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THC TRNG TH TRNG TRI PHIU VIT NAM

2. NI DUNG TRNH BY
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QT hnh thnh v pht trin TT Tri phiu VN Tng quan v c cu th trng Tri phiu VN Thc trng Th trng Tri phiu Vit Nam Mt s gii php nhm nng cao tnh hiu qa cho th trng Tri phiu Vit 3. I - QU TRNH HNH THNH

Nam

Thng 3/1991, B Ti chnh quyt nh pht hnh cc loi tn phiu v tri phiu kho bc huy ng vn cho Ngn sch nh nc v cho u t pht trin. y l thi im nh du s ra i ca th trng Tri phiu Chnh ph.
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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 DN bt u manh nha hnh thnh.
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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.
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4. I - QU TRNH PHT TRIN


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Giai on 1991 1994 : Pht hnh trc tip qua h thng kho bc nh nc di cc hnh thc : tn phiu KB ngn hn 3-6 thng; Tri phiu KB trung hn 1-3 nm. Ngun vn huy ng t cc tn phiu, tri phiu ch yu c s dng b p bi chi NSNN.

5. I - QU TRNH PHT TRIN (tt)


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Giai on 1995 1999 : Th trng tri phiu CP c mt bc pht trin ng k nh s ra i th trng u thu tn phiu kho bc qua s giao dch NHNN vi cc thnh vin tham gia l cc ngn hng thng mi v cc t chc ti chnh tn dng Tuy nhin trong giai on ny, li sut trng thu lun thp hn li sut cho vay ca NHTM. Vic tham gia u thu tri phiu ch l mt gii php linh ng ca cc NH khi ng vn

6. I - QU TRNH PHT TRIN (tt)


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Giai on t 2000 2006 :

Th trng tri phiu CP bc sang mt thi k pht trin mnh m sau khi Chnh ph ban hnh Ngh nh 01/2000/CP i mi c ch pht hnh tri phiu Chnh ph

Theo cc hnh thc pht hnh tri phiu mi bt u vn hnh: u thu qua TT GDCK (TT GDCK TP.HCM ra i), bo lnh pht hnh v th im bn tri phiu theo gi chit khu

Trong giai on ny TTTP Vit Nam c nhng khi sc. Tuy nhin vn c nh gi l TT cn rt non tr, hng ho ch yu l Tri phiu ca CP.

Tng gi tr tri phiu pht hnh khong 70.000-80.000 t ng, trong 80% l tri phiu do Chnh ph pht hnh.

7. I - QU TRNH PHT TRIN (tt)


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Giai on 2007 2008:

Vi tnh hnh th trng c phiu ang xung dc nhanh, Th trng tri phiu c nhn nhn s c s tng trng mnh c bit trong nm 2008 8. NI DUNG TRNH BY
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QT hnh thnh v pht trin TT Tri phiu VN Tng quan v c cu th trng Tri phiu VN Thc trng Th trng Tri phiu Vit Nam Mt s gii php nhm nng cao tnh hiu qa cho th trng Tri phiu Vit 9. II - C CU TTTP VIT NAM

Nam

Hnh 2.2.1 : C cu th trng vn Vit Nam

(Ngun: www.mof.gov.vn-B Ti Chnh) 10. II - C CU TTTP VIT NAM (tt)


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Hnh 2.2.2 : C cu pht hnh tri phiu

(Ngun: www.mof.gov.vn-B Ti Chnh) 11. II - C CU TTTP VIT NAM (tt)


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Bi cnh quc t:

Hnh 2.1.1 : Th trng ti chnh ng (Ngun: Bo co James H.Lau. Jr, gim c v ngoi hi WTO) 12. o Th trng tri phiu Vit Nam cn rt hn ch, ch chim khong 8-9% GDP.
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Th trng tri phiu quc t, M, Nht Bn v EU chim n 80%.

Th trng tri phiu Singapore, Malaysia v Thi Lan chim khong 30-

40% GDP. II - C CU TTTP VIT NAM (tt) 13. II - TNG QUAN V TTTP VN Th trng Tri phiu VN bao gm: tn phiu kho bc, tri phiu CP, tri phiu chnh quyn a phng, tri phiu doanh nghip (bao gm c tri phiu ngn hng thng mi), chng ch tin gi v cc chng khon n c gi tr khc.
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y l mt th trng ang pht trin thu ht s quan tm ca cc nh u t v t chc ti chnh nc ngoi.


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Vo cui 2006, c khong 375 loi Tri phiu CP v Tri phiu DN c nim yt trn th trng chng khon, vi tng mnh gi khong 5 t USD.
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Cc giao dch Tri phiu CP chim t l ch yu ca ton th trng.

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.
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Tri phiu CP chng t c tm quan trng vi t cch l mt ngun vn u

t. II - TNG QUAN V TTTP VN (tt) 15. II - TNG QUAN V TTTP VN (tt)


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Trong 3 loi tri phiu hin c pht hnh v mua bn ti Vit Nam, bao

gm: Tri phiu CP v tn phiu kho bc Tri phiu chnh quyn a phng Tri phiu doanh nghip

Khi lng Tri phiu CP chim u th trn th trng vi 81% th phn,trong khi tri phiu a phng l 10%, v Tri phiu DN 9%
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16. Trong 5 nm giai on 2006-2010, GDP c k vng tng trng mc 8% 8,5%, tng vn u t cn thit c c tnh l 2.675.000 t ng, tng ng 39,9% GDP.
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Do , nhu cu vn qua pht hnh tri phiu c c tnh l 187.250 t ng. Trong , tri phiu chnh ph s chim th phn ln nht c v khi lng v gi tr.
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II - TNG QUAN V TTTP VN (tt) 17. Th trng tri phiu Vit Nam

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ng cong li sut Tri phiu chnh ph Ngun: Reuters ngy 26/10/2007 18. Bin ng li sut tri phiu CP

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Tnh hnh bin ng li sut TPCP k hn 5 nm

Tng khi lng TPCP pht hnh trong nm 2007 (bao gm TPCP do VDB pht hnh): gn 25.000 t ng 19.
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Nhn xt chung:

C th ni, th trng Tri phiu VN c cho l vn cn trong giai on u ca s pht trin, trong Tri phiu CP l mt tim nng ln. Tri phiu CP VN hin nay c coi l hp dn cc nh u t trong nc v quc t c v li sut v an ton.
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Tuy nhin, th trng Tri phiu DN vn l mt ngun cung cp vn y tim nng ca cc DN, c bit l ti th trng ti chnh ang pht trin nhanh chng nh VN. Mi quan tm ln nht hin nay l lm th no khuyn khch cc DN s dng th trng ny mt cch c hiu qu trong k hoch huy ng vn ca DN.
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20. III - THC TRNG TTTP VIT NAM


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1. Hot ng ca TT s cp v Tri phiu VN 1.1 - Tri phiu chnh ph 1.2 - Tri phiu cng ty 2. Hot ng ca th trng Tri phiu th cp 2.1 - V nim yt Tri phiu 2.2 - V giao dch tri phiu

21. 1.1 TRI PHIU CHNH PH


Tn phiu kho bc Tri phiu CP, TP kho bc Cng tri Tri phiu u t Tri phiu CQP Tri phiu ngoi t Tri phiu c bit Tri phiu quc t

22. Tn phiu kho bc Tn phiu kho bc c pht hnh qua Kho bc t thng 10/1992 n thng 3/1995 vi tng doanh s trn 13.000 t ng. Li sut tn phiu gim dn qua cc nm, t 5%/thng nm 1991 xung cn 1,7%/thng nm 1995.
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T thng 6/1995 n thng 12/2004, B Ti chnh phi hp vi Ngn hng Nh nc (NHNN) t chc 392 t u thu tn phiu kho bc vi 63.718 t ng.
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23. Th trng u thu tn phiu kho bc nm 2004 gm 48 thnh vin vi 5 ngn hng thng mi (NHTM) nh nc, 20 NHTM c phn, 4 ngn hng lin doanh, 12 chi nhnh ngn hng nc ngoi, 6 cng ty bo him, Qu tn dng nhn dn Trung ng
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Hin nay, thng thng ch c 5 - 8 thnh vin tham gia u thu. Li sut l li sut ch o ca B Ti chnh.
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Tn phiu kho bc (tt) 24. o c bn l qua h thng Kho bc Nh nc (KBNN), u thu qua Trung tm Giao dch chng khon (TTGDCK), bo lnh pht hnh, i l pht hnh. 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%.
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Tri phiu CP, TP kho bc NN 25. o 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 t.
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Tri phiu CP, TP kho bc NN (tt) 26. o 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.

Tri phiu CP, TP kho bc NN (tt) 27.

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 trn u gp phn lm tng chi ph vn cho nn kinh t.

Tri phiu CP, TP kho bc NN (tt) 28. Tri phiu CP, TP kho bc NN (tt) 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.
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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.
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29. Tri phiu CP, TP kho bc NN (tt) 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.
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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.
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30. Tri phiu CP, TP kho bc NN (tt) 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.
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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.
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31. Tri phiu CP, TP kho bc NN (tt) 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.
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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.

32. Tri phiu CP, TP kho bc NN (tt) 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.
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Cng tri xy dng t quc pht hnh nm 1999 vi 4.495 t ng, k hn 5

nm; Cng tri gio dc vi 2.579 t ng vi k hn 5 nm, li sut 8% nm, trong Bo him x hi, cc t chc tn dng, cng ty bo him mua 80 %, dn c mua 20%.
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Cng tri 34.


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Tn ti ca vic pht hnh cc loi cng tri l : Pht hnh dng chng ch nn tn km, d b lm gi. Pht hnh qua TTGDCK t kt qu thp.

Bo lnh pht hnh cn hn ch, thc cht l pht hnh ring l theo c ch tho thun, trong cc t chc bo lnh pht hnh gi tri phiu vi t cch l mt cng c u t m khng pht hnh ra cng chng. Ph bo lnh l 0,15% to tm l cho cc nh ch ti chnh thch thc hin bo lnh hn l u thu trong nhng t pht hnh tri phiu cng k hn c li sut tng ng.
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Cng tri (tt)

35. y l loi tri phiu do KBNN pht hnh nhm huy ng vn theo lnh ca Th tng Chnh ph cho cc d n thuc ngun vn ca ngn sch trung ng ghi trong k hoch, song cha b tr ngn sch trong nm. Gm:
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Tri phiu ng dy 500 KV pht hnh nm 1992: Tng s thu l 334 t ng, p ng c 6,5% tng vn u t cho cng trnh ny.
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T nm 1995 - 2002: KBNN pht hnh tri phiu cho mt s cng trnh t 347

t ng. Tri phiu cng trnh trung ng 36. o Nm 2003, B Ti chnh pht hnh tri phiu Chnh ph huy ng vn cho cc cng trnh trng im ca quc gia trong ngnh giao thng v thu li vi 4.492 t ng qua 3 hnh thc: bn l, u thu qua TTGDCK v bo lnh pht hnh. Mt s hn ch: K hn 1 nm, gy kh khn trong thanh ton; C ch thm nh v xt duyt phng n phc tp v cha ng b.
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Tri phiu cng trnh trung ng (tt) 37. o L loi tri phiu c k hn trn 1 nm do cc t chc ti chnh nh nc, cc t chc tn dng c Th tng Chnh ph ch nh pht hnh nhm huy ng vn u t theo chnh sch ca Chnh ph. Loi ny hin nay do Qu h tr pht trin pht hnh. Nm 2001, KBNN pht hnh cho Qu 150 t ng tri phiu k hn 5 nm; nm 2002 - 2003, KBNN tip tc huy ng cho qu vi 57 t v 6.480 t ng tri phiu k hn 2 n 15 nm...
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Tri phiu u t 38. o Ngoi ra, Qu phi hp vi TTGDCK TP.HCM pht hnh tri phiu thng qua u thu. Nm 2002, pht hnh 20 t tri phiu vi tng s tri phiu gi thu l 3.600 t ng, gi tr tri phiu huy ng t 155 t ng, bng 4,3% khi lng tri phiu gi thu, k hn tri phiu l 5 nm li sut 7,8 - 8,1%/nm, 7 nm li sut 8,1%/nm, 10 nm li sut 8,3 - 9%/nm. Nm 2003, Qu h tr pht trin t chc 4 t pht hnh vi khi lng 357 t ng, k hn 10 nm v 15 nm, li sut 9,3 - 9,5%/nm. Tri phiu u t (tt) 39. o Mt s hn ch: Qu huy ng vi li sut th trng, cho vay theo li sut u i nn pht sinh l, ngn sch nh nc phi cp b chnh lch. Cu v tri phiu di hn khng p ng c cung tri phiu di hn. Tri phiu u t (tt) 40. o c pht hnh theo phng thc u thu, bo lnh hoc i l pht hnh. 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 cho cng chng ca chnh a phng thng qua KBNN. Nm 1994 - 1995, B Ti chnh phi hp vi UBND mt s tnh nh Ngh An, TP.HCM, Khnh Ho, C Mau... pht hnh tri phiu chnh quyn a phng u t vo ng x, nh my ximng... v thanh ton ht khi n hn.
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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.
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Tri phiu chnh quyn a phng 41. o Nm 2003, UBND TP. HCM pht hnh gn 2000 t ng tri phiu th qua 2 t: t 1 bn l cho cng chng vi tri phiu k hn 2 nm li sut 8,52% nm v k hn 5 nm li sut 9% nm

t 2 u thu qua TTGDCK. Hin nay, H Ni ang c k hoch pht hnh tri phiu khong 5.600 t ng k hn d kin 5 nm.

Tri phiu chnh quyn a phng (tt) 42. o y l loi tri phiu k hn trn 1 nm do B Ti chnh pht hnh cho cc mc tiu ch nh ca Chnh ph theo phng thc bn l qua h thng KBNN v u thu qua NHNN. Nm 1993 - 1994, KBNN pht hnh tri phiu ngoi t k hn 1 nm li sut 4,2%/nm v 2 nm li sut 4,5%/nm, doanh s pht hnh ch t 1,3 triu USD.
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Nm 2003, B Ti chnh pht hnh tri phiu k hn 5 nm li sut 3,5%/nm qua bn l v u thu ti NHNN, tng s tin t 31,4 triu USD, t 31% k hoch.
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Tri phiu ngoi t 43. o Loi tri phiu c pht hnh cho cc NHTMNN nm gi, c ghi tng vn iu l nh mt loi ti sn ca ngn hng, sau 5 nm k t ngy pht hnh mi c chuyn nhng. Thng 8/2002, B Ti chnh pht hnh tri phiu ny vi tng tr gi l 7.849 t ng, k hn 20 nm, li sut c nh l 3,3,%/nm v c thanh ton hng nm.
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Tri phiu ny khng huy ng vn bng tin, song l mt gii php tng vn iu l cho cc NHTMNN.
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Tri phiu c bit 44. o Chnh ph Vit Nam pht hnh tri phiu quc t chuyn i n qu hn nc ngoi v c ch trng huy ng mi trn th trng vn quc t.

Tng s tri phiu chuyn i n l 566 triu USD bao gm tri phiu chit khu, tri phiu ngang gi v tri phiu i vi n li qu hn.
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Ngy 27/10/05 Chnh ph pht hnh tri phiu ti TTCK New York t 750

triu USD . y l t pht hnh tri phiu quc t ln u tin v thnh cng nht trn th trng vn th gii trong nhiu nm qua
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Tri phiu quc t 45. 1.2 TRI PHIU CNG TY - Cng ty c phn cng ngh thng tin (EIS) pht hnh tri phiu chuyn i k hn 3 nm, huy ng 10 t ng, li sut 8%/nm vo nm 2001. Nm 2004 c chuyn i thnh c phiu theo h s chuyn i c xc nh trc.
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- Nm 2003, Tng Cng ty Du kh Vit Nam phi hp cng B Ti chnh pht hnh 300 t ng tri phiu doanh nghip, k hn 3 nm.
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- Trc , nm 1994, Cng ty Xi mng Hong Thch pht hnh 44,45 t ng tri phiu k hn 4 nm. Nm 1994, tri phiu xi mng Anh Sn pht hnh tri phiu k hn 3 nm, 5 nm, li sut 15%/nm vi 7,96 t ng.
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46. 1.2 TRI PHIU CNG TY 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.
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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.
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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.
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47. 1.2 TRI PHIU CNG TY (tt) 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.
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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
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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.
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48. 1.2 TRI PHIU CNG TY (tt) Ngy 29/11/2007, 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.
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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.
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49. 1.2 TRI PHIU CNG TY (tt) K hn ca tri phiu hu ht l di, ngn nht l 2 nm, di nht l 10 nm (tri phiu ca EVN c k hn 10 nm, Vinaconex v Lilama l 5 nm,). Cc ngn hng thng hn ch trong vic cho vay cc khon vay di hn nh th.
o

Tuy nhin, trong iu kin lm pht cao, mi trng chnh sch khng m bo v do tc ng ca cc bin ng kinh t quc t gy nn tm l thiu tin tng ca cc nh u t vo 1 loi tri phiu c thi hn qu di.
o

50. 1.2 TRI PHIU CNG TY (tt)


o

S liu tri phiu cng ty (n nm 2004) Cng ty cho thu ti chnh quc t pht hnh tri phiu t nm 1999 n ht nm 2001 l 80 t ng, k hn 12 thng, 24 thng, 36 thng. Cc cng ty cho thu ti chnh ca Ngn hng Cng thng, Cng ty ti chnh Tu thy, Cng ty ti chnh Cao su cng pht hnh tri phiu.

Nm 1996, Cng ty c phn C in lnh (REE) pht hnh tri phiu chuyn i k hn 3 nm, huy ng 5 triu USD, li sut 4,5%/nm. Loi ny c chuyn i vo nm 1998.

51. 2. HOT NG CA TH TRNG TRI PHIU TH CP


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2.1 V nim yt tri phiu:

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S GDCK TP.HCM: Quy m nim yt hin ti:

0,00 50,49 0,65 48,86 100,00 T trng (%) 0,00 55.858.025,00 714.095,30 54.051.440,66 110.623.560,96 GT nim yt (triu ) 0,00 9,30 1,18 89,52 100,00 T trng(%) 0,00 561.550,25 71.409,63 5.405.144,07 6.038.103,95 KL nim yt (ngn CK) 0,00 70,89 0,57 28,54 100,00 T trng (%) 0,00 375,00 3,00 151,00 529,00 S CK nim yt(1 CK) Khc Tri phiu Chng ch C phiu Ton th trng S GDCK TP.HCM 52. BIU QUY M NIM YT TP.HCM 53. S GDCK TP.HCM: Tnh hnh nim yt : 0,00 0,00 15.822,12 15.822,12 Nim yt b sung 169.980,75 0,00 407.404,61 577.385,35 Nim yt mi(1000 CK) 1/1/200531/12/2005 0,00 0,00 99.427,63 99.427,63 Nim yt b sung 192.722,51 50.000,00 1.765.549,10 2.008.271,61 Nim yt mi(1000 CK) 1/1'2006-31/12/2006 0,00 0,00 687.100,74 687.100,74 Nim yt b sung 0,00 21.409,53 1.460.815,17 1.482.224,70 Nim yt mi(1000 CK) 1/1/2007 - 23/5/2008 0,00 0,00 240.356,21 240.356,21 Nim yt b sung 4.660,00 0,00 439.535,02 444.195,02 Nim yt mi(1000 CK) 1/1/2008 23/5/2008 Tri phiu Chng ch qu C phiu Ton th trng S GDCK TP.HCM 54. 2. HOT NG CA TH TRNG TRI PHIU TH CP
o o o

2.1 V nim yt tri phiu (tt): TT GDCK H NI: Quy m nim yt hin ti:

89.31 10.69 100.00 T trng (%) 129,294,298,600,000 15,473,892,990,000 144,768,191,590,000 Tng gi tr nim yt 83.56 54.48 100.00 T trng (%) 1,292,942,986 1,547,389,299 2,840,332,285 Tng khi lng nim yt 445 137 582 S chng khon nim yt Tri phiu C phiu Ton th trng TT GDCK H Ni 55. TNH HNH NIM YT H NI 1,200,000,000,000 12,000,000 7 1/1/2005 31/12/2005 17,090,000,000,000 170,900,000 85 1/1/2006-31/12/2006 52,225,598,600,000 522,255,986 85 1/1/2007 -31/12/2007 28,994,000,000,000 289,940,000 27 1/1/2008 -23/5/2008 Gi tr nim yt Khi lng nim yt S chng khon nim yt Tri phiu - TT GDCK H Ni 56.
o o

Tri phiu Chnh ph c nim yt l ch yu vi 99,3% tng gi tr nim yt.

Trong cc loi tri phiu, ch c tri phiu kho bc k hn 5 nm c nim yt; trong cc loi tri phiu u t, ch c tri phiu Qu h tr pht trin l c nim yt. Cha c tri phiu cng trnh no c nim yt. Trong cc tri phiu cng ty mi ch c tri phiu ca NHT&PTVN l c nim yt vi tng gi tr nim yt l 157,7 t ng, chim 0,66% gi tr nim yt. Nh vy, tri phiu cha thc s m bo c tnh thanh khon vn c ca n.
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2.1 V nim yt tri phiu 57. 2.2 V quy m giao dch tri phiu

S GDCK TP.HCM:

22.204,037 22.204,037 0,000 GT giao dch(t VND) 216.344.425,000 216.344.425,000 0,000 KL giao dch 1/1/2005 -31/12/2005 48.173,457 48.173,457 0,000 GT giao dch(t VND) 472.760.447,000 472.760.447,000 0,000 KL giao dch 1/1/2006 -31/12/2006 39.918,828 39.918,828 0,000 GT giao dch(t VND) 380.987.007,000 380.987.007,000 0,000 KL giao dch 1/1/2007 -31/12/2007 20.289,120 20.289,120 0,000 GT giao dch(t VND) 198.332.339,000 198.332.339,000 0,000 KL giao dch 1/1/2008 - 23/5/2008 Tng cng Tha thun Khp lnh Khi lng/Gi tr Tri phiu s GDCK TP.HCM 58. 2.2 V quy m giao dch tri phiu (tt)
o

QUY M GIAO DCH TRONG 12 THNG GN Y

2.554,746 23.307.152 0,000 0 Feb-07 4.512,198 42.806.436 0,000 0 Mar-07 2.266,582 21.697.585 0,000 0 Apr-07 4.458,670 43.239.334 0,000 0 May-07 4.707,844 45.101.188 0,000 0 Jun-07 2.829,447 26.819.260 0,000 0 Jul-07 2.370,059 22.314.408 0,000 0 Aug-07 2.608,884 24.943.609 0,000 0 Sep-07 2.358,432 23.071.225 0,000 0 Oct-07 4.069,542 38.931.498 0,000 0 Nov-07 2.028,430 19.787.852 0,000 0 Dec-07 4.328,472 41.525.905 0,000 0 Jan-08 (t ng) (v: 1ck) (t ng) (v: 1ck) Gi tr Khi lng Gi tr Khi lng Tha thun Khp lnh Tri phiu s GDCK TP.HCM 59. 2.2 V quy m giao dch tri phiu (tt)
o

TT GDCK H Ni: vi quy m giao dch

78,061,900,000 781,830 1/1/2005 - 31/12/2005 7,001,817,977,290 68,593,370 1/1/2006 31/12/2006 77,521,337,217,560 752,732,400 1/1/2007 -31/12/2007 34,996,004,172,250 355,217,150 1/1/2008 -23/5/2008 Tng gi tr Tng khi lng Tri phiu TT GDCK H Ni 60. So snh Khi lng giao dch TP TT H Ni
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Nm 2008 Nm 2007 61. So snh Gi tr Giao dch TP TT H Ni

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Nm 2008 Nm 2007

62. Tri phiu phn ln c giao dch vi phng thc tho thun. Nh u t c nhn rt t u t vo tri phiu m ch yu l nh u t c t chc vi trn 96% gi tr giao dch nm 2003 v trn 97% nm 2004.
o

Cc NHTM, cc cng ty chng khon tham gia tch cc nht vo hot ng ny, cc cng ty bo him cha mn m vi t trng gn 20% nm 2004.
o

2.2 V giao dch tri phiu 63. Mt s tri phiu tiu biu
o

Tri phiu chnh ph pht hnh ra quc t

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Tri phiu chuyn i Vietcombank Tri phiu EVN (tng Cty in lc VN) 64. Tri phiu CP pht hnh ra quc t

o o o o o o o

Loi tri phiu c li sut c nh Mnh gi: 750.000.000USD Li sut danh nghi: 6,8755%/nm Ngy pht hnh: 15/01/2006 Ngy o hn: 15/01/2016 Thi hn: 10 nm Thanh ton li: 6 thng/ ln 65. Tri phiu CP pht hnh ra quc t (tt)

Gi th trng: 736.672.500USD (Gi bn cui cng ca Tri phiu Chnh ph Vit Nam cho cc nh u t nc ngoi bng 98,223% mnh gi )
o o o

=> li sut o hn ca tri phiu l 7,125%/nm. Li sut ny cao hn so vi Tri phiu kho bc M l 4,561%/tri phiu 10 66. Tri phiu CP pht hnh ra quc t (tt)

nm.

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Thnh cng t pht hnh TPCP pht hnh ra quc t :

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. 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.
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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
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67. Tri phiu chuyn i Vietcombank


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Bt li :

gi c phiu ln mc cao hn so vi nh gi ca gii u t. Nh u t mua tri phiu Vietcombank c th khng mun chuyn i gi tr tri phiu tng vn nm gi sang c phiuC phiu pht hnh s theo hnh thc u gi, nhng nh u t chin lc c th chp nhn gi rt cao nm gi c phiu ca Vietcombank68. Tri phiu chuyn i Vietcombank (tt)
o

L do:

Nu h chp nhn mua c phiu vi mc gi cao th gc u t l khng c li, bi gi c phiu s kh c th tng thm
o

Li sut ca tri phiu Vietcombank mc kh thp (6%/nm) so vi mt bng li sut hin nay trn th trng".
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Gi mt nm cng tc ti Vietcombank gi 65 triu ng: qu mo him -> ri ro do ngi bn ngh vic, b k lut
o

69. Tri phiu chuyn i Vietcombank (tt)


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Tri phiu tng vn Vietcombank khng c t l chuyn i.

Gi c hnh thnh ti phin u gi CP thi im VCB c phn ha. VCB khng c cam kt r rng v vic chuyn i. iu ny cho php l gii l l nh u t c quyn mua c phiu cng ging nh nh u t tham gia u gi, c th cng phi mua c phiu bng vi gi u. Khng thy thm quyn li no khc bit ngoi quyn u tin mua
o

70. Tri phiu chuyn i Vietcombank (tt)


o o o

Gi tri phiu c lc c mua bn vi gi gp gn 3 ln l qu cao. Thun li duy nht :

Ngi nm gi TP s c phiu thu li nhun. quyn u tin mua c phiu Vietcombank trong trng hp cung t hn cu c phiu khi Vietcombank c phn ha. Khi cu ln hn cung th quyn mua mi c gi v nhng ngi nm gi tri phiu c th bn quyn cho nhng ngi c nhu cu mua c 71. Trc nhu cu pht trin thnh mt tp on kinh t mnh trong thi gian t 2005-2010, EVN cn huy ng lng vn u t rt ln, khong 255.111 t ng.
o

Theo k hoch, t nay n nm 2010, EVN s thc hin pht hnh tri phiu hng nm, b sung vn u t cho cc d n ngnh in.
o o

Trong nm 2006 EVN c 8 t pht hnh tri phiu tng tr gi 6.000 t

ng TP CA TNG CTY IN LC VN (EVN) 72. TP CA TNG CTY IN LC VN (tt)


o o o o o

EVN thng bo pht hnh tri phiu doanh nghip t II/2006 nh sau: T chc pht hnh: T NG CTY IN LC VN Tng gi tr pht hnh: 500 t ng (Nm trm t ng) Thi gian pht hnh: 15/6/2006 Ngy tr li hng nm: 15/6

o o

K hn: 5 nm Ngy o hn: 15/6/2011 73. TP CA TNG CTY IN LC VN (tt)

o o o o

Li sut: Nm u: 9,6%/nm Mnh gi 1 triu ng/tri phiu.

Cc nm sau: bnh qun li sut tin gi k hn 12 thng tr sau ca 04 Ngn hng: Ngn hng Cng thng Vit Nam, Ngn hng Ngoi thng Vit Nam, Ngn hng u t v Pht trin Vit Nam, Ngn hng Nng nghip v Pht trin Nng thn Vit Nam cng b ti S Giao dch trn a bn H Ni vo ngy xc nh li sut Tri phiu hng nm + 1,2% .
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Hnh thc: Tri phiu ghi s

T chc bo lnh pht hnh v i l pht hnh: CNG TY CHNG KHON ACB (ACBS) 74. TP CA TNG CTY IN LC VN (tt)
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nh gi sc hp dn ca tri phiu EVN :

i vi nh u t c nhn, mc li sut m EVN a ra l kh hp dn, bi so vi cc hnh thc u t an ton khc nh gi ngn hng hay mua tri phiu chnh ph (k hn 5 nm, li sut 8,3-8,75%), th li tc m h thu v khi mua tri phiu EVN cao hn nhiu. i vi EVN, vic huy ng vn thng qua pht hnh tri phiu s gip Tng cng ty tit kim khong 1,55% trn tng gi tr tri phiu pht hnh mi nm so vi vic i vay ngn hng.
o

75. TP CA TNG CTY IN LC VN (tt)


o o

Thun li:

Ngnh in Vit Nam l mt trong nhng ngnh hp dn u t nht khu vc do tc tng trng kinh t v nhu cu in nng ca Vit Nam ang tng cao. Tng ti sn ca EVN bnh qun tng trn 15% nm, ngun vn ch s hu cng tng gn 12%/nm t 2002.
o

i vi cc nh u t trong nc, ngnh in ng th 4 v mc hp dn u t sau vin thng, ngn hng v du kh.


o

Khng ch hp dn bi li sut v mc an ton, sau t pht hnh, Ngn hng bo lnh s cng EVN cung cp cc dch v nh xc nhn chuyn nhng, cm c, chit khu tri phiu, to s thun tin cho nh u t.
o

76.
o o

Tri phiu EVN thu ht c c cc nh u t nc ngoi.

t pht hnh tri phiu doanh nghip ln 7 trong nm 2006 ca Tp on in lc Vit Nam (EVN) thnh cng ngoi mong i vi s lng ng k mua trong vng 1 tun gp 3 ln so vi s lng pht hnh; trong , 75% tri phiu c cc nh u t nc ngoi mua) M ra k nguyn mi cho th trng vn ni a ca Vit Nam, to c mt loi ti sn hon ton mi cho nh u t quc t.
o

nh gi sc hp dn ca TP EVN 77. o Bn cnh th trng c phiu vn si ng nhng thng trm th mt th trng khc ang chim s quan tm khng nh ca gii u t, c bit l nh u t (NT) c t chc, l th trng tri phiu. Trong d bo mi nht ca Ngn hng ANZ v th trng vn Vit Nam, cc chuyn gia nhn nh, nm 2008 ny, c nhu cu pht hnh v nm gi tri phiu ti Vit Nam u rt ln.
o

nh gi mt kh quan ca TP VN 78. o Thng k cho thy, nhiu phin trong thng 3 ti sn H Ni, NT giao dch gn 1 triu n v mi phin; cn ti sn TP. HCM, s lng tri phiu c giao dch ln ti 5 triu n v/phin. Mt s phin u thu tri phiu gn y, NT tham d v ng k tham gia rt ng. Li th ln nht ca tri phiu l li sut n nh, gi c t bin ng. Mc d gi tri phiu dao ng khng ng k, nhng vi NT t chc nm gi khi lng ln th li nhun thu v do chnh lch gi cng khng nh.
o

3. nh gi mt kh quan TTTP VN (tt) 79. o Theo Qu Tin t quc t (IMF), giao dch tri phiu ca cc nh TNN tng 55% trong nm 2007. So vi li sut 4 - 5%/nm nc ngoi, li sut 8,5%/nm ca tri phiu chnh ph Vit Nam c coi l rt hp dn, nht l trong bi cnh VND ang ln gi so vi USD.
o

Khi tri phiu o hn, chuyn t VND sang USD s c li, nh th nh TNN mua tri phiu c li c i ng.
o

3. nh gi mt kh quan TTTP VN (tt) 80. o Nm 2008, th trng tri phiu c nhn nhn s c s tng trng mnh. Nu nh nm 2007, Chnh ph pht hnh trn 50.000 t ng tri phiu chnh ph th nm nay, con s ny t nht cng t quy m tng ng.
o

Cn vi doanh nghip, nu nh nm 2006, lng pht hnh mi ch l 9.000 t ng th nm 2007 tng ln 36.000 t ng.
o

3. nh gi mt kh quan TTTP VN (tt) 81. o Hin c kh nhiu doanh nghip quan tm ti knh huy ng vn bng tri phiu. c bit, nu nh nm 2007, nhng doanh nghip c nhu cu tm vn qua knh ny thng l cc tp on, tng cng ty nh nc c tn tui, thc hin d n quy m ln vi nhu cu huy ng mi t t 500 t ng tr ln th nm nay, mt s cng ty c phn cng tm n hnh thc ny. i vi doanh nghip, vic pht hnh tri phiu s gip gim chi ph li so vi vic i vay v pht hnh c phiu.
o

3. nh gi mt kh quan TTTP VN (tt) 82. o Nu huy ng vn thng qua cho bn c phiu, doanh nghip thng ha hn phi tr t l c tc khong 12 - 15%/nm, thm ch 20%/nm; Mun m bo mc c tc ny th li nhun sau thu ca doanh nghip ti thiu cng phi t 20% vn iu l.

Nu chn phng n vay ngn hng th doanh nghip phi chu mc li sut bnh qun 11-15%/nm i vi khon vay c k hn trn 1 nm

Trong khi , chn knh huy ng vn bng pht hnh tri phiu, li phi tr cho tri ch ln nht ch khong 10,5%/nm i vi k hn 5 nm Hn na, li sut tr cho tri ch hng nm c tnh nh mt khon chi ph ca doanh nghip (trong chi ph thu) nn doanh nghip gim c p lc v chi ph vn.

3. nh gi mt kh quan TTTP VN (tt) 83. 3. nh gi mt kh quan TTTP VN (tt) Th trng c phiu ang xung dc, pht hnh c phiu cn gy hiu ng pha long lm gim th gi c phiu, to ra gnh nng cho c ng.
o

V vy, huy ng vn thng qua pht hnh tri phiu ang l phng n win win. Do quy m mi t pht hnh tri phiu t nht cng khong 300 t ng nn to thun li cho vic pht hnh, c cng ty chng khon cho gi dch v hp vn, c ngha l gp 3 - 4 doanh nghip cng tham gia pht hnh mt t.
o

84. 3. nh gi mt kh quan TTTP VN Tri phiu CP Vit Nam c cc nh u t nh gi kh cao. Thng 10 nm 2005, ln u tin tri phiu Chnh ph Vit Nam c pht hnh ra th trng vn quc t, 750 triu USD tri phiu c cc nh u t mua ht ngay trong vng 30 giy sau khi pht hnh. Mt kt qu kh c th kh quan hn
o

t tri phiu ny s c mua bn li trn tt c cc trung tm chng khon (th trng th cp) ln nh Hongkong, Singapore, London, New York, Boston... lin tc n nm 2016
o

Mc li sut ca tri phiu chnh ph Vit Nam hin ang l 5,78%, thp hn mc 5,95% ca loi tri phiu c k hn v xp hng tn dng tng ng ca Chnh ph Brazil. iu ny chng t tri phiu ca Vit Nam c mc hp dn hn
o

85. 3. nh gi mt kh quan TTTP VN (tt) Chnh ph Vit Nam cng pht hnh thnh cng nhiu t tri phiu theo phng thc u gi li sut.
o

Trung tun thng 3/2007, 300 t ng tri phiu Chnh ph ln u tin c pht hnh u thu theo l ln (l 100, 200, 300... t ng) c cc nh u t nc ngoi mua ht vi mc li sut thp nht trong vng ba nm tr li y 6,8%/nm.
o

Ngay sau t pht hnh tri phiu l ln trn, ngy 15/3, tp on nh mc tn nhim Moodys ca M nng mc tn nhim i vi tri phiu chnh ph Vit Nam.
o

86. 3. nh gi mt kh quan TTTP VN (tt) V tri phiu chuyn i: Tri phiu chuyn i ca Ngn hng Ngoi thng (Vietcombank), ni chnh xc hn th y l tri phiu c quyn u i chuyn i thnh c phiu, c mt trn th trng thng 12/2005. c nh gi l mt mt hng rt li cho ngn hng ny khi li sut trng thu ch mc 6%/nm, thp hn nhiu so vi li sut trn th trng vo khong 8-10%.
o

Cc ngn hng khc nh SCB, Agribank, ACB cng pht hnh tri phiu chuyn i ra th trng, to thm nhiu s la chn cho nh u t.
o

87. 3. nh gi mt kh quan TTTP VN (tt) Hin ti khong 80% lng vn cung ng cho DN va v nh l knh t ngn hng. Tuy nhin c c ngun vn t ngn hng li khng d, DN chu li cao v sc p v thi hn. Bn cnh l hng lot nhng th tc hnh chnh khc.
o

Thng qua pht hnh tri phiu, nh u t v DN d dng ngi li vi nhau cng tho thun. l nhng iu kin rt m, to s ch ng v d dng hn cho DN tip cn vn so vi cch vay tin t ngn hng.
o

Hn th, y cng l cch loi tr s thiu minh bch trong hot ng ti chnh, cng nh nhng DN lm n km hiu qu
o

88. Hin nay th trng tri phiu Vit Nam mi trong giai on u pht trin vi s tn ti s khai 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
o

Quy m ca th trng tri phiu cn qu nh b, ch chim khong 3 - 6% GDP (nhng nc c TTCK pht trin, gi tr tri phiu chim 60 - 80% GDP).
o

4. nh gi mt hn ch ca TP VN 89.

VN cha thnh lp mt cng ty nh mc tn nhim no lm cho cc nh u t kh c th nhn ra ri ro li sut tim tng ca mt tri phiu.
o

iu ny s buc cc nh u t mun mua tri phiu phi 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
o

Cc cng ty ln do cn c nhiu bao cp trong tn dng di cc hnh thc nh bo lnh vay vn, c vay ODA, c cp mt phn vn Nh nc khin cc doanh nghip cha la chn tri phiu nh l mt hnh thc huy ng vn hiu qu
o

4. nh gi mt hn ch TTTP VN (tt) 90. o Tri phiu chnh quyn a phng pht hnh l tri phiu ngha v chung, nhng cc quy nh php lut ch ch trng vo mc ch s dng vn huy ng c, m khng ch trng kh nng tr n. Kh nng chuyn i ca tri phiu hin nay cn qu thp. Cc doanh nghip vn gi tin vo ngn hng i vi nhng khon tin cha s dng n ch khng mn m mua tri phiu
o

4. nh gi mt hn ch TTTP VN (tt) 91. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM Xy dng h thng nh gi chun xc nh li sut pht hnh hp l. 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.
o

Th ch php lut v chnh sch kinh t v m cn c ci thin hn na nhm nng cao mc xp hng, iu kin t c tiu chun u t ca cc ngun qu ln trn th gii.
o

Nng cao nng lc cu cc trung tm lu k chng khon to iu kin giao dch thun li v d dng hn cho cc nh u t.
o

92. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt) Thc hin nng cp h thng lu k, thanh ton b tr bng vic t ng ho h thng lu k.
o

Kt ni th trng trong nc vi cc nc trong khu vc to 1 th trng ln nhm thu ht cc nh u t nc ngoi


o

Ban hnh mu bn co bch chung cho cc t chc pht hnh tri phiu v cng b thng tin v k hoch ngn sch trung hn ca chnh quyn.
o

93. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt)
o

i vi th trng pht hnh: Cn thng qua cc cng ty chng khon pht hnh tri phiu

Xy dng h thng cc i l cp I vi trch nhim tham gia mua tri phiu trong cc t pht hnh vi quyn li: u i thu, vay ti cp vn...

Hn ch bn l, tp trung pht hnh gn lin vi nim yt trn th trng chng khon


Quy nh bt buc cng khai ho thng tin

94. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt)

i vi th trng pht hnh (tt):

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

95. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt)
o

i vi th trng giao dch: Thc hin 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 Hnh thnh cng ty nh mc tn nhim v xy dng th trng giao

t chc

dch tho thun. 96. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt)
o

i vi cc cp c thm quyn: 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. 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.

97. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt)
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i vi cc cp c thm quyn(tt):

-B Ti chnh, NHNN v cc c quan nh Hip hi cc nh u t ti chnh nn xem vic thnh lp, qun l v iu hnh cng ty nh mc tn nhim nh th no bi

hot ng nh mc tn nhim rt cn thit cho th trng tri phiu c bit l th trng th cp. V cc ch s tn nhim s c nh hng ti li sut tri phiu ca doanh nghip 98. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt)
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i vi cc cp c thm quyn(tt): Chnh ph nn c gii php 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 99. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt)

o o

i vi cc cp c thm quyn(tt):

Ni lng s can thip v iu hnh ca c quan qun l ( B ti chnh) v li sut tri phiu: + Bi b li sut trn TP: Li sut TP s khng n nh theo thi gian m thay i theo th trng.
o o o

+ a dng hnh thc pht hnh tri phiu theo hng linh hot v gi

Khuyn khch cc tp on, cng ty ln pht hnh tri phiu doanh nghip v ci tin cc hnh thc giao dch tng tnh thanh khon ca th trng 100.
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IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt) C cu li vic pht hnh tri phiu:

+ Pht hnh theo l tri phiu ri cng nim yt thay v theo t nhm khc phc tnh trng qu nhiu TP giao dch trn sn. i vi TPChnh Ph mi nm ch nn pht hnh t 2 n 4 loi.
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+ To tnh thanh khon cho tri phiu

- Ci cch ti chnh : lin kt th trng tin t v vn nhm tng tnh thanh khon cho tri phiu 101.
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IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt)

Khuyn khch hnh thnh cc t chc tn nhim trong nc v quc t nhm nh gi chnh xc gi tr ca tri phiu pht hnh cng nh n v pht hnh. - Ph cp v nng cao kin thc v th trng chng khon cho cng chng v cc nh u t, c bit l cc nh u t c nhn cng cn c tng cng.
o

102.
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IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt)

=> Tuy nhin, tri phiu c xem l cng c to vn cho chng trnh u t quc gia, th vn quan trng l tnh hiu qu ca vic s dng vn. Khi Ngn sch thm ht th Chnh ph s pht hnh tri phiu Chnh ph (hay cc DN thiu vn u t s pht hnh tri phiu cng ty). M y chnh l khon n phi tr. tr c n th ngun

vn huy ng t tri phiu phi c t sut sinh li ti thiu phi bng li sut tri phiu. Do cn c bin php kim sot cht ch v s dng ngun vn ny ng mc ch, trnh lng ph t hiu qu cao nht. 103.
o o o

Gii php c th cho th trng tri phiu CP : To mi trng kinh t v m thun li

K hoch ha v chin lc ha chnh sch huy ng vn thng qua pht hnh tri phiu CP.
o o o o o

Tng cng hiu qu s dng vn. a dng ha k hn pht hnh C ch iu hnh li sut TPCP cn linh hot ph hp li sut th trng To lp h thng cc nh giao dch Pht hnh ra th trng quc t

IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt) 104. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt)
o o o o

Gii php c th cho th trng tri phiu CQP: - Khuyn khch v to iu kin cho a phng pht hnh - Cng khai ha ngn sch a phng - Thnh lp t chc nh mc tn nhim 105. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt) Gii php c th cho th trng tri phiu Cng ty :

o o

Vic pht hnh TPCTy l lnh vc cn mi m v cn nhiu kh khn, nhng y l hnh thc gip doanh nghip tip cn nhiu hn vi ngun vn trung v di hn, bn cnh ngun vn trung v di hn t h thng ngn hng ang dn b qu ti. Do vy, cn c nhng gii php c bn pht trin th trng ny. 106.
o o o o o

IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt) Gii php c th cho th trng tri phiu Cty (tt) : Thnh lp cng ty nh mc tn nhim Vit Nam: + nh gi cc t chc pht hnh trn th trng + Gip cc nh u t nh gi, nhn nh c hi u t tri phiu

+ Gip cc doanh nghip v cc t chc trung gian th trng xc nh mc li sut ph hp th trng.

107.
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IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt) Gii php c th cho th trng tri phiu Cty (tt) :

Hnh thnh li sut chun tri phiu Chnh ph: lm c s xc nh li sut pht hnh TPCty trn th trng.
o o

Phi c cc chnh sch khuyn khch cc doanh nghip pht hnh TPCty. Pht huy vai tr v nng cao nng lc ca cc t chc trung gian trn th Pht huy vai tr ca cc t chc bo lnh thanh ton tri phiu. 108. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt) Gii php c th cho th trng tri phiu Cty (tt) : y mnh pht trin th trng chng khon nhm nng cao tnh thanh khon

trng.
o

o o

cho TPCTy. Xy dng cc th ch th trng trong vic gim st ngun vn pht sinh t tri phiu, minh bch ho cc thng tin v t chc pht hnh.
o o o

a dng ho hnh thc cc loi tri phiu Nng cao trnh nhn nhn li ch ca vic pht hnh tri phiu cng ty. 109. IV. MT S GII PHP PHT TRIN TH TRNG TP VIT NAM (tt) Gii php c th cho th trng tri phiu Cty (tt) :

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=> Nh vy, c th tng bc pht trin th trng TPCTy, cn c nhng gii php mang tnh ng b v n lc t nhiu pha. 110.
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KT LUN

Th trng tri phiu Vit Nam cn nh nhng s ln, l nhn nh ca nhiu chuyn gia. R rng, th trng tri phiu Vit Nam hin nay cn kh non tr, ch yu vn l tri phiu chnh ph, tri phiu ca doanh nghip cn kh hn ch. Tuy nhin, quy m s c ci thin khi m nhu cu huy ng vn ca cc doanh nghip ngy cng ln, khi tri phiu l mt knh huy ng hiu qu.
o

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