh mua li chng khon trc khi o hn khi thy cn thit. c tnh ny c li cho ngi pht hnh song li bt li cho ngi u t, nn loi tri phiu ny c th c li sut cao hn so vi nhng tri phiu khc c cng thi hn. + Tri phiu c th bn li: cho php ngi nm gi tri phiu c quyn bn li tri phiu cho bn pht hnh trc khi tri phiu o hn. Quyn ch ng trong trng hp ny thuc v nh u t, do li sut ca tri phiu ny c th thp hn so vi nhng tri phiu khc c cng thi hn. + Tri phiu c th chuyn i cho php ngi nm gi n c th chuyn i tri phiu thnh c phiu thng, tc l thay i t cch t ngi ch n tr thnh ngi ch s hu ca cng ty. Loi tri phiu ny thuc vo nhm hng ho chng khon c th chuyn i c cp ti di y. 3.3. Theo thi gian o hn: + Tp ngn hn: thi hn 1 n 5 nm: + TP trung hn: thi hn 5 n 15 nm + TP di hn: trn 15 nm. + TP v hn: khng ghi ngy o hn 3.4. Cn c theo phng thc tr li + Tp li tc + Tp chit khu 3.5. Cn c theo phm vi lu thng + Tp quc ni + Tp quc t 4. iu kin pht hnh i vi ch th pht hnh l doanh nghip phi hi nhng iu kin sau:

- L cng ty c phn, cng ty TNHH, DNNN c mc vn iu l gp ti thi im ng k pht hnh l 10 t ng VN. - Hot ng kinh doanh ca nm lin trc nm ng k pht hnh phi c li, ng thi khng c l lu kt n nm ng k cho bn, khng c cc khon n phi tr qu hn trn 1 nm. - C phng n pht hnh, phng n s dng v tr vn thu c t t pht hnh tri phiu. - C cam kt thc hin ngha v ca t chc pht hnh i vi nh u t v iu kin pht hnh, thanh ton, bo m quyn v li ch hp php ca nh u t v cc iu kin khc. II. Th trng tri phiu 1. Khi nim 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 l th trng vn di hn, tp trung cc ngun vn cho u t v pht trin kinh t, do c tc ng rt ln n mi trng u t ni ring v nn kinh t ni chung. 2. Phn loi th trng tri phiu Th trng tri phiu c chia thnh th trng s cp v th trng th cp 2.1. Th trng s 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 mua cc tri phiu mi pht hnh Vi tr ca th trng s cp - Tri phiu ha cc ngun vn cn huy ng, vn ca cng ty c huy ng qua vic pht hnh chng khon

- Thc hin qu trnh chu chuyn ti chnh trc tip a cc khon tin nh ri tm thi trong dn chng vo u t, chuyn tin san dng vn di hn. c im ca th trng s cp - Th trng s cp l ni duy nht m cc tri phiu em li vn cho ngi pht hnh. L trh trng to vn cho n v pht hnh v ng thi cng to ra hng ha cho th trng giao dch. Trn bnh din ton b nn kinh t, th trng s cp lm tng vn u t. - Nhng ngi bn tri phiu trn th trng s cp c xc nh thng l Kho bc, Ngn hng Nh nc, cng ty pht hnh, tp on bo lnh pht hnh,... - Th trng s cp ch c t chc mt ln cho mt loi chng khon nht nh, trong thi gian hn nh. 2.2. Th trng th cp 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 nhng quyn s hu tri phiu. Th trng th cp m bo tnh thanh khon cho cc tri phiu pht hnh. c im th trng th cp - Trn th trng th cp, cc khon tin thu c t vic bn tri phiu thuc v cc nh u t v cc nh kinh doanh tri phiu ch khng thuc v nh pht hnh. Ni cch khc, cc lung vn khng chy vo nhng ngi pht hnh tri phiu m vn chuyn gia nhng ngi u t tri phiu trn th trng. Th trng th cp l mt b phn quan trng ca th trng tri phiu, gn b cht ch vi th trng s cp. - Giao dch trn th trng th cp phn nh nguyn tc cnh tranh t do, gi tri phiu trn th trng th cp do cung v cu quyt nh. - Th trng th cp l mt th trng hot ng lin tc, cc nh u t c th mua v bn cc chng khon nhiu ln trn th trng th cp. 2.3. Mi lin h gia th trng s cp v th trng th cp Th trng s cp l c s, l tin cho s hnh thnh v pht trin ca th trng th cp v l ni cung cp hng ha tri phiu trn th trng th cp. Khng c th trngs

cp th khng th c s xut hin ca th trng th cp. Th trng th cp l mt lai th trng c bit, n khng th ra i chng no vn cha c mt th trng s cp rng ri, vng chc vi nhiu loi tri phiu a dng, phong ph, hp dn nhiu nh u v cng chng n b vn ra u t tri phiu. Ngc li, th trng th cp n lt n l ng lc, l iu kin cho s pht trin ca th trng s cp, v mt khi tri phiu c pht hnh ra trn th trng, nu khng c mt th trng th cp lu hnh, mua bn, trao i to ra tnh thanh khon cho tri phiu th tht kh c th thuyt phc nh u t b tin ra mua tri phiu. Chnh vic mua bn giao dch tri phiu trn th trng th cp lm cho lu ng ha vn u t, cc nh u t c th chuyn t tri phiu thnh tin mt. Vn kh dng thanh khon cao ca tri phiu m tnh cht nng ng ca th trng th cp hp dn cc nh u t b tin ra mua tri phiu. iu ny chnh l iu kin c bn cc nh pht hnh tri phiu c th bn c tri phiu trn th trng s cp v huy ng c ngun vn ln theo nhu cu. CHNG II. THC TRNG PHT TRIN TH TRNG TRI PHIU VIT NAM I. Nhn xt chung v Th trng tri phiu VN. Hin nay th trng tri phiu Vit Nam mi trong giai on u pht trin vi s tn ti ca th trng tri phiu Chnh ph. D n tri phiu cn rt thp (khong 7% GDP) so vi cc th trng trong khu vc (Trung Quc 21%, Thi Lan 33%, Malaysia 62%), ch th pht hnh khng a dng, cha c h thng cc nh to lp th trng v h thng giao dch, thanh ton cn nhiu hn ch. Hn na, mt th trng gip hai i tng rt quan trng l doanh nghip v chnh quyn a phng huy ng vn li hu nh cha tn ti. t c mc tiu tng trng kinh t bnh qun 7,5%/nm trong giai on 2000 - 2010, nhu cu vn u t ca ton b nn kinh t l rt ln, khong 30 - 35% GDP/nm. Do , hin nay Vit Nam ang trin khai hng lot cc bin php nhm pht trin th trng tri phiu ni a, c bit l to knh huy ng vn hu hiu cho cc doanh nghip v cc chnh quyn a phng trong bi cnh Vit Nam thc hin ci cch kinh t theo hng xo b bao cp ca nh nc cho khu

vc doanh nghip v phn cp ngn sch cho chnh quyn a phng. II. Thc trng Th trng tri phiu trong nc hin nay 2.1 Cc ch th pht hnh tri phiu hin nay - Chnh ph: Chnh ph pht hnh tri phiu nhm thu ht vn cho u t pht trin, xy dng c s h tng, cc cng trnh trng im quc gia, phc v pht trin kinh t. - Chnh quyn a phng: 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. - Ngn hng thng mi: Cc ngn hng thng mi pht hnh tri phiu nhm huy ng vn trung di hn, p ng nhu cu kinh doanh, cho vay tn dng ca ngn hng. - Doanh nghip: Cc doanh nghip tham gia th trng vi t cch l nh pht hnh tri phiu trn th trng s cp, doanh nghip pht hnh tri phiu nhm huy ng vn, p ng nhu cu m rng sn xut kinh doanh. 2.2. Phn tch thc trng th trng tri phiu VN hin nay - Tri phiu chnh ph, tri phiu kho bc Nh nc: Hng ho giao dch trn th trng tri phiu ch yu l Tri phiu Chnh ph nn cha to c sc hp dn cho nh u t. Trong khi th trng CP c nhiu pht trin vt bc th th trng TP ang "b i" tng bc. Nhiu t u gi TP CP gn y mc d khi lng ng k u thu tng i cao, bnh qun gp 3 ln khi lng gi thu, nhng t l thnh cng li c xu hng gim dn. C th, qu I/2007 t l thnh cng t 99%; qu II/2007 gim xung 82,46% v n cui qu III/2007 gim cn 58,39%. Nguyn nhn ch yu do vic a ra mc li sut trn thp, ch 7,05 - 7,8%/nm (c t ch l 6,5%/nm) i vi TP k hn 5 nm; 7,95% - 8,6%/nm i vi TP k hn 10 nm; 8 - 8,8%/nm i vi TP k hn 15 nm, trong khi k vng v li sut ca NT ngy mt cao, xut pht t vic tng d tr bt buc t 5% ln 10%.Cng vi s ra i ca hai trung tm giao dch chng khon l ti Tp.HCM v H Ni, cc tri phiu chnh ph pht hnh bng ng ni t cng bt u c giao dch mt cch rng ri hn so vi trc y

nhng vn cha to c s hp dn i vi cc nh u t c t chc, do , khi lng giao dch rt t.iu ny c th bt ngun t quy m ca th trng, c s va yu va thiu ca h tng thanh ton trong h thng ti chnh Vit Nam. C th bao gm mt s im sau:Trc ht, quy m ca tri phiu ni chung v tri phiu chnh ph ni ring hin chim t l rt thp trong tng ti sn ti chnh c nc vi ch bng 8% so vi GDP, con s ny khong 5 t USD rt nh b nu so vi mc t tnh thanh khon 100-200 t USD.Huy ng vn thng qua loi hnh tri phiu hin cha phi l knh ph bin m ch yu l thng qua h thng ngn hng vi tng ti sn chim n 80% c cu ti sn ti chnh. iu ny to s bt cn xng trong k hn huy ng vn v cho vay ca h thng ngn hng, thiu mt knh huy ng vn di hn phc v cho cc mc tiu pht trin lu di. C hai yu t ny u gp phn lm tng chi ph vn cho nn kinh t. Mt khc, lng tri phiu pht hnh bng ng ni t hin ch yu c giao dch hoc nm gi bi cc ngn hng hoc cc t chc ti chnh tng ng cng lm cn tr s pht trin ca th trng tri phiu. iu ny to s n iu trong danh mc u t, dn n gi tri phiu c mc bin ng ng k khi cc nh u t ny thc hin bn ra hoc mua vo. Khi lng pht hnh mi t tng i nh ch khong 20 - 30 triu USD/t kh thu ht s ch ca cc nh u t c t chc v v vy cng lm gim sc hp dn ca tri phiu chnh ph. Th ch php lut cn thiu cc qui nh cn thit nn hn ch s dng cc cng c bo him ri ro nh hon i li sut, mua bn k hn hay ti mua li nhm gip nh u t c th bo v ri ro cho mnh. H thng thanh ton cha c s lin thng gia cc th trng trong khu vc, dn n nh u t gp kh khn khi giao dch xuyn bin gii v iu ny cng lm cho nh u t khng mn m my vi loi hnh chng khon ny. Tuy vy, nhng t pht hnh va qua cho thy nhu cu ca nh u t ang rt quan tm n th trng tri phiu chnh ph pht hnh bng ng ni t, khi lng t mua thng t 2000 - 3000 t VND, gp 4 - 5 ln mc pht hnh. Rt may l xu hng ny ang dn c khc phc (vi li sut tri phiu pht hnh

ang gim dn trong nhng t gn y, t 7.9% t 1/2007 xung cn 7.2% trong t 5/2007). iu ny c th thy r qua nh mc tn nhim quc gia c cc t chc trn th gii nng ln cao hn so vi trc. Tnh n 30-9-2007, c hn 114.809 t ng tri phiu c nim yt giao dch trn S GDCK TPHCM (HOSE) v Trung tm GDCK H Ni (HASTC), tng gp hn 104 ln so vi gi tr nim yt nm 2000. Bn cnh tri phiu Chnh ph nim yt vi t trng trn 90% tng gi tr tri phiu nim yt cn c tri phiu chnh quyn a phng v tri phiu ca cc ngn hng thng mi. Tuy nhin, mc vn ha th trng tri phiu hin nay khong 8% GDP l kh thp nu nh so snh vi th trng tri phiu ca cc nc trong khu vc (bnh qun khong 50-70%, tr Nht Bn trn 100% GDP ). iu c ngha l knh huy ng vn ca Chnh ph thng qua th trng tri phiu p ng nhu cu u t ca ngn sch cn hn ch v v vy cn c s u t thch ng hn cho th trng ny. Trn th trng tri phiu Chnh ph hin nay, c cho n v thu ht nhiu nht cc nh u t l tri phiu pht hnh bng ngoi t trn th trng quc t.VN tng gp ri lng tri phiu pht hnh, ln 750 triu USD tr gi tri phiu thay v 500 triu USD nh d tnh ban u c giao dch th trng ny. Li sut tri phiu Chnh ph trong t pht hnh ny c iu chnh gim xung mc 7,125%, thay cho mc d tnh ban u l 7,250%. Li sut ny cao hn so vi Tri phiu kho bc M l 4,561%/tri phiu 10 nm.y l bc u tin gip VN bc chn vo th trng ti chnh quc t. iu ng mng l cu tri phiu ny cao hn mong i rt nhiu. Cc nh u t quc t a ra cc ngh t mua vi tng s ln ti 4,5 t USD, cao gp 6 ln tr gi cho, dnh quyn mua s tri phiu ni trn.Theo thng k ban u ca Ngn hng Credit Suisse First Boston, cc nh u t t mua ln tri phiu VN ch yu n t chu , chu u v ti nc M. Mt na trong s l cc hng qun l ti sn. Cc ngn hng v hng bo him cng chim phn ln.S n nhn nhit tnh n bt ng c nhn nh l do nhiu nguyn nhn t chnh VN. Th nht, cc nh u t quc t tin tng vo tng lai sng sa ca nn kinh t VN sau khi chng kin hn 10 nm i mi va qua. n nay, hu nh ton th gii bit n cng cuc ci cch i mi VN. UNDP cn coi VN l mt trong nhng v d thnh cng nht v chuyn i kinh t trong lch

s ng i, i mi lm thay i gn nh tt c mi mt ca cuc sng kinh t. Th hai, cc nh u t t ra lc quan vi vic VN c coi l nn kinh t c tc tng trng cao v n nh th hai chu , ch sau Trung Quc. Bn cnh , phi k n vic st gim lng tin ca nh u t i vi tri phiu cng loi ca Indonesia v Phillipines do tnh hnh kinh t chnh tr cc nc ny thi gian qua khng n nh lm.Th ba, vic cc t chc nh mc tn nhim quc t nh gn y lin tip nng mc xp hng ca VN cng l mt nguyn nhn quan trng. S&P nng mc tn nhim ca VN t BB- ln BB. Moody cng nng ln mc Ba3 trong khi mt t chc nh mc tn nhim quc t ni ting khc l Fitch cng xp VN hng BB-. S tin thu c s c bm thm vo nn kinh t ang tng trng nhanh vi tc trung bnh t 7 8% ca Vit Nam, cng vi vic u t nc ngoi ang tng nhanh ti y. - Tri Phiu chnh quyn a phng: 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. - Tri Phiu doanh nghip: Sau khi Chnh ph ban hnh ngh nh 120/CP ngy 17/9/1994 v pht hnh c phiu, tri phiu ca doanh nghip nh nc, th trng tri phiu bt u manh nha hnh thnh. Tuy nhin, phi n nm 1996, th trng tri phiu doanh nghip mi c nhng bc t ph mi, khi u bng vic Cng ty C phn C in lnh (REE) huy ng c 5 triu USD. Nm 1998, Cng ty C phn Cng ngh thng tin EIS huy ng c 10 t. Nm 2003, Tng cng ty Du kh huy ng c 300 t; Tng cng ty Xi mng c 200 t ng; EVN c 300 t. Vic huy ng vn trn th trng tri phiu trong giai on ny hu nh cha pht trin. Cc t chc pht hnh ch yu l cc t chc tn dng v rt t cc doanh nghip pht hnh tri phiu doanh nghip. Nm 2006 nh du mt bc ngoc mi cho th trng tri phiu doanh nghip Vit Nam khi Ngh nh 52/2006/N-CP chnh thc c ban hnh. Theo , ch th pht hnh tri

phiu khng ch l cc doanh nghip Nh nc nh trc y m cn c cc cng ty TNHH, cng ty c phn v doanh nghip c vn u t nc ngoi vi mt nguyn tc chung l cc doanh nghip phi t vay, t tr, t chu trch nhim v cng khai minh bch thng tin. Trong nm 2006, Cng ty Cng nghip tu thu Vit Nam (Vinashin) huy ng c 800 t ng, Tp on EVN: 5.000 t ng. n thng 7/2007, Vinashin pht hnh thm c 3.000 t ng, Vilexim c 5 t, Tng cng ty thp c 400 t ng, Vinaconex huy ng c 1.000 t ng. i vi DN, vic pht hnh TP c nhiu u im so vi pht hnh CP. Pht hnh TP c nhiu DN ln la chn bi n gim p lc cho ban iu hnh. Bn cnh , n cng gip cc DN gim chi ph li so vi vic i vay v pht hnh CP. Nu huy ng vn thng qua cho bn CP, DN thng ha hn phi tr t l c tc khong 15%/nm, thm ch 20%/nm, mun m bo mc c tc ny th li nhun sau thu ca DN ti thiu 20-25% vn iu l. Nu chn phng php vay NH, th Cty s phi chu mc li sut bnh qun 11-15% i vi khon vay c k hn trn 1 nm. Trong khi knh huy ng vn bng pht hnh TP, li phi tr cho tri ch ln nht ch khong 10,5%/nm i vi TP coupon c k hn 5 nm. Hn na, li sut tr cho tri ch hng nm c tnh nh mt khon chi ph ca DN (trong chi ph thu), nn DN s gim c p lc v chi ph vn trong qu trnh iu hnh. Mt khc, pht hnh CP thng gy hiu ng pha long lm gim th gi CP, v vy huy ng vn thng qua pht hnh TP s c nhiu Cty la chn nh mt phng php vn c i ng. Khng ch l knh huy ng vn c chi ph tr li thp, pht hnh TP cn i hi thi gian t hn so vi thi gian i vay hoc pht hnh CP. Hin nay Nh nc rt u i trong vic pht hnh TP DN nn ch mt khong 6 n 8 tun DN c th hon tt h s pht hnh. Tuy nhin, nu i vay NH hay pht hnh CP, DN s mt nhiu thi gian hn cho khu chun b v xt duyt h s. Pht hnh TP cho php DN huy ng c lng vn ln. Nu DN c nhu cu trn 1.000 t ng th h c th tip cn ngun vn t pht hnh TP d dng hn so vi vic i vay hay pht hnh CP. Tuy nhin tnh n thi im hin nay, th trng tri phiu doanh nghip vn c nh gi l hu nh cha pht trin. Cc nh u t ch yu mua v gi tri phiu ti khi o hn. Cc dch v lin quan nhm h tr th trng hu nh cha c. Mt s chun mc k

ton quc t quan trng cha c ban hnh. Th trng TP DN cho n nay vn vn ch c 12 DN pht hnh TP DN. Sau 1 nm thc hin Ngh nh 52, trn th trng TP quanh i qun li cng ch c vi gng mt c tham gia, nh: Vinashin, TCty Thp VN, TCty Sng , Tp on in lc (ngoi Vinaconex huy ng 1.000 t ng, Vilemim huy ng 5 t ng...). Gn y cc NHTM cng tham gia pht hnh tri phiu c c Tri phiu chuyn i nh ACB, ngn hng Nng nghip v Pht trin Nng thn, SCB, VCB.Tuy nhin ch c nhng DN, NH c uy tn, lm n hiu qu, c co bch r rng, phng n s dng vn hiu qu th mi c th tham gia pht hnh tri phiu c. Gn y, ngy 29/11, ti H Ni, cng ty u t pht trin ng cao tc Vit Nam (VEC) cng b pht hnh thnh cng 400 t ng tri phiu VEC thng qua cng ty Chng khon Habubank. Trong thi gian ti, VEC s tip tc pht hnh thm ra th trng mt khi lng ln tri phiu cng trnh cho cc d n xy dng ng cao tc vo u nm 2008. y cng l mt trong nhng d n pht hnh tri phiu cng trnh v ng b u tin Vit Nam ca doanh nghip Nh nc c Chnh ph bo lnh. Theo d tnh, doanh thu t hot ng thu ph v cc dch v khc s c s dng hon tr c gc v li ca tri phiu. Trong bi cnh th trng chng khon th gii v Vit Nam kh m m, vic pht hnh thnh cng 400 t tri phiu VEC cho thy tri phiu cc d n ca VEC c c tin cy v hp dn cc nh u t. i tng ca t pht hnh ln ny l cc t chc ti chnh, qu u t, cng ty bo him. Khi lng bo lnh pht hnh ln, tnh thanh khon ca tri phiu VEC trong tng lai s rt tt v Cng ty chng khon cng s h tr cc nh u t thc hin mua bn li tng tnh thanh khon ca tri phiu l nhng c im ca tri phiu ny. Vic huy ng vn bng pht hnh tri phiu c xem l phng thc mang li nhiu li ch nh huy ng vn t cc thnh phn kinh t, hn ch s ph thuc vo ngun vn cp pht, gim bt gnh nng cho ngn sch Nh nc, x hi ha vic u t pht trin c s h tng. Mt khc, vic pht hnh tri phiu cng cung cp cho th trng v cc nh u t mt cng c ti chnh, gip a dng ha danh mc u t v gim thiu ri ro.

iu kin pht hnh tri phiu doanh nghip hin nay: i vi ch th pht hnh l doanh nghip phi hi nhng iu kin sau: + L cng ty c phn, cng ty TNHH, DNNN c mc vn iu l gp ti thi im ng k pht hnh l 10 t ng VN. + Hot ng kinh doanh ca nm lin trc nm ng k pht hnh phi c li, ng th khng c l lu kt n nm ng k cho bn, khng c cc khon n phi tr qu hn trn 1 nm. + C phng n pht hnh, phng n s dng v tr vn thu c t t pht hnh tri phiu. + C cam kt thc hin ngha v ca t chc pht hnh i vi nh u t v iu kin pht hnh, thanh ton, bo m quyn v li ch hp php ca nh u t v cc iu kin khc. 2.3. Cc phng thc pht hnh tri phiu VN hin nay - Pht hnh thng qua hnh thc bo lnh pht hnh: bao gm cc hnh thc bo lnh tng phn, ng bo lnh, t hp bo lnh v bo lnh ton b. - Pht hnh thng qua i l pht hnh. - Pht hnh thng qua phng thc u thu: u thu cnh tranh li sut v khng cnh tranh li sut. Bo lnh pht hnh l vic t chc bo lnh gip t chc pht hnh thc hin cc th tc trc khi pht hnh tri phiu ra th trng chng khon, phn phi tri phiu cho cc nh u t, nhn mua tri phiu bn li hoc mua s tri phiu cn li cha phn phi ht. i l pht hnh l vic t chc pht hnh u thc cho cc t chc khc thc hin bn tri phiu cho cc nh u t. Trng hp khng bn ht, t chc i l pht hnh c tr li s tri phiu cn li cho t chc pht hnh. T hp bo lnh pht hnh l nhm cc t chc bo lnh pht hnh c t hai t chc tr ln cng tham gia bo lnh pht hnh tri phiu trn c s hp ng gia cc t chc bo lnh

pht hnh. T chc bo lnh pht hnh chnh l t chc i din v quyn li v ngha v cho t hp bo lnh trong hot ng bo lnh pht hnh tri phiu vi t chc pht hnh. ng bo lnh pht hnh chnh l cc t chc bo lnh pht hnh chnh ng i din v quyn li v ngha v cho t hp bo lnh trong hot ng bo lnh pht hnh tri phiu vi t chc pht hnh. ng bo lnh l cc t chc bo lnh pht hnh trong t hp bo lnh pht hnh c quyn li v ngha v ngang nhau trong hot ng bo lnh pht hnh tri phiu vi t chc pht hnh. III. Pht hnh tri phiu quc t Tri phiu quc t c Chnh ph chnh thc pht hnh ln u tin vo nm 2005 v thnh cng rc r, 750 triu USD tri phiu bn ht veo trong thi gian ngn. S lng t mua ln ti 4,5 triu USD, gp 6 ln s bn ra. Li sut tri phiu cng thp hn d kin ban u 7,125% thay v 7,25% nh d kin. y l bc u tin gip Vit Nam bc chn vo cnh ca th trng vn quc t. Theo thng k ban u ca Ngn hng Credit Suisse First Boston, cc nh u t t mua ln tri phiu Vit Nam ch yu n t chu , chu u v ti nc M. Mt na trong s l cc hng qun l ti sn. Cc ngn hng v hng bo him cng chim phn ln. Tip theo s thnh cng ca vic pht hnh tri phiu Quc t, trong nm ti Chnh ph s pht hnh ti a 1 t USD, k hn 15 v 20 nm, tri phiu Chnh ph ra th trng quc t vo cui nm nay vi mc li sut c th s cao hn v quyt nh s m cho cc tp on, tng cng ty vay li. B Ti chnh cho bit s la chn khong 3 ngn hng u t nc ngoi hng u lm ng bo lnh chnh - ng qun l s ng k u t theo hnh thc cho thu trc tip. c bit, ngun vn 1 t USD t vic pht hnh tri phiu d kin c phn b cho d n Nh my lc du Dung Qut l 700 triu USD (thi hn vay 16 nm); cho d n thy in X Ca Mn 3 l 60 triu USD (thi gian thu hi vn khong 10 nm) v cho d n mua tu vn ti ca Tng cng ty hng hi Vit Nam (Vinalines) l 240 triu USD. Mt quan chc B Ti chnh cho

rng, vic pht hnh tri phiu ln ny s tip tc kh quan do h s tn nhim ca Vit Nam nm 2006 - 2007 c ci thin. Cng ty nh gi h s tn nhim Moody's nng nh gi v trin vng cho Vit Nam t "n nh" ln "tch cc" l tin cho vic nng hng cho Vit Nam thi gian ti. Quan im pht hnh tri phiu quc t: Hin nay xu hng ca Chnh ph l mong mun doanh nghip t pht hnh tri phiu ra th trng vn quc t. Tuy nhin, thi im ny, cc iu kin cha chn mui bi v cn c mt s yu cu nh kh nng v nh gi h s tn nhim, v nng lc ti chnh, kim ton,... ca cc doanh nghip pht hnh cha c sn sng. Trong khi , nhu cu v vn th rt cp bch, nht l nhng d n ln. Sau khi xem xt, cn nhc thy iu kin th trng hin nay rt thun li c th pht hnh tri phiu ra th trng quc t, Chnh ph thng qua n pht hnh tri phiu, quyt nh khng s dng khon tin ny cn i ti chnh ngn sch Nh nc m cho vay li i vi cc tp on, tng cng ty. C th, trong t pht hnh va ri, d kin s cho D n Nh my lc du Dung Qut, pht trin i tu ca Tng cng ty Hng hi VN (Vinalines) v cho pht trin ngnh in. Nhng thun li pht hnh tri phiu quc t: H s tn nhim ca Vit Nam tng ln s tc ng vo li sut ca mnh mt cch tch cc. T l n/GDP ca Vit Nam vn n nh. T l n quc gia i vi nc ngoi ch l 31% GDP v nu c thm cc khon n tip theo th mc vn mc an ton v di mc 50%... S n nhn nhit tnh n bt ng c nhn nh l do nhiu nguyn nhn t chnh Vit Nam. Th nht, cc nh u t quc t tin tng vo tng lai sng sa ca nn kinh t Vit Nam sau khi chng kin hn 10 nm i mi va qua. n nay, hu nh ton th gii bit n cng cuc ci cch i mi Vit Nam. UNDP cn coi Vit Nam l mt trong nhng v d thnh cng nht v chuyn i kinh t trong lch s ng i, i mi lm thay i gn nh tt c mi mt ca cuc sng kinh t. V c bn, kinh t ca Vit Nam c cng nhn l i mi: Chuyn t nn kinh t k hoch ho tp trung sang nn kinh t th trng nh hng XHCN; Tng bc hnh thnh

th ch kinh t th trng nh hng XHCN; Chuyn mt nn kinh t khp kn, nhp khu l ch yu sang nn kinh t m, ch ng hi nhp, hng mnh v xut khu ng thi thay th nhp khu nhng sn phm m Vit Nam c li th v c hiu qu... Th hai, cc nh u t t ra lc quan vi vic Vit Nam c coi l nn kinh t c tc tng trng cao v n nh th hai chu , ch sau Trung Quc. Bn cnh , phi k n vic st gim lng tin ca nh u t i vi tri phiu cng loi ca Indonesia v Phillipines do tnh hnh kinh t chnh tr cc nc ny thi gian qua khng n nh lm. Th ba, vic cc t chc nh mc tn nhim quc t nh gn y lin tip nng mc xp hng ca Vit Nam cng l mt nguyn nhn quan trng. S&P tun va ri nng mc tn nhim ca Vit Nam t BB- ln BB. Moody cng nng ln mc Ba3 trong khi mt t chc nh mc tn nhim quc t ni ting khc l Fitch cng xp Vit Nam hng BB-. V doanh nghip pht hnh tri phiu quc t: Tng cng ty in lc Vit Nam v Tp on Du kh Vit Nam cng c d kin pht hnh tri phiu ra th trng vn quc t, khi m h sn sng tt c cc iu kin ra th trng mt cch t tin. Quan im ca Chnh ph v vic pht hnh tri phiu quc t ca doanh nghip: Xu hng l Chnh ph vn l khuyn khch doanh nghip t ng ra pht hnh, vn l bn thn doanh nghip phi t chun b p ng c nhng yu cu ra cho vic pht hnh hay khng. V khi h p ng c nhng iu kin cng nh c th i vay c nh Chnh ph th l mong mun nht. IV. Mt s thng tin tham kho v Th trng tri phiu Chu Trong bi vit ny, chng ti mong mun ghp bc tranh th trng tri phiu Vit Nam trong bc tranh chung ca th trng tri phiu Chu , v xem chng ta c th lm g pht trin th trng tri phiu tr thnh mt knh huy ng vn di hn hu hiu, gp phn to ra mt cu trc th trng vng chc m n da trn c s cn i gia th trng vay n ngn hng, th trng tri phiu v th trng c phiu trong tng lai. Cc nc ng : Ti chu , tri phiu cng mi nhn c s quan tm thc y pht trin t chnh ph

cc nc trong nhng nm gn y ngay sau cuc khng hong ti chnh 1997-1998. Trc khng hong, nhiu nc chu ph thuc qu nhiu vo tr ct ngn hng khi khu vc ny cung cp khon 80% n ti chnh, trong khi th trng tri phiu chim ch 20%. i vi nhng nc c nn kinh t pht trin nh Nht, c th con s ny l 30- 40%, c bit ln n hn 60% ti Hoa K. Cc nc chu nhn thy cn phi c mt th trng vn a dng hn v c bit l mt th trng tri phiu c quy m v su h tr tt hn nhu cu vn u t di hn trong nn kinh t. Vi nhng n lc ci cch v ti t chc h thng ti chnh; xy dng c s h tng; h thng vn bn php l; ci thin chnh sch v m; th trng tri phiu Chu tin mt bc di vi s lng tri phiu pht hnh tng ln hn gp i t 1997. Tng tri phiu pht hnh ngoi Nht ra ln n 1.400 t USD, nhng vn ch tng ng 50% GDP khu vc. T l nm gi c phiu cc nc Chu t cc nh u t nc ngoi khng cao, ch 5% so vi 25% ca c v M vi l do chnh l tnh thanh khon yu, quy m th trng nh, nh mc tn dng thp, mc d cc th trng ny cng bt u c s lin kt nhau cng pht trin, in hnh nh C quan Qun l tin t Hng Kng (HKMA - Hong Kong Monetary Authority) c kt ni vi mt s nc khc nh c, New Zealand, Hn Quc v sp ti l Trung Quc. Nhn chung, th trng tri phiu bng ng ni t chu vn cn rt nhiu hn ch do quy m nh, s lng nh u t n iu, c s h tng giao dch yu km v nh mc tn nhim quc gia trung bnh mc thp. C th thy trong bc tranh ton cnh ny, Vit Nam, vi nhng bc chp chng hi nhp vo th trng ti chnh khu vc v quc t, phn nh gn nh y mi kha cnh c trng ca khu vc. H thng thanh ton cha c s lin thng gia cc th trng trong khu vc, dn n nh u t gp kh khn khi giao dch xuyn bin gii v iu ny cng lm cho nh u t khng mn m my vi loi hnh chng khon ny. V. T nhng thc trng trn ta c th rt ra vi nhc im ca th trng tri phiu m chng ta cn xem xt

5.1. Quy m nh, thanh khon thp Bt cp th nht, hin th trng tri phiu Vit Nam c quy m qu nh. Ch yu tri phiu Chnh ph ang ''thng lnh'' th trng, trong khi tri phiu ca cc DN pht hnh rt hn ch. Tnh thanh khon ca cc loi tri phiu cn thp. Tri phiu Chnh ph l loi chng khon c an ton cao nht; nhng u t vo loi tri phiu ny ch em li mt mc thu nhp khim tn. ''Theo nguyn tc ca kinh t th trng, mun kim c li nhun cao th cn phi chp nhn ri ro cao. Th trng tri phiu Vit Nam cng nh cc nh u t cn nhng loi tri phiu c ri ro cao hn v ha hn nhng khon thu nhp cao hn. Cn c nhng bin php khuyn khch cc cng ty huy ng vn qua th trng chng khon thay v qua knh ngn hng nh truyn thng. V d vic ra i v hot ng ca Cng ty nh mc tn nhim s gip cho th trng c cc mc gi (chi ph huy ng vn) ph hp vi tng i tng cng ty - theo tn nhim ca mnh. Vic pht hnh tri phiu ca cc cng ty s c tin hnh mt cch nhanh chng vi chi ph thp hn''. Th trng TPCP thiu mt c ch giao dch c kh nng cung cp thanh khon cho cc tri phiu Chnh ph nh cc nh to lp th trng, hp ng mua li. TPCP pht hnh vi khi lng v gi tr nim yt ln, trong khi nhng ngi nm gi TPCP trn th trng s cp l cc nh u t c t chc (tr cc t pht hnh ring l qua h thng Kho bc). Nhu cu giao dch pht sinh l cc giao dch ln v t mang tnh tng thch thi im, hn ch tnh thanh khon ca tri phiu. Giao dch tri phiu trong thi gian t 2003 n nay ch tp trung vo cc TPCP pht hnh qua bo lnh, trong khi c rt nhiu loi tri phiu pht hnh qua u thu ti Trung tm giao dch chng khon TP.HCM vn cha c gi tham chiu, ngha l cha mt ln c giao dch trn th trng k t khi pht hnh. iu ny bt ngun t c th ca phng thc bo lnh pht hnh l a s cc n v tham gia mua s cp v sau bn li cho khch hng. Tuy nhin, vic lun chuyn TPCP cng ch dng li sau khi bn ln 1 cho khch hng, cc giao dch tip theo trn th trng th cp hu nh khng tn ti. V nng lc h thng giao dch, tri phiu hin c nim yt theo gi v p dng

nguyn tc u gi ging nh c phiu (u tin v gi, u tin v thi gian), khng p dng bin dao ng gi. Tuy nhin, c phiu v tri phiu l hai loi hng ha c c im v tnh cht hon ton khc nhau, vic p dng giao dch tri phiu v c phiu nh nhau trn cng mt h thng giao dch ti Trung tm Giao dch Chng khon l khng c hiu qu. Do , cn tch bit giao dch tri phiu v giao dch c phiu ra thnh 2 bng giao dch ring bit l cn thit. Hn na, gia cc tri phiu cng ch th pht hnh nhng khc t pht hnh cng khc nhau v li sut v thi gian o hn. Vic yt gi tri phiu theo th gi cng khng lm ni bt s khc bit . Hn na, nu trong nhiu phin lin tip, tri phiu khng c giao dch th vic cng b gi tham chiu da trn kt qu giao dch gn nht trc cng t c ngha vo thi im giao dch tha thun hin ti. 5.2. H thng cc nh u t cha pht trin Bt cp th hai l h thng cc nh u t cha pht trin, nht l cc nh u t t chc. Hin chng ta cha thit lp c h thng cc nh to lp th trng; cc th ch trn th trng cha hon chnh. Nhiu nh ch ti chnh trung gian nh cc qu u t tng h, qu u t mo him, cng ty nh mc tn nhim... cha c thnh lp. S lng cc thnh vin tham gia u thu qua TTGDCK TP.HCM cn hn ch, t nm 2002 tr v trc ch gii hn cc thnh vin u thu trong nc v s lng thnh vin cng khng nhiu. Tnh n nm 2004, s thnh vin u thu iu kin tham gia u thu trn TTGDCK TP.HCM l 24 thnh vin, trong ch c 2 thnh vin nc ngoi bt u tham gia t nm 2003. S lng thnh vin iu kin tham gia u thu cng t th s lng thnh vin tham gia u thu cng hn ch v li sut t thu cng t mang tnh i din cho th trng. Th trng tri phiu vn cha thc s hp dn cc nh u t v c rt nhiu nguyn nhn khin cc nh u t t quan tm n loi chng khon ny. L do l giao dch tri phiu i hi mt lng vn ln, ch thch hp vi cc nh u t c t chc, trong khi th trng tri phiu hin nay c rt t cc nh u t c t chc. 5.3. Tnh ng b ca th trng ny cn thp Kh nng tp trung v phn b ngun lc ti chnh qua th trng cha thc s hiu qu,

cn c s cha n khp gia c cu v k hn huy ng vn vi s dng vn. S phi hp gia cc knh huy ng vn cn cha ng b; vai tr ca tri phiu Chnh ph trong vic nh hng li sut th trng cn hn ch. t l huy ng vn di hn qua knh tn dng ngn hng hin nay thp. Trong khi , vic s dng qu nhiu vn ngn hn cho u t di hn, lm gim hiu qu s dng v tng nguy c ri ro ti chnh; vic phi hp iu hnh li sut gia th trng tin t v th trng vn cha tht n khp, tin trnh ci cch h thng t chc tn dng cn chm; vic kim sot cc dng vn trong nn kinh t cha thc s c hiu qu, vn cn tnh trng vn di hn chuyn sang u t ngn hn v ngc li. 5.4. H thng php l cha hon chnh: Khung php lut mi c hnh thnh bc u; mt s lnh vc vn cha c h thng vn bn php l hon chnh, nht l lnh vc chng khon. Cc nguyn tc qun l v chun mc quc t v tnh minh bch, k ton, kim ton... tuy c p dng nhng cn phm vi hp. ''S phi hp trong iu hnh chnh sch li sut gia cc c quan chc nng nh B Ti chnh, Ngn hng Nh nc cn bt cp. Mt s t pht hnh tri phiu Chnh ph li sut huy ng ngang bng vi li sut huy ng ca ngn hng thng mi''. Vic bao cp tn dng dng di cc hnh thc nh bo lnh vay vn, c vay ODA, c cp mt phn vn Nh nc... cng l nhng nguyn nhn khin th trng tri phiu doanh nghip km pht trin. iu trc tin l phi hn ch bt cc knh bao cp tn dng, gim bt vic khoanh, xa n cho nhng i tng khng thuc chnh sch trnh cho doanh nghip trng ch li vo ngun vn ngn sch, tn dng u i v s bo lnh ca Chnh ph. Th ch php lut cn thiu cc qui nh cn thit nn hn ch s dng cc cng c bo him ri ro nh hon i li sut, mua bn k hn hay ti mua li nhm gip nh u t c th bo v ri ro cho mnh. 5.5. Tnh cnh tranh thp TPCP cha cnh tranh c vi s thun tin ca hnh thc gi tit kim, u t k phiu cc ngn hng thng mi cng vi tnh thanh khon km hn nn cha thu ht c tin nhn ri ca cc t chc kinh t v c nhn.

Mt trong nhng nguyn nhn chnh l mc ph giao dch trn th trng hin cn kh cao (khong 0,15% gi tr giao dch) khin cho cc nh u t c th khng mn m vi vic u t qua phng thc giao dch khp lnh v li nhun rng sau khi tr i chi ph giao dch khng hp dn cc nh u t c th. i vi cc thnh vin u thu, vic mua TPCP ch yu phc v cho mc tiu nm gi di hn. Trong khi , li sut th trng li bin ng theo xu hng tng dn, cc tri phiu mi lin tc c pht hnh c li sut cao hn, hp dn hn nn kh nng bn li tri phiu cng kh khn hn. Mt th phm khc lm gim tnh cnh tranh ca th trng l, c ch xc nh li sut u thu trn th trng s cp hin khng mang tnh th trng v p dng li sut ch o nn cha thu ht c nhu cu u t ca cc c nhn, t chc. Quy nh li sut t thu phi cao hn li sut ch o s khin cho li sut trng thu mang tnh khin cng ch quan hn l mang tnh khch quan th trng. iu ny cng c th dn ti tnh trng khi lng trng thu s b hn ch i rt nhiu so vi khi lng d nh pht hnh v s ch b hp trong phm vi mt s nh cc nh u t. Khi lng trng thu thp cng vi mt s nh cc nh u t nm gi s lm gim tnh thanh khon ca tri phiu trn th trng th cp. Hiu ng vng lun qun (vicious circle) cng l mt nguy c. Th trng tri phiu thanh khon thp cng lm gim tnh hp dn ca n i vi cc nh u t, v cng t nh u t cng lm gim tnh thanh khon ca th trng. ''y l hin tng thng thy trn cc th trng tri phiu mi ni v mi i vo hot ng. S c t nh u t mun tham gia mua tri phiu ln u trn th trng pht hnh cng nh mua li trn th trng th cp nu bit rng kh nng bn li cc tri phiu l rt t, hoc nu c h phi ch mt thi gian kh lu v b l cc c hi u t khc''. 5.6. T pha cc cng ty: Cha quen vi knh huy ng vn thng qua pht hnh tri phiu Th trng tri phiu cng ty km pht trin do cc cng ty cha quen vi vic huy ng vn vay trc tip qua pht hnh tri phiu m vn da vo ngun vn vay ca ngn hng, c bit l cc Tng cng ty ln, cc DN Nh nc do c kh nng tip cn cc ngun vn vay ngn hng, vay u i. Cc n v ny cng thiu t chc nh mc tn nhim gip cho vic xc nh tn nhim v lm tng tnh minh bch cho cc tri phiu pht hnh; cha xy

dng c ng cong li sut phi ri ro cho TPCP pht hnh lm tiu chun cho vic nh li sut pht hnh cc cng c n khc nh tri phiu cng ty, tri phiu th... 5.7. Thng tin th trng Theo nh gi ca cc chuyn gia ti chnh, nguyn nhn quan trng khin th trng tri phiu ca Vit Nam km hp dn chnh l vic thiu mt h thng cung cp thng tin y . Th hin r nht l cho n nay vn cha c nhng cng ty nh mc tn nhim. Hin nay, trn th trng ang c 3 loi tri phiu v c pht hnh bi Chnh ph, chnh quyn a phng v doanh nghip. Tuy nhin, n nay, quy m pht trin ca th trng ny cn nh b (ch chim 7% GDP). Bn cnh nhng vng mc xut pht t h thng vn bn chnh sch khin tnh thanh khon ca tri phiu khng c cao, lng doanh nghip c uy tn tham gia pht hnh... th vic thiu thng tin cng khin cho cc nh u t "d dt" hn trong vic u t vo loi hnh ny. Hot ng nh mc tn nhim c coi l rt cn thit cho vic pht trin th trng tri phiu c bit l th trng th cp. Cc ch th tham gia th trng kh c th nhn ra ri ro li sut tim tng (tc l gi) ca mt tri phiu nu khng c hot ng nh mc tn nhim. iu ny s buc cc nh u t mun mua phi lm cc bc nh: t phn tch chi ph u t tri phiu mt cch tn km; mua tri phiu khng nh hng; v cui cng c th l khng mua. Vi s ra i ca cng ty nh mc tn nhim, nh u t c nhu cu mua tri phiu c th thng qua nh gi ca cng ty ny chn c doanh nghip va c kh nng mang li li nhun cao va m bo tnh an ton. 5.8. Ph giao dch cao Theo quy nh, vic giao dch TP CP phi thng qua cc CTCK- l t chc trung gian thu ph c ngi mua ln ngi bn. mt giao dch TP CP 100 t ng c hon tt th NT phi mt n c 100 triu ng tin ph, m thng thng nhng giao dch mua bn TP CP l nhng giao dch ln, t nht c gi tr t 100-300 t ng. Chnh iu ny lm cho th trng TP CP ca VN khng thu ht c nhiu nh u t giao dch, nht l cc NH nc ngoi.
CHNG III GII PHP PHT TRIN TH TRNG TRI PHIU VIT NAM

HIN NAY Quan im v pht trin th trng tri phiu ca Vit Nam trong thi gian ti l nng cao t trng tri phiu trn GDP; gn vic pht hnh tri phiu vi pht trin th trng vn v th trng chng khon; tng cng kh nng qun l, gim st th trng hot ng an ton, c hiu qu; p ng yu cu hi nhp ca khu vc v quc t: th trng tri phiu chu , lin kt th trng vn vi Singapore... Th trng tri phiu ca Vit Nam cn pht trin theo hng th trng ha vi s a dng ha cc ch th tham gia v hng ha giao dch to nn tng cho pht trin lu di ca th trng vn ni chung v th trng c phiu ni ring. Theo , v c bn th trng tri phiu phi hnh thnh nn ng cong li sut di hn thng qua pht hnh tri phiu chnh ph c thi gian o hn t 10-20 nm. Qua y xin trnh by mt s gii php pht trin th trng tri phiu:

I. Gii php di hn 1. Pht trin th trng tri phiu theo hng hin i, hon chnh v cu trc, vn hnh theo cc thng l quc t tt nht, c kh nng lin kt vi cc th trng khu vc v quc t. 2. Pht trin mnh cc knh cung cp vn c trong v ngoi nc cho th trng; m rng h thng cc nh u t, c bit l cc nh u t c t chc; pht trin y cc nh ch trung gian; a dng ho cc dch v cung cp, m bo c y cc yu t cu thnh mt th trng tri phiu pht trin trong khu vc. 3. Kt hp cht ch gia chnh sch tin t v chnh sch ti kho; hi ho gia mc tiu huy ng vn thng qua th trng tri phiu cho tng trng kinh t, pht trin bn vng th trng tri phiu vi n nh kinh t v m, kim ch lm pht, m bo an ninh ti chnh quc gia. 4. Tng cng qun l nh nc, thc hin c hiu qu chc nng thanh tra, kim tra gim st vic tun th php lut ca cc t chc, c nhn tham gia hot ng trn th trng. II. Gii php trc mt
1. Cn c th ho cc tiu chun ph duyt tri phiu B Ti chnh v Ngn hng nc (NHNN) cn phi c th ho cc tiu chun ph duyt pht hnh tri phiu cng ty, tri phiu chnh quyn a phng v tri phiu ca cc t chc tn dng.

 th trng tri phiu pht trin, Vit Nam cn c nhng bin php v h thng nh gi chun hn xc nh li sut pht hnh hp l, qua gim gnh nng n vay cho t nc. ng thi, tng khi lng pht hnh thay v pht hnh nhiu t vi s lng nh nhm gim chi ph pht hnh v thu ht nhiu hn cc nh u t c t chc tham gia. Bn cnh , th ch php lut v chnh sch kinh t v m cn c ci thin hn na nhm nng mc xp hng, iu kin t c tiu chun u t ca cc ngun qu ln trn th gii. B Ti chnh nn tin hnh ban hnh mu Bn co bch chung cho cc cng ty mun pht hnh tri phiu v cng b thng tin v k hoch ngn sch trung hn ca chnh quyn a phng.
2. Thnh lp sn giao dch tri phiu Trung tm giao dch chng khon thnh ph H Ch Minh nn tham kho kin ca cc nh lm lut v cc t chc tham gia th trng chng khon thnh lp mt sn giao dch tri phiu gia cc nh mi gii. Sn giao dch tri phiu ny phi to c mi trng giao dch c hiu qu cho cc nh to lp th trng, v tri phiu khng th p dng mt phng thc giao dch ging nh giao dch c phiu. ng thi, phi h tr php l cho cc doanh nghip pht hnh. Bn cnh , th tc chuyn nhng cng phi n gin, nhanh chng.

i vi trung tm lu k chng khon, cn nng cao nng lc ca cc trung tm ny hoc gp phn pht trin mt trung tm lu k chung trong khu vc, to iu kin giao dch thun tin v d dng hn cho cc nh u t.
tr thnh mt th trng tri phiu hiu qu, Vit Nam c th kt ni th trng ca mnh vi cc nc trong khu vc to ra mt th trng ln, nhm thu ht cc nh u t nc ngoi.

Trong m hnh TTCK Vit Nam hin nay, TTGDCK H Ni ng mt vai tr quan trng trong vic pht trin th trng s cp v th cp i vi tri phiu, c bit l tri phiu chnh ph (TPCP). B Ti chnh v UBCKNN c nh hng xy dng th trng TPCP chuyn bit ti TTGDCK HN, bn cnh th trng c phiu nim yt v th trng giao dch OTC. 3. Chnh sch a dng ha cc ch th pht hnh tri phiu M rng quy m v a dng ho cc loi tri phiu, cc phng thc pht hnh tri phiu Chnh ph, tri phiu chnh quyn a phng, tri phiu doanh nghip trn th trng vn; pht trin cc loi tri phiu chuyn i ca doanh nghip, tri phiu cng trnh u t

vo cc d n h tng trng im ca quc gia.

Cn c chnh sch khuyn khch cc Tng cng ty nh nc pht hnh tri phiu c mc ch huy ng vn di hn cho u t i mi cng ngh v to hng cho th trng chng khon. Trc mt, trin khai p dng cho cc Tng cng ty hot ng nhng lnh vc hng khng, in lc, bu in v du kh. y l nhng lnh vc m nn kinh t hin rt cn c tng cng u t v pht trin to cho cng nghip ha. Theo Lut doanh nghip, cc loi hnh doanh nghip khng phi l cng ty c phn th khng c quyn pht hnh c phiu, nhng khng c ngha l khng c quyn pht hnh tri phiu. Tuy vy, thi gian qua do thiu khun kh php l v vic cho php cc cng ty trch nhim hu hn pht hnh tri phiu, nn hn ch rt nhiu kh nng tip cn n th trng chng khon ca cc loi hnh cng ty ny trong vic huy ng vn. Va qua, chnh ph ban hnh Ngh nh s 52/2006/N-CP ngy 19/5/2006 (c hiu lc t 1/7/2006) cho php cc doanh nghip pht hnh tri khi c cc iu kin nh: c thi gian hot ng ti thiu 1 nm, c bo co ti chnh nm lin k trc nm pht hnh c kim ton, kt qu hot ng sn xut nm lin k nm pht hnh phi c li, c phng n pht hnh tri phiu c cp c thm quyn thng qua. C th ni, hnh lang php l ny s to mi trng thun li, gip cho cc doanh nghip quen dn vn ha chng khon v tip cn th trng chng khon gia tng vn v ci thin cu trc vn. 4. a dng ha pht hnh tri phiu chnh quyn a phng Theo quy nh php l hin hnh (Ngh nh 141/2003/N-CP ngy 20/11/2003), tri phiu chnh quyn a phng l loa tri phiu u t c k hn 01 nm tr ln do UBND cp tnh u quyn cho Kho bc Nh nc hoc t chc ti chnh tn dng trn a bn pht hnh nhm huy ng vn cho cc d n u t pht trin c th v ngun hon tr li v gc tri phiu duy nht l t ngun ngn sch ca a phng. Theo , tri phiu chnh quyn a phng cng l mt loi tri phiu ngha v chung. Nh vy, khung php l cho vic pht hnh tri phiu a phng nn tp trung vo vn iu chnh kh nng chi tr ca chnh quyn a phng. Theo Ngh nh 124/2004/N-CP ngy 18/5/2004 ca chnh ph quy nh v mt s c ch ti chnh ngn sch c th i vi TP. H Ch Minh v H Ni, gii hn khi lng pht hnh tri phiu th phi m bo nguyn tc tng d n cc ngun vn huy ng ca ngn sch thnh ph khng vt qu 100% tng mc vn u t xy dng c bn ca ngn sch thnh ph. Cn c k hoch pht hnh tri phiu th i km theo vi nhiu tin ch khc nhau nhm gip cho cc nh u t lun c c hng ha a dng ph hp vi chin lc u t ca mnh, qua to iu kin cho chnh quyn a phng nng cao kh nng huy ng vn. C th

nghin cu pht hnh tri phiu th di cc hnh thc: Tri phiu a thi hn: tc l tri phiu c nhiu ngy o hn khc nhau. Tri phiu chit khu: l loi tri phiu gi bn thp hn mnh gi. Tri phiu thanh ton tng phn: y l loi tri phiu m chnh quyn a phng thc hin thanh ton tng phn khon n ca tri phiu theo thi gian. Loi tri phiu ny s tng thm an ton cho ngi s hu tri phiu. Tri phiu option: cho php ngi mua tri phiu c quyn i n i vi ngi pht hnh ti bt k mt thi gian no trong tng lai. Tri phiu c li sut thay i: li sut ca n c th c thay i v iu chnh theo tng thi k khi li sut th trng c s bin ng. V li, trong iu kin pht trin thc t ca cc a phng, nhu cu vn ti tr cho u t pht trin rt ln v cp thit, chnh ph nn xem xt v b sung thm mt s qui nh php l nhm tng cng kh nng huy ng vn u t cho cc d n u t ca a phng thng qua phng thc pht hnh loi tri phiu thu nhp, loi tri phiu c pht hnh da trn ngun thu ti chnh ca d n, cng trnh v khng c cn i t ngn sch a phng. Chnh quyn cc tnh cn c chnh sch khuyn khch cc c quan cng quyn c chc nng cng ch pht hnh tri phiu ti tr cho cc d n, c s h tng k thut - x hi a phng. Trong trng hp cn thit, chnh quyn a phng c th thc hin bo lnh tng thm uy tn cho n v pht hnh. Tri phiu thu nhp c th pht hnh theo cc mc ch nh: Tri phiu xy dng nh : ti tr cho vic xy dng nhng khu dn c cho nhng gia nh c thu nhp thp; Tri phiu bnh vin: ti tr cho vic xy dng v vn hnh cc bnh vin; Tri phiu h thng cp thot nc: ti tr cho nhng d n cp thot nc cho dn c v cc ngnh thuc khu vc th; Tri phiu cng nghip: ti tr xy dng cc khu cng nghip, sn bay, bn cng, x l nc thi, nhim mi trng

5. Thu ht v pht trin cc nh kin to th trng

Cc nh kin to th trng thng l cc qu u t, cc cng ty chng khon vi cc hot ng c bn nh: u t, mi gii, i l, bo lnh pht hnh tri phiu. H l nhng nh phn phi tri

phiu thng xuyn, c tnh chuyn nghip cao nn c th a tri phiu vo giao dch trn th trng theo nhng phng thc khc nhau. Bn cnh giao dch S giao dch chng khon, trung tm giao dch chng khon, tri phiu c th giao dch theo hnh thc tha thun trn th trng OTC (th trng giao dch chng khon khng tp trung). Thay vo s thng qua cc cng ty chng khon pht hnh tri phiu, v y l thng l m cc nc thng s dng v s gim bt th tc v thi gian cho vic pht hnh. thu ht cc nh kin to th trng, cn dn ni lng s can thip v iu hnh ca c quan qun l tc B Ti chnh v li sut tri phiu nh lu nay. Nn bi b li sut trn tri phiu, hay ni cch khc li sut tri phiu khng nht thit phi n nh theo thi gian m thay i theo th trng. B Ti chnh cn a dng cc k hn vi vic pht hnh tri phiu di hn hn to ng cong li sut chun cho th trng vn, km theo l xy dng k hoch pht hnh theo lch biu cht ch cung cp iu n khi lng tri phiu cho th trng; ng thi, s dng k thut phi sinh phng chng ri ro i vi cc tri phiu di hn v iu chnh ng cong li sut chun bng vic a vo p dng hp ng mua bn li. 6. To tnh thanh khon cho tri phiu Tch th trng tri phiu ra khi th trng c phiu hnh thnh th trng tri phiu chuyn bit.

C cu li vic pht hnh tri phiu c th c xem l bin php th ba trong chnh sch c cu li th trng tri phiu. Theo , s pht hnh theo l tri phiu ri cng nim yt thay v theo t. Lm nh vy s khc phc tnh trnh qu nhiu tri phiu giao dch trn sn thay vo tp trung mt s l trong cng mt l s c nhiu nh u t s hu v giao dch thun li hn. V bn cnh , cng cn b thu tri phiu chnh ph y mnh s giao dch ca hng ho ny. Cn a dng ho pht hnh tri phiu: Tri phiu c li sut thay i theo li sut th trng, tri phiu c k hn thay i, tri phiu vi cc loi tin t khc nhau nh USD, EUR, Pht trin chng khon phi sinh t tri phiu doanh nghip nh hp ng tng lai, hp ng quyn chn, quyn c mua c phiu gng vi mt t pht hnh tri phiu, tri phiu chuyn i cam kt t l v thi gian chuyn i thnh c phiu. Gii php ny nhm mc ch to tnh thanh khon cho tri phiu. Cng vi gii php

ny, lin kt th trng tin t v vn nhm tng tnh thanh khon cho tri phiu cng c xem gii php ci cch ti chnh ca Vit Nam. 7. Khuyn khch hnh thnh t chc nh mc tn nhim trong v ngoi nc Thng tin v doanh nghip pht hnh tri phiu trn th trng i vi nh u t cn rt t. Nhiu doanh nghip pht hnh cn khng cng b nhng thng tin bt li ca mnh cho nh u t bit trc khi pht hnh. iu ny, lm cho nh u t khng an tm trong vic u t tri phiu cng ty. Do vy, vic thnh lp cng ty nh mc tn nhim cho th trng tri phiu l i hi tt yu v cp bch.
Cng ty nh mc tn nhim (CRA) gim thiu ri ro cho nn kinh t. CRA s nh gi cc ngnh kinh t, phn tch tin t, phn tch nh gi cc phng trnh u t ca Chnh ph, chng hn nh chng trnh pht trin ma ng, chng trnh xy dng cc nh my xi mng,gip minh bch ho thng tin ca doanh nghip, t chc pht hnh tri phiu. T y, nh u t c th bit c mc ri ro khi u t vo tri phiu doanh nghip, tri phiu a phng v tri phiu chnh ph. T , h c c s ra quyt nh c u t hay khng, v u t th vi li sut mong i ca h l bao nhiu? iu ny cng gip cho nhng doanh nghip, a phng v Chnh ph c mc tn nhim cao s c huy ng vn vi chi ph thp, ch khng co bng li sut tri phiu nh trc y. CRA tp trung nh gi cc t chc ti chnh, ngn hang, bo him, nh ch ti chnh phi ngn hang, doanh nghip sn xut kinh doanh ln, c nim yt trn th trng chng khon, doanh nghip pht hnh chng khon ra cng chng, cc tng cng ty nh nc, doanh nghip ln ca nh nc. CRA cng nh gi c Chnh ph, cc a phng, cc b trong vic pht hnh tri phiu di hn. CRA vi vai tr l mt t chc nh gi trung gian, c lp, chuyn nghip, s l phng thc tt nht qung b hnh nh ca nhng doanh nghip kinh doanh hiu qu u t, c cu ti chnh phng trnh ri ro v kh nng thanh ton. Thng qua nh gi cc doanh nghip, ngn hng, CRA s gip Chnh ph c nhng iu chnh chnh sch kp thi, c i sch qun l chng trnh x l n kh i. Trong tnh hnh hin ti ca Vit Nam, th Trung tm thng tin tn dng Nh nc (CIC) nn chuyn thnh Cng ty nh mc tn nhim l thch hp nht. Nh chng ta bit, va qua CIC t chc nh gi xp hn tn nhim ca cc doanh nghip trn sn nim yt; mt khc, hng nm CIC cng t chc nh gi xp hn cc doanh nghip, nhng thng tin v doanh nghip cng cha y nn mc chnh xc trong nh gi cng cha cao. Do vy, vic chuyn m hnh hot ng s c

nhiu im tng ng v thun li hn.

Ngoi CRA trong nc, th cn cho php mt s t chc nh mc tn nhim c uy tn ca nc ngoi thc hin hot ng nh mc tn nhim Vit Nam. Nh vy, vi CRA trong nc v nc ngoi s gi vn u t vo Vit Nam: Mt trong nhng l do khin cc nh u t cha dm u t mnh m vo th trng Vit Nam nh chng ta mong i, cng l v thiu mt cng ty nh mc tn nhim trn th trng vn Vit Nam. Da trn cc kt qu CRA mang li, cc nh u t mi c cng c thm nh, la chn danh mc u t, d bo tnh hnh pht trin doanh nghip v a ra quyt nh u t. Thng qua bng xp hng tn dng, nh u t s hiu r hn v sc mnh ti chnh ca cc cng ty, d dng nh gi cc t chc ti chnh c quan h kinh doanh hoc quan tm ti vic mua tri phiu ca cc cng ty ny. 8. Cc doanh nghip cn nng cao, i mi t duy qun l doanh nghip v s dng vn c hiu qu Cn to c nim tin cho nh u t; bo m an ton ti chnh; yu cu cc doanh nghip pht hnh tri phiu phi tun th theo chun mc kim ton Vit Nam v Quc t; u t i mi cng ngh, cc s liu phi c hch ton kp thi, chnh xc vi thc trng. Xy dng v thm nh d n tht k trc khi quyt nh u t; phi nhn din c ri ro trong hot ng kinh doanh v c bin php hn ch ri ro; m bo t l li nhun phi cao hn li sut tin gi tit kim. 9. y mnh vic pht hnh tri phiu ra th trng quc t Vi thnh cng ca t pht hnh tri phiu Chnh ph ra th trng quc t u tin vo thng 10/2005, th vic y mnh pht hnh tri phiu ra th trng quc t l cn thit nhm u t mt s d n trng im phc v cho pht trin kinh t t nc. Cn khuyn khch nhng doanh nghip ln trong nc pht hnh tri phiu ra th trng vn pht trin doanh nghip. m bo cho vic huy ng vn th trng quc t vi chi ph r, Vit Nam cn hon thin h thng php lut ph hp vi thng l Quc t v minh bch ho thng tin; khi mi c cc t chc xp hn tn nhim nh gi cao. Ngoi ra, cn c k hoch s dng ngun vn huy ng ngay nhm trnh lng ph,m

chng t cn phi va tr li. V vy, phi xem xt nhng d n c hiu qu, s dng vn c ngay, gii ngn c ngay th mi tnh n phng n pht hnh. 10. Hon thin khung php l, nng cao hiu lc, hiu qu qun l, gim st ca Nh nc Hon thin h thng khun kh php l thng nht, ng b p ng c yu cu qun l, gim st v hi nhp vi th trng tri phiu ca khu vc v quc t. B sung cc ch ti x l nghim minh v dn s, hnh s phng nga v x l cc hnh vi vi phm trong hot ng trn th trng tri phiu. p dng cc tiu chun gim st th trng theo thng l quc t; y mnh vic thanh tra, kim tra, gim st vic tun th php lut ca cc thnh vin tham gia th trng; kim tra, gim st hng ho a ra th trng, m bo tnh cng khai, minh bch; tng cng nng lc gim st, cng ch thc thi ca c quan gim st th trng. Cng c b my, nng cao nng lc qun l, gim st ca Nh nc i vi th trng tri phiu; tng bc tch bch chc nng qun l vi chc nng gim st cc hot ng ca th trng; sm nghin cu thnh lp C quan gim st ti chnh quc gia, gip Th tng Chnh ph iu phi chnh sch v cng c cnh bo, iu hnh, gim st hot ng ti chnh tin t tm v m. Ngoi ra, i vi th trng pht hnh, s xy dng h thng cc i l cp I vi trch nhim tham gia mua tri phiu trong cc t pht hnh v quyn li: u i thu, vay ti cp vn...; ng thi s hn ch bn l, tp trung pht hnh gn lin vi nim yt trn th trng chng khon; xy dng k hoch tng th ton th trng; quy nh bt buc cng khai ho thng tin; tng bc hnh thnh li sut chun cho th trng bng cch tng s lng thnh vin tham gia u thu tn phiu kho bc, tng bc xo b li sut ch o trong u thu tn phiu, a dng ho k hn tri phiu chnh ph pht hnh; pht hnh tri phiu hp nht nhm to l ln cho giao dch tri phiu thng qua vic mi nm ch pht hnh 2 n 4 loi tri phiu v thc hin u thu coupon, bn tri phiu theo hnh thc thp hn hoc cao hn mnh gi. i vi th trng giao dch, thc hin nng cp h thng giao dch, lu k, thanh ton b tr bng vic t ng ho h thng lu k, thanh ton b tr, rt ngn thi gian thanh ton, thnh

lp trung tm lu k c lp; pht trin cc nh ch trung gian trn th trng v cc nh u t c t chc; xy dng th trng giao dch tho thun.

TI LIU THAM KHO

 Th trng ti chnh chng khon NXB Thng k (2008) PGS. TS Bi Kim yn Trng i hc Kinh t Tp. H Ch Minh Website: http://www.mof.gov.vn Website: http://tintuc.timnhanh.com Website: http://www.tuoitre.com.vn Website: http://www.thanhnien.com.vn Website: http://www.saigontimes.com.vn Website: http://www.vneconomy.com.vn V mt s website khc.