1

TH TRNG CHNG KHON

1. Mc tiu ca chuyn
Cung cp cho hc vin nhng kin thc c bn v th trng chng
khon: khi nim, chc nng v c ch hot ng ca th trng
chng khon
Gip cho hc vin c mt kh nng nht nh trong vic phn tch
chng khon c th thc hin u t chng khon
Gp cho hc vin hiu bit thm thc tin v th trng chng khon
mt s nc trn th gii v Vit Nam.

2. Ni dung chuyn :
Bi 1: Tng quan th trng chng khon
Bi 2: Hng ha trn th trng chng khon v gi chng khon
Bi 3: nh gi c phiu v tri phiu
Bi 4: Pht hnh, nim yt v giao dch chng khon
Bi 5: u t v phn tch chng khon

3. Ti liu tham kho
Gio trnh th trng chng khon: ca cc trng i hc
Sch chuyn kho, tham kho v th trng chng khon ca
nhiu tc gi trong nc v ngoi nc
Tp ch, bo, mng internet
http/www.ssc.gov.vn: U ban CK nh nc
www.hastc.org.vn: Trung tm giao dch CK H ni
www.vse.org,vn : Trung tm giao dch CK TP HCM
Cc vn bn php lut v chng khn v TTCK


2
BI 1
TNG QUAN V TH TRNG CHNG KHON

1.1 Khi nim chng khon v th trng chng khon
1.1.1 Khi nim chng khon
- Chng v Khon u c ngha l bng c ( evidence). Bi vy ngha cn
bn ca chng khon (Securrities) l bng chng bng giy trng mc
en chng nhn khon tin vn m ngi s hu chng b ra nhng
quyn s dng chng cho ngi khc. Chng cha ng trong mnh
gi tr TS quy c thnh tin, c gi l giy c gi tr (giy c gi).
Trn thi trng, CK c php lut bo v, v c mua bn d dng,
nn CK c coi l ng sn.
- Theo cch hiu kinh in v ph bin trn th trng chng khon: Ni
n chng khon ngi ta mun ni n chng t ti chnh di hn c
th mua bn c trn TTCK. Bao gm c phiu v trI phiu di hn.
C th, Chng khon l t giy chng nhn v s tin vn gp hay
cho vay m c th em mua bn th trng chng khon.
- Ngy nay, TTCK ny cng m rng v hin i ho nn khI nim
chng khon cng c m rng hn. Chng khon l cc loi cng c
vn di hn, bao gm khng ch c phiu, trI phiu m cn gm cc
chng t ti chnh khc Hi ng chng khon ca tng quc gia quy
nh.
- Nc ta, trn phng din php l, Ngh nh 144/N- CP ngy
28/11/2003 v CK v THi trng CK, quy nh : Chng khon l
chng ch hoc bt ton ghi s xc nhn cc quyn v li ch hp php
ca ngi s hu chng khon i vi ti sn hoc vn ca t chc
pht hnh, gm: c phiu, tri phiu, Chng ch qu u t chng
3
khon ( Investment unit) v cc loi chng khon khc theo quy nh
ca php lut.
Chng khon ghi s (Book entry Securities) l nhng chng khon
khng theo hnh thc c chng ch bng giy ghi nhn vn c phn
gp hay s n cho vay. Chng khon ny ch l nhng bt ton ghi
vo s. Loi ny to iu kin thun li cho vic giao dch CK bng my
tnh.

1.1.2 Khi nim th trng chng khon
TTCK l ni hot ng giao dch mua bn chng khon di hn nh cc
loi trI phiu c phiu v cc cng c ti chnh khc nh chng ch qu
u t, cng c phi sinh ( hp ng quyn chn, chng quyn, bo
chng phiu.
Nh vy TTCK l th trng vn di hn, tp trung cc ngun vn cho
u t pht trin KT


Th trng chng khon: nh ngha
Ni mua bn, trao i CK
Cung gp cu -Gi









cung
Cu
Ch th
C nhu
cu tI
chnh
(vn)
Ch th
C kh
nng
ti
chnh
Chng khon
Tin Vn
4

1.2 Qu trnh hnh thnh v php trin ttck
1.2.1 Trn th gii
Nhiu ti liu cho rng, bui hp u tin ca TTCK xy ra nm
1453 ti mt l qun ca gia nh ng Vanber ti Bruges B. n nm
1547, thnh ph Bruges b mt I s phn vinh vi eo bin Even b ct lp,
tu b ra vo kh khn, mu dch trng y b sp v c ri
n th trn Auvers (B)- mt hI cng ln ca B hi v ngy cng
pht trin . T lan rng sang cc nc khc nh Anh, , Php, c,
Bc u v ngy cng cI tin, thay i tu theo iu kin ti mi quc
gia.
TTCK vi nhng hot ng gn nh ngy nay c t u th k th
17. T n nay, TTCK th gii trI qua nhng bc thng trm:
- Thi k huy hong nht l vo nhng nm 1875 -1913: TTCK
pht trin mnh cng vi s tng trng ca nn kinh t
- n ngy 29/10/1929- ngy m u cuc khng hong TTCK
Nevv York lm cho TTCK New York v cc TTCK Ty u, Bc u v
Nht Bn khng khong.
- Sau chin tranh th gii th 2, TTCK phc hi v pht trin
mnh.
Cuc khng khong ti chnh nm 1987 lm cho TTCK th gii
suy sp v kit qu.
- Nhng ch sau 2 nm TTCK th gii li I vo n nh , pht
trin v tr thnh mt nh ch tI chnh khng th thiu c trong i
sng kinh t ca nhng quc gia c nn kinh t pht trin theo c ch th
trng.
- Trong nhng nm gn y, TTCK trI qua mt cuc cch mng thc
s do c cc bin ng ln trong bi cnh kinh t, php l hoc k thut.
TTCK c nhiu ci cch pht trin nh ci cch cc ch thu,
5
thnh lp mt TTCK lhng chnh thc, to ra cc hnh thc chng
phiu mi, Hin i ho th trng vay n ca nh nc trn th
trng tn phiu kho bc, i mi k thut, tin hc ho mnh trong
giao dch

1.2.2 Vit Nam
Ngy 20/7/2000 khai trng Trung tm giao dch chng khon thnh ph
H Ch Minh
Ngy 28/7/2000, phin giao dch u tin c thc hin ti Trung
tm giao dch CK thnh ph H Ch Minh, v ch c mt ca 2 c phi
l LEE v CAP
Cui nm 2007, Trung tm giao dch chng khon Thnh ph H Ch
Minh nng cp thnh S giao dch chng khon
Tnh n 31/7/2008, ti S giao dch chng khon thnh ph H ch
Minh c 158 loi c phiu, 478 loi trI phiu v chng ch qu u t
ca 34 cng ty qun l qu nim yt giao dch
Ngy 8/3/ 2005, trung tm giao dch chng khon H Ni ra i, thc
hin u thu chng khon v mua bn giao dch nhng loi c phiu,
trI phiu cha c nim yt ti sn H Ch Minh. K hoch, n nm
2010 s pht trin thnh th trng OTC

S GIAO DCH CHNG KHON TP H CH MINH (HOSE)
( 31/03/2008)
Ch s : VNIndex
Ngy khai trng: : 20/07/2000
Ngy giao dch u tin : 28/07/2000
Thi gian giao dch : 8h30 10h30 Khp lnh,
: 10h30 11h00 Tha thun
Lch m ca : Th 2 Th 6 hng tun
6
S Cty nim yt : 153
Gi tr vn ha : 231.498 t ng
S phin giao dch : 1.757 phin
Gi tr giao dch bnh quan(2007) : 900 t / phin

TRUNG TM GIAO DCH CHNG KHON H NI(HASTC)
( 31/03/2008)

Ch s : HaIndex
Ngy khai trng: : 08/03/2005
Ngy giao dch u tin : 14/07/2005
Thi gian giao dch : 8h30 10h30 Khp lnh,
Lch m ca : Th 2 Th 6 hng tun
S Cty nim yt : 153
Gi tr vn ha : 82.308 t ng
S phin giao dch : 589 phin
Gi tr giao dch bnh quan(2007) : 322 t / phin


1.3 .Bn cht v c im ca th trng chng khon
1.3.1 Bn cht th trng chng khon
Xt v mt hnh thc: cc hot ng trao i mua bn cc
chng khon trn TTCK ch l vic thay i cc ch th nm gi chng
khon.
Xt v bn cht: y chnh l qu trnh vn ng tin vn t
ch th s hu chng sang ch th kinh doanh. Ch th tham gia TTCK
vi t cch l ngi b vn u t, anh ta l ch s hu t bn, cn khi
tham gia vi t cch l ngi s dng vn u t, anh ta thc hin chc
nng ca t bn kinh doanh. Do TTCK xt v mt bn cht, n phn
7
nh cc quan h mua bn trao i cc quyn s hu v TLSX v vn bng
tin. Hay ni cch khc, TTCK l nimua bn cc quyn s hu t bn (
quyn s hu tin vn). Ti nI ny ch th c kh nng vn v ch th
c nhu cu vn gp nhau trc tip
1.3.2 c im ca th trng chng khon
- TTCK chu chi phi ca quy lut cung, cu, gi c tng t nh
nh th trng hng ho khc
- Hng ho trn TTCK l mt loi hng ho c bit khc vi cc
hng ho thng thng khc- l chng khon. Do vic mua
bn trn TTCK l vic mua bn quyn s hu tin vn, gi c
y l gi phI tr cho quyn s dng tin vn, i tng mua bn
y l quyn s dng tin vn.
- Hot ng ca th trng chng khon, c bit l s giao dch
chng khon mang tnh t chc cao v trn c s tun th nhng
nguyn tc nghim ngt
- TTCK rt nhy cm vi cc bin c chnh tr v tnh trng kinh t
ca cc quc gia v ca cc doanh nghp c phn. Do tham gia
TTCK gp nhiu ri ro.

1.4 Vai tr ca th trng chng khon
TTCK c ngha rt quan trng trong s nghip pht trin kinh t ca cc
nc c nn kinh t th trng vi cc vai tr ch yu sau:
4.1.1 To vn cho nn kinh t quc dn, l cha kho ca pht trin:
- Huy ng vn tit kim trong nc
Trong kinh t th trng nhu cu giao lu vn gia nhng ngi cn vn
v nhng ngi c vn xut hin v ngy cng pht trin. S giao lu
gia ngi cn vn v ngi c vn c thc hin bng 2 cch:
Gin tip: qua cc trung gian tI chnh- l h thng ngn hng.
Tuy nhin ngn hng ch l ngi trung gian nn lI xut tin gi thp, lI
8
xut tin vay cao, thi hn vay ch c hn, nhng ngi c vn khng th
tham gia qun l cc doanh nghip m mnh u t. Do ngn hng
khng hp dn th ht ht cc ngun vn nhn ri v tit kim trong
x hi
Trc tip: Qua th trng chng khon: ngi c vn v ngi cn
vn trc tip giao lu. iu ny khc phc c nhng hn ch nu
trn. NgoI ra, nhng ngi u t mua chng khon ngoI vic c
hng li tc trc tip cn trng i tin lI do tng ga chng khon (c
phiu
Hn na, vi mt lng tin rt nh c th mua c c phiu. Do
TTCK hp dn ngi u t hn.
VD v mnh gi c phiu: M, hin nay l 0,25 USD, ThI lan: 10 bt/ 1
c phiu, Nht l 50 yn, Vit Nam l 10000/CP
- Thu ht vn u t t nc ngoi: TTCK cn to iu kin d dng
cho vic lu thng iu ho vn trong nn kinh t thng qua vic mua
bn chuyn nhng cc chng khon. Do , TTCK cn c kh nng thu
ht vn nc ngoI khi hp dn ngi nc ngoI mua CK ca TTCK
trong nc hay cng ty trong nc pht hnh CK nc ngoi.
Tm li: TTCK nh mt trung tm thu ht mi ngun vn ln nh
ca tng h dn c, nh mt nam chm cc mnh thu ht ngun vn to
ln t nc ngoI, thu ht ngun vn tm thi nn ri t cc doanh
nghip, cc t chc tI chnh, chnh ph to thnh mt ngun vn khng
l tI tr cho nn kinh t, m cc phng thc khc khng th lm c.
To c hi cho cc DN c vn d u t m rng KD, gip nh nc
giI quyt vn thiu ht ngn sch trn th trng tri phiu, c thm
vn xy dng c s h tng



9
Bng 1: Tng vn ho cc th trng c phiu
1993 1998 2003 Nc
T USD %
GDP
T USD %
GDP
T USD %
GDP
Hng Kng
Trung Quc
Hn Quc
XingGapo
Di Loan
ThI Lan
Malai xia
Nht Bn
M
Anh
c
Vit Nam
385,0
40,5
139,6
135,1
193,3
127,5
219,8
2906,3
5004,7
1150,6
460,8
235,3
6,7
38,2
232,0
86,2
104,7
328,5
66,8
75,2
119,5
23,5

343,6
235,6
114,6
96,5
260,5
34,1
95,6
2439,5
12512,6
2372,7
1086,7
207,9
24,9
33,2
117,8
97,5
30,5
132,4
62,1
143,2
166,8
50,6
714,6
513,0
298,2
148,5
379,1
119,0
161,0
2953,1
14173,1
2460,1
1079,0
2408,1*
456,2
36,3
49,3
162,6
132,5
83,1
155,2
68,7
128,8
136,8
44,8
0,4
* V tnh : t VN


Vn ho th trng chng khon Vit nam

Nm % GDP
2004 0,10
2005 22,70
2006 39,00
2007 43,50



10
1.4.2 TTCK to mI trng cho cc doanh nghip s dng vn linh
hot hn, c hiu qu hn v mI trng u t cho cng
chng.
Khi DN cn vn m rng quy m SX doanh nghip c th pht
hnh cc loi chng khon v th trng huy ng vn. Ngc li khi
DN cha c c hi sn xut KD, DN c th mua v d tr CK nh l mt
ti sn KD (thu li) v cc CK s c chuyn thnh tin khi cn thit
thng qua TTCK
Hn na TTCK gip cc DN xm nhp ln nhau thng qua vic
mua bn c phiu. Vic sp nhp, m rng DN u c th thc hin
thng qua TTCK.

1.4.3 TTCK l mt cng c nh gi DN, d on tng lai
S hnh thnh th gi CK ca mt DN trn TTCK bao hm s
nh gi thc trng hot ng ca DN trong hin ti v onh
tng lai. Th gi c phiu cao hay thp biu hin mc u t tI
chnh, trng thI KT ca DN, c bit l mc c tc cc c ng c
hng v chnh lch gi c phu hin ti vi mnh gi th hin kh nng
mang li li tc v thu nhp ca DN cho cc c ng ca mnh

1.4.4 Th trng CK phn nh tnh trng kinh t v m gip chnh ph
thc hin cc chnh sch kinh t v m
Vi phng php ch s ho th gi cc loi chng khon ch yu
ca nn KT v vic nghin cu phn tch mt cch khoa hc, c h thng
ch s gi CK trn cc TTCK cho php d on trc c s bin ng
KT, d on c tng lai ca mt hoc hng lot cc nc trn th
gii. V th TTCK c gi l phong v biu ca nn KT v l cng c
quan trng gip chnh ph thc hin cc chnh sch kinh t v m. ( S
trang 291- Nguyn th Cc). C th, thng qua TTCk, Chnh ph c th
11
mua bn trI phiu CP to ra ngun tin b p thm ht ngn sch v
qun l lm pht, s dng mt s chnh sch, bin php tc ng vo th
trng CK nhm nh hng u t m bo cho s pht trin cn i n
kinh t.
Nh vy, TTCK c vai tr rt tch cc i vi nn KT th trng.
l mt cng c c nhiu li th: Khuyn khch dn chng tit kim v
thu ht mi ngun vn nhn ri vo u t; l phng tin huy ng vn
ca cc n v kinh t v nh nc; l cng c gip nh nc thc hin
chng trnh pht trin KTXH, L cng c thu ht vn u t nc
ngoi; thc y qu trnh lu thng ho mi ngun vn; L iu kin tin
cho qu trnh c phn ho, kch thch cc DN lm n c hiu qu

1.5 Nhng mt hn ch (tiu cc) ca TTCK
Th trng CK c vai tr quan trng cho s pht trin ca nn kinh t.Tuy
nhin, TTCK cng c nhng mt tiu cc cn phI phng trnh hn
ch thp nht nhng ri ro, l:
- Yu t u c: u c l hnh ng c tnh ton ca
nhng ngi dm chp nhn ri ro, tch lu CK to ra nn khan him
gi to, ch gi ln, bn gi cao thu li nhun. Vic lm ny dn n
s khan him hay tha thI lm cho gi c phiu tng gim t bin c
hi ti hot ng ca TTCK. Ni chung, lut chng khon cm s cu kt
u c did mi hnh thc.
- Mua bn ni gin: l do mt cc nhn no li dng
nm c nhng thng tin ni b ca mt DN mua hoc bn c phiu
ca DN mt cch khng bnh thng nhm thu li cho mnh, lm nh
hng n gi c phiu trn th trng. Nhn chung, lut CK cng cm
loi mua bn ny
- Lng on DN: Nhn chung, lut cc nc u quy nh t
l s hu tI sn ti a ca mi ngi mua c phiu, nhm trnh lng
12
on DN ca mt s c nhn no . Tuy nhin trn thc t, hng qua
TTCK ngi ta c th mua c phiu ca DN ti mc c th khng ch
hot ng ca DN bng vn ca mt ngi nhng ng tn nhiu
ngi.
- Bn khng: L thut ng dng ch cc nh u t bn
chng khon m h cha c quyn s hu. Vic lm ny c th em li
li nhun cao nu h tin on ng su th ca th trng. y l hnh vi
lng on th trng nu n c thuc hin bi s cu kt ca nhiu
ngi. Mua bn khng vi s lng ln to ra cung cu gi to v Ck gy
khng hong th trng, tc hi xu n nn kinh t
- Hnh vi lm thit hi li ch ngi u t;
o Lm trI lnh t mua, t bn ca ngi u t
o Khng cugn cp xc nhn giao dch theo quy nh
o T mua bn chng khon trn ti khon ca khch
hng hoc mn danh ngha khch hng mua bn
CK
o
Tt c nhng tiu cc ny u b nghim cm trong lut Ck ca cc quc
gia v b s l thch ng

1.6 Mi quan h TTCK vi Ti chnh DN
Khi doanh nghip huy ng vn hoc u t vn trn th trng chng
khon s pht sinh quan h ti chnh gia doanh nghip vi th trng
chng khon.(S 1.4)





13

Bn u t





Nhn Mua

S 1.4: Mi quan h ti chnh gia doanh nghip vi TTCK

iu kin gia nhp TTCK
DN mun tham gia TTCK phi tho mn y cc iu kin quy nh
ca lut php mi quc gia: Lut CK, cc vn bn php lut v CK v
TTCK
iu kin php l: hoi hnh DN no
iu kin ti chnh: BCTC, nhiu nm kd c lI, mc vn ti
thiu theo quy nh php lut
iu kin th tc: n, iu l, UBCK cp giy php, co bch

Li v bt li ca DN khi nhp TTCK
Li Bt li
- Thm ngun vn: ga r hn
- Tng thm ting tm trn th trng
- DN c nh gi hng ngy: thng qua
th gi c phiu trn TTCK
- Tp trung ho, a nng ho: s hu vn
huy ng lu di
- Cng khai hi mua DN khc

- Phi thng bo thng tin kinh t v DN
- Phi thng bo chin lc hot ng
ca DN
- C th b DN khc mua


Doanh
nghip
c
nhu cu
ti
chnh

Doanh
nghip
c
kh
nng
ti
chnh
Th
trng
chng
khon
Chng khon
Vn
Vn
Chng khon
14
BI 2
HNG HA TRN TH TRNG CHNG
KHON V GI CHNG KHON

2.1 Hng ho ca th trng chng khon
2.1.1 Khi qut chung
- Hng ho ca th trng CK l chng khon , thng bao gm c
phiu, tri phiu, chng ch qu u t v cc chng t ti chnh c
ngun gc CK (cn gi l chng t phI sinh hay cng c phi sinh)
CK l loi hng ho c bit, l cng c rt hu hiu trong nn KT
th trng to nn mt lng vn tin t khng l ti tr di hn cho
cc mc ch m rng sn xut KD ca cc DN hay cc d n u t ca
nh nc.
- Phn loi CK:
Cn c vo ni dung kinh t: chia thnh 2 loi:
CK vn: L loi CK chng nhn s gp vn vo cng ty c phn,
l cc loi c phiu
CK n L loi CK chng nhn khon n ca ngi pht hnh i
vi ngi nm gi CK, l cc loi trI phiu
Cn c vo hnh thc: Bao gm 2 loi:
CK v danh : Khng ghi tn v a ch ngi mua CK ( ch s
hu), ai nm gi CK ngi l ch s h. Loi ny d dng
mua bn hay chuyn i trn TTCK
CK k danh : Ghi r tn ngi ch s hu trn trn t CK hoc
trong h s xa ch th pht hnh. Loi ny kh khn trong mua
bn hoe chuyn di


15
Cn c vo li tc CK: gm 2 loi
CK c li tc n nh: L loi Ck m ngi cm gi n c
hng li tc n nh theo t l lI sut tnh trn mnh gi CK.
in hnh l cc loi trI phiu v c phiu u i
CK c li tc khng n nh: Ngi cm gi n c hng li
tc khng n nh, ph thuc vo kt qu kinh doanh ca cng ty
pht hnh. in hnh l loi c phiu thng.

2.1.2 C phiu chng khon vn
a) Khi qut chung v c phiu ( c im chung)
- C phiu l mt giy chng nhn xc nhn s gp vn v
quyn s hu phn vn gp vo cng ty c phn, ng thi m bo
cho ngi c c phiu c quyn hng mt phn thu nhp ca cng
ty- gi l c tc v quyn tham gia qun l cng ty.
Khi mt cng ty gi vn, s vn c chia thnh nhiu phn nh bng
nhau gi l c phn ( M: Stock, Anh: Share), ngi mua c phn c
gi l c ng ( Shareholder) ca cng ty, c cp giy chng nhn gi
l c phiu.
Nh vy c phiu l loi chng th c gi tr ban u ghi trn c phiu
c gi l mnh gi. VD: Mnh gi c phiu M l 1USD - 12USD,
NHt l 50 yn, ThI Lan l 10 bt, Vit Nam l 10.000
- Thi hn hiu lc ca c phiu bng thi gian hot ng ca
DN, do c th coi l vnh vin (v hn), n khi doanh nghip b ph
sn.
- C ng nm gi c phiu chu trch nhim hu hn phn vn
gp ca mnh i vi cng ty trn hai mt:
Th nht: Phn vn gp xem nh gp vnh vin khng c rt
vn li. Lc cn ly li vn h c quyn chuyn nhng quyn s hu
16
bng cch bn c phiu tren th trng cho mt nh u t khc. y l
u im ring c ca cng ty c phn
Th hai: Trch nhim ca c ng i vi vic lm n thua l hay
tnh trng ph sn ca cng ty ch gii hn trong phn vn gp trn c
phiu
- C ng nm gi c phiu c quyn hng thu nhp, quyn c
chia TS thanh l ca cng ty khi cng ty b ph sn, c quyn tham gia
qun l cng ty thng qua i hi c ng.
- Vic tr li tc c phn c tin hnh vo cui nin quyt ton
v c thc hin theo cc hnh thc sau:
+ Tr bng tin mt: y l hnh thc thng dng nht
+ Tr bng chnh c phiu ca cng ty: c tc thu c ca nh
u t li t ng chuyn thnh vn u t. i vi cc nh u t
mun u t tip th hnh thc ny hp dn
+ Tr bng tI sn ca cng ty: sn phm, c phiu ca cng ty
con. Hnh thc ny trong thc t t s dng
- Lu gi c phiu: C phiu l chng th xc nhn quyn s hu
mt tI sn( vn bng tin) nht nh, nn n c coi nh mt tI sn
thc s. m bo an ton, lut cc nc thng quy nh cc c ng
khng c ct gi c phiu ring, m phI k gi vp kho bc hoc
ngn hng, v nu l hng ho mua bn trong s giao dch chng khon
th phI k gi vo trung tm lu gi chng khon

b) Cc loi c phiu ch yu: Cn c vo li ch ca c ng, c
phiu c 2 loi ch yu

A1-C phiu thng :
1.) c im ring ca c phiu thng:
17
L loi c phiu c pht hnh rng rI cho cng chng. Phn ln
c phiu ca cc cng ty c phn l c phiu thng
C tc m c ng c hng khng quy nh c nh: ph thuc
vo kt qu kinh doanh v chnh sch phn phi li nhun ca
cng ty.
Ch c chia c tc sau khi doanh nghip tr tri tc v c tc
u i
Quyn li # ca c ng c c phiu thng:
o C quyn tham gia qun l DN thng qua i hi c ng:
Biu quyt nhng vn quan trng ca DN
o C quyn b phiu bu c Hi ng qun tr
o c quyn c cung cp thng tin c th v tnh hnh hot
ng ca cng ty, c theo di tnh hnh cc tI khon.
o Trong trng hp cng ty pht hnh c phiu mi th cc c
ng c quyn u tin mua trc vi s lng tng ng
vi s c phn c v c u tin gi
o C quyn uc chia TS thanh l trong trng hp cng ty b
ph sn theo t l s lng c phn ang s hu, sau khi
cng ty thanh ton ht cng n v tr cho cc c phiu u
i
o C quyn tham gia quyt nh chia nh hay gp c phiu
2) Cc loi c phiu thng
- Cn c vo quyn tham gia b phiu biu quyt trong i hi
c ng, c 3 loi c phiu:
+C phiu n phiu: L loi c phiu c phn b mi c phiu l mt
phiu bu, tt c cc c ng u c th tham gia b phiu v i hi c
ng. Dng cho DN t c ng
+C phiu a phiu: L loi c phiu quy nh mt lng c phiu nht
nh mi c mt phiu bu. Dng cho DN nhiu c ng
18
+C phiu lng phiu: l c phiu m c ng ca c phiu ny c
phn b 2 phiu bu. Dng cho DN t c ng v lai c phiu ny dnh
cho cc c ng c uy tn, c danh phn trong x hi hoc trong ngnh
chuyn mn
- Cn c vo vic huy ng vn iu l, chia ra 2 loi c phiu:
+ C phiu s cp: L c phiu c pht hnh lc thnh lp
DN hoc c phn ho DNNN. Thng l c phiu ghi danh
+ C phiu th cp: l c phiu c DN pht hnh nhm b
sung vn iu l ca DN. c im ca loi ny l mnh gi rt nh, v
danh, c ng thng khng tham gia qun l DN. Vic mua bn, chuyn
nhng d dng
- Cn c vo s khc bit lin quan n quyn bu c hay quyn
hng c tc: C cc loi c phiu thng:
C phiu thng loi A: L loa c phiu thng c hng c
tc nhng khng c quyn bu c. Loi ny thng c gi thp hn loi
CP thng c b phiu
C phiu thng loi B: thng c gi l c phiu sng lp
vin,( Founders Shares) c quyn bu c nhng ch c hng c tc
khi kh sinh li ca cng ty n mt giai on tng trng nht nh
C phiu thng c gp li (accumulating ordinary): Loi ny
c tr c tc bng mt s c phiu mi c gi tr tng ng mi
pht hnh
- Ngoi ra tu theo c im ht ng ca cng ty m cn c
nhng loi c phiu thng khc:
C phiu thng hng ( Blue chip stocks): L loi c phiu ca
cc loi cng ty ln, c lch s pht trin lu i, vng mnh v kh nng
sinh li v tr c tc, c gi tr cao trn th trng
19
C phiu tng trng ( Growth stocks): c pht hnh bi cng
ty ang trn tng trng nhanh, tin lI thng dnh u t m
rng sn xut, do tr c tc thng ch mt phn nh hoc khng c
C phiu thu nhp ( Income stocks): C tc thng c tr cao
hn c trung bnh trn th trng
C phiu chu k ( Cyctical stocks): L c phiu ca cc cng ty m
thu nhp ca n dao ng theo chu k kinh t: pht trin n nh, gim
st, nh ngnh k ngh thp, xi mng, thit b my v ng c
C phiu theo ma ( Seasonal stocks): i vi cc cgn ty c thu
nhp tng cao vo nhng ma nht nh trong nm ( ging sinh, nm mi,
u nm hc, ma thu hoch) th thu nhp ca c phiu cng tng theo
ma
- Vit Nam: Cn c vo s u I i vi c ng mua c phiu
ca DN c phn ho VN, theo ngh nh 28 CP ngy 7/5/1996 c
cc loi c phiu :
C phiu loi A mua chu: L loi c phiu ghi danh m DN c
phn ho trch 15% (hoc 20%) gi tr DN pht hnh c phiu bn
chu cho ngi lao ng ang lm vic trong DN v s tip tc lm vic
ti cng ty c phn sau ny. C ng c hng li tc hng nm v
phI tr ti thiu 20% gi tr c phiu mua chu cng vi 4% lI trn s
n vay.
C phiu loi A cp khng: L loi c phiu ghi danh m DN CPH
c dnh 10% gi tr DN pht hnh c phiu cp khng cho ngi
L trong DN tu theo thm nin v cht lng cng tc ca tng ngi.
Gi tr cp khng khng qu 6 thng lng cp bc, chuc v theo quy
nh ca nh nc.Ngi s hu c phiu ny l nh nc, ngi hng
c tc l c ng v c hng suet i. C phiu ny khng c a
ra muc bn, chuyn nhng, th chp
20
C phiu loi B: L CP ghi danh pht hnh bn cho cc thnh vin
Hi ng qun tr. Loi ny khng c chuyn nhng, mua bn trong
thi gian ti chc v sau 2 nm k t ngy thi choc
C phiu loi C: L loi c phiu hoc ghi danh hoc v danh
c pht hnh rng rI ra cng chng.

A2-C phiu u i
C phiu u I l mt loi CK lai tp c nhng c im va ging
c phiu thng, va ging tri phiu. Trong cng ty c phn c phiu u
i thng chim t trng nh hn so vi c phiu thng, pht hnh hn
ch cho nhng ngi c coi l c cng trong qu trnh thnh lp cng
ty, trong trng hp tng vn iu l ca cng ty hoc pht hnh mua
li cng ty khc
1) c im ca c phiu u i khc vi c phiu thng l:
- Mnh gi ca c phiu u I rt quan trng, l cn c chia li tc
c nh, hoc khi ch s hu mun chuyn i thnh tin mt hay thnh
c phiu thng: c im ny khc vi mnh gi ca c phiu thng
ch c gi tr danh nghi.
- C tc ca c phiu u I c xc nh ring bit trc, theo
mt t l c nh trn mnh gi hng nm. VD: Cng ty X pht hnh
loi c phiu u I, mnh gi 100.000 , lI c nh 8%/nm, c ngha
hng nm, c tc c hng t c phiu ny l 8000 /1c phiu
- C phiu u I c u tin chia c tc trc c phiu thng,
Nu DN b l vn hoc lI khng chia th c th c tc ca c phiu
u I s c tch lu li tr vo nhng nm sau.
- Khi DN giI th hoc b ph sn th c phiu u I s c hon
vn theo nguyn tc ngang gi( nu nh vn hon tr) hoc c phn
chia gi tr cn li ca DN trc c phiu thng.
21
- Khi cng ty c ch trng hon vn cho c ng th c phiu u
I c xp u tin trc c phiu thng
- C ng s hu c phiu u I khng c tham gia bu c, ng
c vo hi ng qun tr, ban kim sot cng ty. Do c tc ca c phiu
u I khng tng trong trng hp cng ty c li nhun tng nn th gi
ca c phiu u I trn th trng t bin ng
2) Cc loi c phiu u i
Tu theo mc u I m c phiu u I c nhiu loi khc
nhau:
= C phiu u I tch lu : l loi c phiu m nu cng ty khng c li
nhun tr c tc trong nm nay th c th dn tr ton b hay tng
phn vo nm sau. DN phI hon tr ton b s c tc tch lu dn
Vic tch lu c tc c th tin hnh theo 2 cch:
Cch 1: Tch lu thun: Cng dn n thun s n phI tr sau
Cch 2: Tch lu ghp li: tnh phn n vo vn tch dn lI cho nm
sau phI tr
= C phiu u I khng tch lu: l loi c phiu m cng ty c lI n
u tr n , phn c tc n khng c tch lu vo nm sau
= C phiu u i d phn : L loi c phiu m cng ty cam kt ngoi
c tc quy nh tr hng nm nu cng ty cn li cha chia th c phiu
ny c tham d chia s tin lI ny
= C phiu u i c quyn chuyn i thnh c phiu thng
= C phiu u I m bo: L loi c phiu c mt ngi khc ng
ra cam kt bo lnh thanh ton nu nh cng ty khng thanh ton c
(cng ty bo lnh, ngn hng, cng ty bo him)
= C phiu u I c th chuc li: Pht hnh trong trng hp cng ty
khn cp cn mt s vn ln trong mt thi gian ngn, li ny c mc li
sut cao thu ht nh u t. V quy nh sau mt thi gian n nh, khi
tnh hnh ti chnh n nh cng ty c th chuc li v s phI tr mt
22
khon tin thng nht nh theo mt t l nht nh trn mnh gi cho
ch s hu
Vit Nam: Theo lut DN, gm cc loi c phiu u i:
C phiu u i biu quyt:: c s phiu biu quyt nhiu hn c
phn thng, do iu l ca cng ty quy nh
C phn u i c tc: C tc c tr mc n nh hng nm,
gm c c c nh v c tc thng
C phiu u i hon li: c cng ty hon li vn bt c lc no
theo yu cu ca ngi s hu hoc theo cc iu kin ghi trn c phiu

2. 1.3 Tri phiu Chng khon n
a) Khi nim v tri phiu
C nhiu nh ngha v tri phiu, nhng u cng chung mt bn cht.
TrI phiu l mt giy chng nhn mt khon n ca ngi pht hnh ra
n, trong cam kt s tr khon n km vi tin lI trong mt thi gian
nht nh
b) c im c bn ca trI phiu:
- TrI phiu l mt giy n do Chnh ph hay doanh nghip pht hnh
huy ng vn di hn, nn l mt chng khon n. Ngi mua tri phiu
l ngi ch n ca t chc pht hnh, l ngi ch s hu tri phiu
v c gi l tri ch;
- L chng khon c k hn nht nh: khi o hn (ht hn), ch pht
hnh phI hon tr vn theo mnh gi. Thi hn ca trI phiu l thi
gian vay ca ch pht hnh i vi tri ch v c ghi r trn trI phiu.
TRI phiu c thi hn > 5 th gi l bond, t 5 nm tr xung th gi l
tn phiu (Bill, Notes). VN, mc ny l 1 nm.
- Li sut ca tri phiu thng c nh hng nm v quy nh trc ngay
khi pht hnh. l lI sut danh ngha, khng ph thuc vo kt qu kD
23
ca cng ty nn iat ri ro. Tri ch c nhn n hng nm hoc 6
thng/ln theo quy nh
- TrI ch khng c quyn tham gia qun l kd i vi ch pht hnh
(DN), tuy nhin c th c quyn tham gia i hi ng trI ch, bn v
nhng bin c thay i quan trng ca DN nh tham gia lin doanh lin
k, sp nhp, chia nh hoc ph sn doanh nghip.
- Mnh gi ca trI phiu l s tin ghi trn trI phiu khi pht hnh, c
th do lut quy nh. VD: M, mnh gi trI phiu DN l 1000 USD,
VN mnh gi trI phiu NHTM nh nht l 500.000, cn cc mnh gi
khc l bi s ca mnh gi ti thiu.
- Nu cng ty b ph sn th trI ch c u tin tr n trc c ng
c) Cc loi Tri phiu:
C nhiu loi trI phiu khc nhau, hin nay c khong 40 loi trI phiu.
TrI phiu c th phn loi theo nhiu tiu ch khc nhau. Nu cn c vo
t chc pht hnh, trI phiu gm 2 loi chnh l trI phiu doanh nghip
v trI phiu chnh ph v chnh quyn a phng

B1-Tri phiu doanh nghip
- L tri phiu do cc DN pht hnh vi mc ch huy ng vn
di hn cho u t pht trin ca DN: Cc cng ty c phn hoc
DNNN khi mun vay mt s vn ln ti tr cho cc nhu cu u
t pht trin mang tnh cht di hn, h c th pht hnh tri phiu
- Cc loi Tri phiu cng ty:
TrI phiu cng ty rt a dng v phong ph v chng loi p ng nhu
cu v th hiu ca cc nh u t. Sau y l mt s loi trI phiu cng
ty ch yu:
+ Cn c vo phng thc tr li cho tri ch, c th chia lm 4 loi tri
phiu:
24
- Tri phiu hng li trc hay cn gi l tri phiu chit khu :
L loi tri phiu c tr li ngay khi pht hnh, ton b s li c
khu tr vo vn mua tri phiu. Do gi bn thp hn mnh gi v khi
o hn c nhn li vn gc bng mnh gi ca trI phiu
- Tri phiu tr li sau: l loi tri phiu tr li sau k hn tr li:
6 thng hoc 1 nm tr lI mt ln
- Tri phiu tr li c nh: lI sut c nh trong sut thi hn
ca tri phiu
- Tri phiu li sut th ni: l loi tri phiu c li sut c iu
chnh theo tng k cho ph hp vi li sut trn th trng

+ Cn c vo tnh cht m bo ca tri phiu, bao gm cc loi tri
phiu sau:
- Tri phiu tn chp hay cn gi l tri phiu khng c m bo
(unsecured bonds): l loi tri phiu ch da vo uy tn ca DN pht
hnh, DN khng a mt TS g ra lm vt m bo. Loi ny kh thng
dng.
- TRi phiu th chp hay cn gi l tri phiu c m bo : L
loi tri phiu pht hnh i hi DN phi c mt lng TS tng ng k
thc ti ti c quan u thc m bo chc chn kh nng hon tr ca
tri phiu. Loi ny ch c cc DN ln mi pht hnh v hin nay t s
dng
- Tri phiu c bo lnh : l tri phiu c mt DN khc ng
ra bo lnh thanh ton tri tc v vn. Ngi bo lnh ny thng l
ngn hng, cng ty ti chnh, cng ty bo him hay cc cng ty chng
khon.
- Tri phiu tn thc th chp: l tri phiu c pht hnh da vo
cc chng khon ca DN khc, ca c quan chnh ph lm vt th chp
25
- Tri phiu cm c : L loi tri phiu khi pht hnh phi trn c
s vt cm c ca DN. Vt cm c thng l nhng bt ng sn hin c
v s c sau ny.
+ Ngoi ra cn mt s loi tri phiu c th khc nh sau:
- Tri phiu ti khon : L tri phiu khng tn ti di hnh thc
chng th m s tin mua tri phiu c chuyn vo ti khon tri
phiu ng tn tri ch. Loi ny thng mua bn vi s tin ln, thi
hn di, gim c chi ph qun l v lu thng tri phiu
- TRi phiu thu nhp : L loi tri phiu m l tc c tr tu
thuc vo li nhun ca DN v khng cao hn li sut ghi trn tri phiu,
khng quy nh tch lu tri tc
- Tri phiu chuyn i : L loi tri phiu c th chuyn i sang
c phiu thng hoc sang tri phiu khc

B2) Tri phiu chnh ph v chnh quyn a phng
- L loi tri phiu do chnh ph hoc chnh quyn a phng pht hnh
vay n ca nhn dn, nhm mc ch b p s thiu ht ngn sch,
gi vng ng tin ang lu hnh v ti tr cc d n xy dung c s h
tng, cng trnh phc li cng cng quc gia v i phng. Khon n
ny c bo m thanh ton bng ngn sch nh nc. y l loi tri
phiu an ton nht, hu nhue khng c ri ro
_ Tri phiu chnh ph cng c nhiu loi v a dng vi nhiu tn gi
khc nhau nh tri phiu chnh ph, cng tri, tri phiu th, tri phiu
cng trnh, tri phiu gio dc, tri phiu ca c quan nh nc.
- LI sut ca tri phiu chnh ph thng l n nh trong thi hn trI
phiu

2.1.4. Chng ch qu u t
26
L g: Chng ch qu u t l mt loi chng khon do cng ty
qun l qu u t chng khon pht hnh, xc nh quyn hng
li ca ngi u t i vi qu
c im chng ch qu u t : tng t c phiu

2.1.5 Cng c ti chnh c ngun gc CK (cng c phI sinh)
TRn th trng CK, bn cnh cc giao dch mua bn c phiu, tri phiu
cn c giao dch mua bn cc chng t ti chnh khc nh chng quyn,
bo chng phiu, hp ng quyn la chn. Cc chng t ti chnh ny
c ra i t cc giao dch CK v c quyn chuyn i sang CK qua
hnh vi mua bn, nn gi l chng t c ngun gc CK
a) Chng quyn ( Right certificate): Giy bo m quyn mua c
phiu
L g: Chng quyn l mt giy chng nhn quyn u tin mua c
phiu mi pht hnh theo mt t l nht nh, vi gi c nht nh v
trong mt thi gian nht nh, do Cng ty pht hnh cho cc c ng.
Ti sao ra i chng quyn: Do c im ca cc CTCP l cc c
ng quan tm n vic chia li kd nh th no v quyn kim sot
i vi cng ty nhiu hay t. Trong khi quyn kim sot ph thuc vo
t l TS m c ng nm gi. Khi CT tng vn in l bng cch pht
hnh c phiu mi s nh hng trc tip n li ch ti chnh v quyn
kim sot CT ca cc c ng hin c. bo v quyn li ca mnh, cc
c ng yu cu CT khi pht hnh CP mi tng vn iu l phI dnh cho
h c quyn mua ton b hay mt phn s c phiu sp pht hnh theo
mt s iu kin u tin quay nh trong quyn .
c im ca chng quyn:
- Thng c pht hnh km theo mt t pht hnh c phiu thng,
dnh cho c ng hin hu
- Thi hn ca Chng quyn : ngn hn, vi tun (30 45 ngy)
27
- Gi ng k mua c phiu ghi trong chng quyn thng nh hn gi
th trng ca c phiu, nn chng quyn c gi c nu m bn trn th
trng
Thng thng mi c phn hin ti c mt quyn (mua), s quyn cn
c mua mt c phn mi thay i v c quy inh tu theo ch
chng ca cng ty.
- C ng c c th thc hin quyn mua, nu khng mua h c th bn
quyn ny trn th trng nhn mt khon li do do chnh lch gi.
Cng ty sau khi u tin cho cc c ng c mua c phiu mi, s cn li
mi bn ra th trng
Cch tnh gi quyn mua:

Gi th trng ca CP
Ga quyn mua khi pht hnh ra cng chng - Gi ng
k
chng quyn pht hnh =
S quyn mua 1 c phiu mi
VD:
* C ng A ca cng ty B c cp 1 chng quyn gm 40 quyn mua.
Cng ty pht hnh t c phiu mi v thng bo bn c phiu mi vi
gi ng k 20.000/CP v 5 quyn mua c mt c phiu mi
C ng A c mua u tin s c phiu mi l 40quyn/5 = 8 c
phiu
Nu c ng A khng thc hin , th c th bn chng quyn vi
gi bn < hoc bng gi quyn mua.
Gi s gi th trng ca c phiu l 40.000/CP
Gi quyn mua = (40.000 20.000) / 5 = 4.000/1quyn mua


28
a) Bo chng phiu ( Warrants)
L g: Bo chng phiu l mt giy (chng t ti chnh, CK) pht
hnh km theo tri phiu hay c phiu u I, cho php ngi nm gi
bo chng phiu c quyn mua mt lng c phiu thng nht
nh ca cng ty theo mc gi c xc nh trc trong mt thi k
di nht nh, c khi l vnh vin.
c im ca Bo chng phiu
- c pht hnh ra cng chng tng tnh hp dn cho c phiu u I
v trI phiu
- L mt cng c di hn: 5 10 nm., lu hn
- Mc gi xc nh thng cao hn gi th trng ti thi im pht hnh
- Bo chg phiu cng c th tch ri tri phiu, c phiu u I, do
c th mua bn trn th trng ring
- Gi tr c th bng 0: Gi c phiu khng tng vt gi ng k

VD: Cng ty A mun huy ng vn d dng thng pht hnh tri
phiu km theo bo chng phiu, ga s cng ty tuyn b mua mt tri
phiu c mnh gi 100.000 th c quyn nhn thm mt bo chng
phiu, trong quy nh dnh cho ai nm gi bo chng phiu s c
quyn mua 100 c phiu thng ca cng ty vi gi ng k 40.000
trong thi hn 10 nm, trong khi gi c phiu hin hnh ch c 35.000.
Tri ch hy vng trong 10 nm , gi c phiu s tng ln vt gi ng
l, chng hn 45,000, t tri ch s dng quyn mua ny mua 100
c phiu vi gi 40,000 v sau bn vi gi 45 , li c 500 000.
Trng hp gi c phiu khng tng vt gi ng k th gi tr ca bo
chng phiu bng 0



29
b) Hp ng tng lai (future contacts Futures)
L g : Hp ng tng lai l mt bn cam kt bng vn bn v vic
chuyn giao mua bn CK vo mt ngy no trong tng lai vi mc
gi tho thun thi im hin ti
Ti hp ng ny cc iu khon c th c cam kt thc hin gia 2
bn bao gm : s lng CK, cht lng, gi c, ngy giao hng, tr
tin...theo ng nguyn tc do s giao dch CK ng ra bo lnh lp ra
c im Hp ng tng lai
- Ngy thc hin hp ng l ngy ch nh trc trong tng lai
- Ti ngy thc hin hp ng c 2 bn u phi c ngha v thc hin
hp ng
- C 2 bn u phi k qu mt khon tin cc ti mt ngn hng trung
gian
- Hai bn c th chn cch thanh ton khon chnh lch thay v tin hnh
giao nhn
- Hai bn c th kt thc quyn v ngha v vo bt c lc no vo trc
ngy o hn bng mt hp ng bn i ng tng t vi hp ng
mua( ngi v th mua) hoc mt hp ng mua i ng( ngi v
th bn).
- C cc loi hp ng da trn cc CK hoc cc ch s CK ( ly v l
tin)
ngha ca th trng hp ng tng lai : gim thiu ri ro cho cc
nh u t do chuyn trng thi ri ro ca CK cho mt nh u t khc
mun chp nhn ri ro. Chnh cc th trng ny xut hin cc nh
u t c chuyn mn xut sc trong vic phn tch th trng chn
l thi c tt nht cho vic u t, bi v chng nng cao kh nng ca
nh u t trong vic phn xt th trng v gi t trc.


30
c) Hp dng quyn chn ( Option contract)
L g: L mt s tho thun mua bn CK vi mt gi quy nh trong
thi gian tng lai v hy vng gi CK s tng ln th thc hin quyn
mua CK v hy vng gi s gim xung th thc hin quyn bn CK
kim li
c im hp ng quyn chn
Ngi mua quyn (ngi s hu hp ng) c quyn thc hin hp ng
mua v bn CK thc s, nhng cng c th khng thc hin hp ng
m la chn hoc bn hp ng cho ngi khc hoc hu hp ng .
Ngi bn phi c ngha v thuc hin hop ng khi bn mau yu cu
Ngy thc hin quyn ( hp ng) do ngi mua quyn quyt nh
trong k hn
Ngi mua quyn (mua hp ng) phi tr cho ngi bn quyn mt
khon tin cc c xem nh gi ca quyn chn (ph quyn chn)
Cc loi quyn chn : Hp ng quyn chn c 2 loi l hp ng
quyn chn mua v hp ng quyn chn bn
1) Hp ng quyn chn mua( Call Option) : L hp ng trong
cho php ngi mau hp ng c quyn mua mt s c phiu
nht nh theo mt gia quy nh trong mt thi gian quy nh
trong tng lai. Ngi mua phi tr cho ngi bn hop ng 1
khon ph chn mua ( 2%)

VD : u nm ng A mua 1 hp ng quyn chn mua vi ng B l
5000 c phiu X gi 60 USD/cp, thi hn 12 thng, vi ph chn mua l
2,5 USD/ cp.
Chng hn n u thng 10, gi c phiu X tng ln 70 USD/cp. Lac
ny ng A c th :
Thc hin hp ng :
Mua 5000 cp X : mt 300.000 $
31
Tr ph : 5000 X 2,5 = 12.500 $
Bn 5000 cp X 70 = 350.000 $
LI: 350.000 300.000- 12500 = 37.500 $
LI sut: 37.500/312.500 = 12%
Bn hp ng quyn chn mua:
Gi bn l 3,5$/cp ( ln hn ph chn mua)
Li: ( 3,5 -2,5) X5000 = 5.000$ LI sut: 5.000/12.000 = 40%

2) Hp ng quyn chn bn Put Option): L hp ng trong
cho php ngi mua hp ng c quyn bn mt s c phiu nht nh
theo gi quy nh trong mt thi gian quy nh ca tng lai. Ngi mua
hp ng phI tr cho ngi bn hp ng mt khon ph chn bn

VD: u nm ng A k mua mt hp ng quyn chn bn cho ng
l 500 Cp X, vi gia 60$/cp, thi gian o hn l 12 thng, ph chn bn
l 3$/cp. ( Do thc t gi c phiu X lc k hp ng ny l 62$-qu cao,
ng A d on s h xung 52$/cp vo thng o hn hp ng.
Chng hn, 10 thng sau gi c phiu X gim xung qu mc d on.
chng hn l 50$/cp. Lc ny ng A c quyn chn:
Thc hin hp ng:
Mua 500cp trn th trng: 500 X 50 = 25.000$
Ph chn bn phI tr: 500 X 3 = 1500$
Bn 500 cp ny cho ng B vi gi 60$ c l 500 X 60 = 30.000$
LI: 30.000 26.500 = 3500$ = 13,25
Hu b: Trong trng hop gi c phiu X khng gim, li tng
ln 65$ chng hn, ng A s khng thc hin hp ng, mt ph chn bn
l 3$/cp
nghi ca hp ng quyn chn: Ngi ta c th dng hp ng ny
nh mt cng c t bo him chng li ri ro CK
32
2.2 Gi chng khon
CK l loi hng ho c bit nn c ch hnh thnh gi CK khng ging
nh vic xc nh gi c ca cc loi hng ho thng thung kh. Cn
phn bit cc lai gi sau y ca CK:
Mnh gi CK ( Face value, Par value): MG- gi danh nh
MG l ga ghi (in) trn b mt ca t CK. Gi ny do c im ca tng
loi CK m hnh thnh:
- Mnh gi ca tri phiu: c xc nh bng tng gi tr danh
nh ca t pht hnh chia cho tng s tri phiu cn pht hnh. MG ca
trI phiu c gi tr trong vic tnh lI sut v l s tin ly v khi TP o
hn
- Mnh gi ca c phiu: c xc nh bng tng gi tr danh nh
ca cng ty lc pht hnh ( vn iu l) chia cho tng s c phn ca
cng ty. MG c phiu ch c gi tr danh ngha
Mnh gi CK cao hay thp l tu vo tng s CK cn pht hnh nhiu
hay t
ngha ca mnh gi CK cao hay thp:
- t mnh gi cao khi V pht hnh cha mun bn CK rng rI
ra cng chng
- Khi mun bn CK rng rI ra cng chng, thng n nh mnh
gi thp. iu cng c ngha i vi nn KT v n to iu kin cho
cng chng tit kim
thun tin cho vic trao i mua bn trn th trng CK, lut CK cc
nc thng quy nh mnh gi ti thiu chung thng nht cho CK. Ti
VN, mnh gi CP l 10.000, mnh gi TP l 100.000 v bi s ca n

Hin gi ( Present value): gi tr thc ca CK
L gi tr thc ca CK ta thi im hin ti
33
Gi ny c xc nh thng qua vic nh gi CK, phn nh gi tr thc
ca CK. Thng qua vic so snh gi tr thc vi gi trn th trng c th
gip nh u t la chn phng n u t c hiu qu nht

Th gi CK (gi th trng):TG ( Market value):
TG l gi CK trn th trng ti mt thi im nht nh. l gi m
ngi mau phI tr v ngi bn nhn c
Gi ny ph thuc vo quan h cung cu CK trn th trng. N c th
thp hn, cao hn hoc bng mnh gi v gi tr thc ca n ti thi im
mua bn
i vi tri phiu:
+ Nu ngi mua tr tin ng theo mnh gi th c gi l mua
theo gi ngang gi tri phiu
+ Nu ngi mua tr tin nhiu hn mnh gi (105%), th c gi
l ngi mua mua theo mt ga gia tng ca tri phiu( gi tng
trng)
+ Nu ngi mua tr t hn mnh gi ( 95%), c gi l ngi
mua mua tri phiu theo gi chit khu

Th gi- gi k ton (Book value): xc nh i vi c phiu
Th gi hay cn gi l gi k ton l gi c phiu c tnh theo s sch
s sch k ton ca cng ty
Th gi c tnh da trn bng TKTS theo cc chun mc k ton r
rng

Gi tr thun CT Vn c phn u i
Th gi CP =
Thng Tng s CP thng pht hnh

34
Tng TS Tng n Vn CP u i
=
Tng s CP thng pht hnh

Nu tnh chung cho c c u I v c phiu thng:

Gi tr k ton G tr thun ca cng ty
1 c phiu =
Tng s c phiu ang lu hnh

VD: cch tnh gi k ton
Cng ty CP A, nm 2000 thnh lp vi vn iu l ban u t 10 t ,
CT pht hnh 1triu c phiu vi MG l 10.000/CP
Sau 3 nm hot ng, tnh hnh bng TKTS ca CT nh sau:
Tng Ti sn: 100t
Tng Ngun vn: 100 t trong gm
N: 40t
Vn iu l (CP theo mnh gi): 10t
Qu d tr: 10t
Qu tch lu: 40 t

100 t - 40 t
Th gi 1 CP = = 60.000/CP
1.000.000

Hoc 10t + 10 t + 40 t
= = 60.000/CP
1.000.000
35
Nm 2005, cng ty quyt nh tng thm vn bng cch pht hnh thm
bng cch pht hnh thm 1 triu CP, vi mnh gi l 10.000/CP. Cng ty
bn trn th trng c gi l 25.000/CP. Gi s rng cc qu trch lp
t li nhun gi li khng thay i, n vn nh c.
Ta c: Vn c phn theo mnh gi: 20 t
Vn thng d: ( 25.000 10.000) x 1triu CP = 15 t ng
20 t + 15 t + 10t + 40 t
Th gi 1 CP = = 42.5000/CP
2.000.000

Gi c ca CK
Gi c ca chng khon l phn thu nhp bng tin m cc nh u t thu
c trong tng lai t vic b vn mua CK .
i vi tri phiu:
Tri tc: S tin li nhn c trong k u t ( nhn theo k tr
lI: 6; 12thng)
Li sut: T l % gia tri tc v s vn b ra mua TP . G
mua CK c th l MG hay TG, nn cc nh u t thng s dng cc
ch tiu sau y m t thu nhp u tu TP:
Li sut danh ngha (li sut danh ngha): L t l % gia tri tc
vi MGTP
y l LS xc nh trong mt thi gian nht nh m ngi pht hnh TP
cam kt thanh ton cho ngi mua TP vo mt ngy x nh khi pht
hnh TP
Li sut hin hnh: l t l % gia tri tc so vi TGTP
VD: Mt PT c mnh gi l 100.000, lI sut 8%/nm
Nh vy trI tc l 8.000/Nm, 8% l LS danh ngha
Nu mt nh u t mua TP ny vi gi l 110.000,m anh ta vn nhn
s li l 8.000. LI sut hin hnh l 8000 / 110.000 = 7,27%
36
Nu nh u tu mua TP ny vi gi 80. 000, th lI sut hin hnh l:
8.000 / 80.000 X 100 = 10%
Vy LS hin hnh c th ln hn LS danh ngha(nu mua PT vi gi
chit khu), c th nh hn LS danh ngha ( nu mua vi gi gia tng)
Li sut o hn: L li sut c tnh t khi mua theo gi th
trng hm nay
v c g ti ngy o hn
Cch tnh:
Nu mua vi gi thp hn MG (gi chit khu):
(MG x i) + (MG TG)/ N
Li sut o hn =
(MG + TG)/ 2

Nu mua vi gi cao hn MG (gi tng trng):

(MG x i) - (TG MG)/ N
Li sut o hn =
(MG + TG)/ 2

VD: TP c mnh gi 100.000, lI sut 8%/nm con 5 nm na th o
hn.
Nu c mau vi gi 80.000, th:
8.000 + ( 100.000 80.000)/5
LI sut o hn = = 0,133 = 13,3%
(100.000 + 80.000)/2


Nu c mua vi gi 110.000 , th
8.000 ( 110.000 -100.000)/5
37
LI sut o hn = = 0,057 =
5,7%
(110.000 + 100.000)/2

Tm li: i vi TP
Nu mua vi gi chit khu th LS o hn> LS hin hnh> LS danh
nghi
Nu mua vi gi tng trng th LS o hn< LS hin hnh < LS danh
ngha

i vi c phiu: Thu nhp t u t c phiu bao gm:
- C tc: s tin li nhn c t cng ty c phn hng nm
Li tc: T l % gia s tin lI ( c tc) / MGCP
Ph thuc vo: s li nhun ca CT thu ???c hng n?m
Chnh snh phn phi v s dng li nhun ca CT
- Chnh lch : TG MG (nu c ng bn CP)


















38
BI 3
NH GI TRI PHIU V C PHIU

C nhiu phng php c dng xc nh gi tr thc ca Tri
phiu v c phiu trn th trng. Bi ny s a ra cc phng php ph
bin ang c p dng hin nay trn th trng chng khon. Tuy nhin
c th hiu c cc phng php nh gi, cn phi hiu c cc
khi nim v th no gi l gi tr ca chng khon, gi tr thi gian ca
tin, li sut chit khu.

3.1 Cc cp khi nim v gi tr

3.1.1 Gi tr thanh l v gi tr hot ng
Cp khi nim ny dng ch gi tr ca doanh nghip di hai gic
khc nhau. Gi tr thanh l l gi tr hay s tin thu c khi bn
doanh nghip hay ti sn khng cn tip tc hot ng na. Gi tr hot
ng l gi tr hay s tin thu c khi bn doanh nghip vn cn tip tc
hot ng. Hai loi gi tr ny t khi no bng nhau, thm ch gi tr thanh
l i khi cn cao hn c gi tr hot ng.

3.1.2 Gi tr s sch v gi tr th trng
Khi ni gi tr s sch ngi ta c th cp n gi tr s sch ca
mt ti sn hoc gi tr s sch ca mt doanh nghip. Gi tr s sch ca
ti sn tc l gi tr k ton ca ti sn , n bng chi ph mua sm ti
sn tr i phn khu hao tch ly ca ti sn . Gi tr s sch ca doanh
nghip hay cng ty tc l gi tr ton b ti sn ca doanh nghip tr i
gi tr cc khon n phi tr v gi tr c phiu u i c lit k trn
bng cn i ti sn ca doanh nghip. Gi tr th trng l gi ca ti sn
hoc doanh nghip c giao dch trn th trng. Nhn chung, gi tr th
39
trng ca doanh nghip thng cao hn gi tr thanh l v gi tr hot
ng ca n.

3.1.3 Gi tr th trng v gi tr l thuyt
Cp gi tr ny thng dng ch gi tr ca chng khon, tc l gi
tr ca cc loi ti sn ti chnh. Gi tr th trng ca mt chng khon
tc l gi tr ca chng khon khi n c giao dch mua bn trn th
trng. Gi tr l thuyt ca mt chng khon l gi tr m chng khon
nn c da trn nhng yu c lin quan khi nh gi chng khon . Ni
khc i, gi tr l thuyt ca mt chng khon tc l gi tr kinh t ca n
v trong iu kin th trng hiu qu th gi c th trng ca chng
khon s phn nh gn ng gi tr l thuyt ca n.

3.2 nh gi theo phng php chit khu dng thu nhp

y l phng php nh gi theo trng phi theo ui gi tr, trong
nh u t c gng xc nh gi tr l thuyt ca c phiu hoc tri
phiu trn c s chit khu cc lung li tc (c tc hoc tri tc) c
hng ti cc thi im khc nhau trong tng lai v thi im mua hoc
bn ri so snh vi gi th trng c cc quyt nh ph hp.

3.2.1 nh gi tri phiu
Tri phiu l cng c n di hn do chnh ph hoc cng ty pht hnh
nhm huy ng vn di hn. Tri phiu do chnh ph pht hnh gi l tri
phiu chnh ph hay tri phiu kho bc.Tri phiu do cng ty pht hnh
gi l tri phiu cng ty.
Trn tri phiu bao gi cng c ghi mt s tin nht nh, gi l mnh
gi ca tri phiu. Mnh gi tc l gi tr c cng b ca ti sn. Ngoi
vic cng b mnh gi, ngi ta cn cng b li sut ca tri phiu. Li
40
sut ca tri phiu tc l li sut m tri phiu c hng, n bng s li
c hng chia cho mnh gi ca tri phiu.
nh gi tri phiu tc l quyt nh gi tr l thuyt ca tri phiu
mt cch chnh xc v cng bng. Gi tr ca tri phiu c nh gi
bng cch xc nh hin gi ca ton b thu nhp nhn c trong thi
hn hiu lc ca tri phiu.

1. nh gi tri phiu vnh cu (tri phiu v thi hn)

Tri phiu vnh cu l tri phiu khng c thi im o hn. Tri phiu
vnh cu ny chnh l cam kt ca ngi pht hnh (thng l chnh ph)
s tr mt s tin li c nh mi mi cho ngi no s hu tri phiu.
Gi tr ca loi tri phiu ny c xc nh bng gi tr hin ti ca dng
tri tc (mc li sut c hng do s hu tri phiu) m tri phiu ny
mang li.
Gi:
- I l li c nh hng nm v c hng mi mi
- P l gi ca tri phiu
- k
d
l li sut yu cu ca nh u t

Th gi tr ca tri phiu ny c xc nh nh sau:
0 t
t = 1 d
0 1 2
d d d
0
d k d
0
d
I
P =
( 1 + k )
I I I
P = + + . . . . +
( 1 + k ) ( 1 + k ) ( 1 + k )
1 1
P = I -
k k ( 1 + k )
I
P =
k

(
(

41

2. nh gi tri phiu c k hn c hng li

Tri phiu c k hn c hng li l loi tri phiu c thi hn o hn
c xc nh ngay t khi pht hnh v li sut c hng qua tng thi
hn nht nh. Khi mua loi tri phiu ny nh u t c hng li
nh k, thng l hng nm, theo li sut cng b trn mnh gi tri
phiu v c thu hi li vn gc bng mnh gi khi tri phiu o hn.
Gi:
- I l li c nh c hng
- P
0
l gi ca tri phiu
- k
d
l li sut yu cu ca nh u t
- M l mnh gi tri phiu
- n l s nm cho n khi o hn

th gi tr ca tri phiu c xc nh nh sau:


a- nh gi tri phiu c k hn khng hng li (cn gi l tri phiu
chit khu khng)

Tri phiu k hn khng hng li l loi tri phiu khng c tr li nh
k m c bn vi gi thp hn nhiu so vi mnh gi. Khi mua loi tri
n
0 t n
t=1
d d
0 1 2 n n
d d d d
n
d
0 n n
d d d
I M
P = +
(1+k ) (1+k )
I I I M
P = + +....+ +
(1+k ) (1+k ) (1+k ) (1+k )
(1+k ) -1 M
P =I +
k (1+k ) (1+k )

42
phiu ny ngi u t vn nhn c li tc, chnh l phn chnh lch
gia gi mua gc ca tri phiu vi mnh gi ca n.
Phng php nh gi loi tri phiu ny cng tng t nh cch
nh gi loi tri phiu k hn c hng li ch khc ch li sut
c hng hng nm bng 0 nn ton b gi tr hin ti ca phn li
nh k bng 0. Do vy, gi c ca tri phiu khng hng li chnh l gi
tr hin ti ca mnh gi khi tri phiu o hn.

b-nh gi tri phiu tr li bn nin

Thng thng tri phiu c tr li hng nm mt ln nhng i khi
cng c loi tri phiu tr li bn nin tc l tr li hng nm hai ln. Kt
qu l m hnh nh gi tri phiu thng thng phi c mt s thay i
thch hp nh gi trong trng hp ny.

3.2.2 nh gi c phiu

1. nh gi c phiu u i

C phiu u i l loi c phiu m cng ty pht hnh cam kt tr t l c
tc c nh hng nm v khng c tuyn b ngy o hn. Loi c phiu
ny c nhng tnh cht ging nh tri phiu vnh cu. Do , m hnh
0
n
d
M
P =
(1+k )
2n
d
2n
0
t 2n 2n 2n
d d d d d t=1
k I
(1+ ) -1
M I M
2 2
P = + = +
k k k k k
2
(1+ ) (1+ ) (1+ ) (1+ )
2 2 2 2 2
(
(
(
(

43
nh gi tri phiu vnh cu c th p dng nh gi c phiu u i.
Gi c phiu u i c xc nh theo cng thc sau:

p
0
p
D
P =
k
vi D
p
l c tc c nh hng nm; k
p
l t l li
sut chit khu

2. nh gi c phiu thng

C phiu thng l chng nhn u t vo cng ty c phn. Ngi mua
c phiu thng c chia li nhun hng nm t kt qu hot ng ca
cng ty v c s hu mt phn gi tr cng ty tng ng vi gi tr c
phiu h ang nm gi.
Gi c phiu thng c xem nh l hin gi dng tin t thu
nhp to ra cho nh u t t c phiu. Do , m hnh nh gi c phiu
thng ni chung c dng nh sau:

Trong Dt l c tc c chia thi k t v k
s
l li nhun mong i
ca nh u t. Tuy nhin m hnh ny ch ph hp vi tnh hung nh
u t mua c phiu v gi mi mi hng c tc. Nu nh u t
mua c phiu v ch gi n 3 nm sau bn li vi gi l P
3
, th gi c
phiu s l:

t 1 2
0 1 2 t
t=1 s s s s
D D D D
P = + +...+ =
(1+k ) (1+k ) (1+k ) (1+k )

3 3 1 2
0 1 2 3 3
s s s s
D P D D
P = + + +
(1+k ) (1+k ) (1+k ) (1+k )
44

Do c tnh ca c phiu thng khc vi c phiu u i ch li tc
c hng hng nm khng c nh v ph thuc vo kt qu kinh
doanh cng nh chnh sch chia c tc ca cng ty. Do , khi xc nh
gi tr l thuyt ca c phiu thng, ngi ta c bit quan tm n 2
yu t l tc tng trng ca c tc hng nm v t l chit khu
hng nm c s dng. Theo ta c cc trng hp sau:

Trng hp tc tng trng c tc bng khng

y l mt trng hp c bit khi tc tng trng c tc khng i
v bng 0, hay ni khc i, cc khon c tc c chi tr hng nm l
nh nhau. Mc d t c c phiu no c tc tng trng bng 0 mi
nhng vi nhng c phiu no c c tc n nh v duy tr trong mt thi
gian di th c th p dng xc nh gn ng gi c phiu. Theo
nu D
0
l mc c tc hin ti ca c phiu c chia th:

0 1 2 3
0 0 0 0 0
0 1 2 t
t=1 s s s s s s
0
0
s
D =D =D =D =..........D
D D D D D 1
P = + +...+ = = 1-
(1+k ) (1+k ) (1+k ) (1+k ) k (1+k )
D
P =
k

| |
|
\ .

Trng hp tc tng trng c tc khng i

Trong trng hp ny m hnh nh gi c phiu nh sau:

45
2
0 0 0
0 0 1 2
s s s s s
1
0 0
s s
D (1+g) D (1+g) D (1+g) (1+g) (1+g)
P = + +...+ =D 1-
(1+k ) (1+k ) (1+k ) (k -g) (1+k )
D (1+g)
P =D =
(k -g) (k -g)


| |
|
\ .


trong D
0
l c tc hin ti ca c phiu v g l tc tng trng c
tc. C tc k vng cui k t bng c tc hin ti nhn vi h s
(1+g)
t
.
Do k
e
> g, nn
e
(1+g)
(1+k )

tin n 0 khi t tin n

Trng hp tc tng trng c tc thay i

Khi tc tng trng c tc g thay i qua tng giai on th t cng
thc nh gi c phiu chung, ngi ta bin i n thnh:

3 1 2 n n
0 1 2 3 n n
s s s s s
D D D D P
P = + + +..... +
(1+k ) (1+k ) (1+k ) (1+k ) (1+k )

Hay
n
t n
0 t n
t=1 s s
D P
P = +
(1+k ) (1+k )
vi n l thi im m ngi bn c
phiu

3.3 Phng php nh gi c phiu theo t s P/E (H s gi v thu
nhp)

M hnh chit khu dng thu nhp c th p dng nh gi c phiu,
tri phiu nhng m hnh ny khng p dng c trong nh gi c
46
phiu khi cng ty gi li ton b li nhun cho ti u t v khng trong
tr c tc cho c ng. Hn na gi tr m n xc nh mi ch l gi tr
tnh ton mang ngha l thuyt do buc phi gi nh tc tng trng
ca c tc. Trn th trng giao dch thc t, ngi ta thng p dng t
s P/E ra quyt nh v mua bn c phiu.

H s gi v thu nhp c phiu (P/E: Price on Earning per share) hin nay
l ch s c rt nhiu nh u t Vit Nam s dng nh gi
chng khon. Cng thc tnh gi nh sau:

0
P
P =EPS
E
Trong EPS l mc thu nhp trn mi mt u c
phiu thng v



Cc nh u t mua c phiu u mong mun s thu c li nhun trong
tng lai t vn u t vo cc c phiu . Do ch s thu nhp trn
mi c phiu s cung cp thng tin v thu nhp nh k ca mi c phn
thng. N phn nh kh nng to ra li nhun rng trn mt c phn m
c ng ng gp vn.

- Trng hp cng ty pht hnh thm hoc mua li c phiu th tng
s c phiu thng (mu s trong cng thc) phi c tnh ton
theo cng thc bnh qun gia quyn.
- Trng hp cng ty c pht hnh tri phiu chuyn i th EPS
c tnh li, gi l EPS gim bt, bi s tri phiu c th
EPS = (Li nhun rng - Tng c tc u i)/Tng c phiu thng
47
chuyn i thnh c phiu thng vo bt k lc no. Kt qu l s
lng c phiu tng ln s lm gim thu nhp ca mi c phiu.

Cng ty no c EPS cao hn so vi cc cng ty khc s thu ht c s
u t hn bi EPS cng cao th cng ty to ra li nhun c ng cng
ln v ngc li. EPS thay i tu theo phng php k ton v EPS m
cc chuyn gia nh gi c ly t thng tin cng ty. Do , d l EPS
ly t cng ty hay chuyn gia cng ch l con s c tnh.

Do vy, ch s ny nn c xem xt trong mt giai on nht nh
nh gi xu hng n nh v kh nng tng trng ca n, qua s
thy c hiu qu qu trnh hot ng ca cng ty. V EPS khng phi
lc no cng t l vi tng li nhun sau thu. Nu cng ty tng vn bng
cch pht hnh thm 10% s lng c phiu m li nhun tng thm
khng 10% th EPS s gim, ko theo gi c phiu gim theo.

H s P/E o lng mi quan h gia gi th trng v thu nhp ca mi
c phiu, c tnh nh sau:

H s ny cho nh u t bit h phi tr gi bao nhiu cho mi ng thu
nhp ca mt c phiu. V bng cch nghch o ca t s P/E (ly 1 chia
cho P/E), nh u t c th xc nh c t sut li nhun tng i trn
khon u t ca h.
Thng thng, P/E t 5-15 l bnh thng, nu P/E ln hn 20 c ngha
l:
- Nh u t d kin tc tng c tc cao trong tng lai.
EPS gim bt = Li nhun rng (khng phi tr li TP chuyn i)/(Tng tri
phiu chuyn i/Gi chuyn i)
P/E = Th gi/EPS
48
- C phiu c ri ro thp nn ngi u t tho mn vi t sut vn
ho th trng thp.
- Nh u t d on cng ty c tc tng trng trung bnh v s
tr c tc cao.

Nhn chung P/E cao thng m ch mt mc ri ro ln v ri ro ln hm
mt c hi thu li nhun ln hn. Nhng c phiu ny thng nhy
cm vi tin tc xu, cn nhng c phiu c P/E thp th khng. Khi tnh
c t s P/E, nn so snh vi 4 chun mc sau:

- T s tng trng trong qu kh (kim tra qua nhiu nm c th
bit c mc bnh thng ca P/E).
- Mc tng trng d kin trong tng lai ca cng ty.
- C phiu ca cc cng ty khc trong cng ngnh kinh doanh
- Ton b th trng, phn nh bi ch s.

Lu rng P/E s tr ln v ch nu n khng phn nh khuynh hng
ca lm pht. Nu mc lm pht l 8% mt nm v t s P/E l 12 th t
s P/E thc s gn vi 20. T s P/E thc ny cho ta bit s mong i ca
cc nh u t c thc t hay khng. Nu t s P/E thc thp th hu nh
gi cc c phiu lun tng ln. Nu chng qu cao, gi cc c phiu lun
h xung.

Ch s P/E cng ch thc s c ngha trong vic xc nh gi c phiu
khi th trng chng khon pht trin tng i vi nhiu cng ty
cng ngnh ngh, cng quy m c nim yt. Khi , ch cn nhn h
s P/E vi li nhun mi c phiu l c th xc nh mt cch tng i
gi tr ca c phiu (P0 = P/E x EPS). y l cch xc nh gi c phiu
thng nhanh nht v n gin nht.
49

Theo phng php nh gi ny, v mt l thuyt chng ta c th p dng
mt trong hai cch sau:

- Ly P/E bnh qun ton ngnh m cng ty tham gia hoc P/E
ca mt cng ty c c phiu c giao dch rng ri c cng t l
li nhun, ri ro v mc tng trng tng t nhn vi EPS ca
cng ty cn nh gi.
- i vi cng ty c tc tng trng u n, P/E c tnh theo
cng thc sau:


P [(1-b)(1+g)]
=
E (r-g)

Vi:

b l t l thu nhp gi li v

g l tc tng trng c tc v g=bROE

ROE l gi tr thu nhp vn c phn

r = c tc nm sau/P
0
+ g

Gi c phiu ca cng ty s c xc nh bng cch nhn h s P/E
ny vi EPS ca cng ty.
Mc d vy, P/E c dng c c mt thc o tng i v gi c
phiu m thi. Khng nn t n mt cch bit lp, m nn so snh n
vi P/E bnh qun ca ngnh.

b= [1-(C tc/EPS)]
ROE = EPS/ gi tr s sch c phiu
50
P/E ca cc loi cng ty trong cc ngnh ngh khc nhau th khc nhau.
Cc nh u t thng quan tm n nhng cng ty c ch s P/E cao v
h ngh rng cng ty c tim nng pht trin trong tng lai. . Tuy nhin
cng c trng hp P/E cao khng phi do gi th trng ca c phn
hin ti cao m do EPS ang mc thp (thng gp cc cng ty mi
tng trng) .

Cc cng ty lu i hay nhng cng ty pht trin n mc tt bt
thng P/E rt thp. n gin l v cc nh u t khng ngh l cc cng
ty c tim nng v y gi ln na. Do P/E s thp. Cng c trng
hp cng ty hot ng tt nhng li c ch s P/E thp l do th trng
khng nh gi cao hay ngi u t cha hiu bit nhiu v cng ty.
Tuy nhin, vn m nh u t quan tm khng phi P/E hin ti m
P/E tng lai tc l tin on li nhun k ti ca cng ty (EPS
1
) v do
P
1
= EPS
1
x P/E.

Ni tm li, h s EPS v P/E ch cho ta hnh nh v cng ty, nn xem xt
nh gi xu hng v kh nng tng trng ca cng ty, cha phi l
h s ng tin cy nh gi chng khon bi nhng l do sau:
o Th nht, ta cha c c s no ni P/E by gi l cao c v Vit
Nam cha c cc cng ty cng ngnh ngh v cng quy m trn
th trng nn ta khng th ly c s no m so snh. V d ta
khng th so snh FPT vi HAP c.
o Th hai, lut CKVN cha bt buc cc cty phi cng b c th cc
thng tin. Do cc nh u t khng th d kin c li nhun
sp n chc chn c.




51
BI 4
PHT HNH, NIM YT V GIAO DCH
CHNG KHON

4.1 Pht hnh chng khon
4.1.1 Khi nim v pht hnh chng khon
Vic cho bn ln u tin chng khon mi gi l pht hnh
chng khon. Nu t pht hnh dn n vic a mt loi chng khon
ca mt t chc ln u tin ra cng chng th gi l pht hnh ln u
ra cng chng. Nu vic pht hnh l vic pht hnh b sung bi t
chc c chng khon cng loi lu thng trn th trng th gi l t
pht hnh chng khon b sung. Tuy nhin, khng phi mi i tng
u c pht hnh chng khon m ch nhng ch th pht hnh mi c
c quyn ny.
Nh pht hnh l cc t chc thc hin huy ng vn thng qua th
trng chng khon. Nh pht hnh l ngi cung cp cc chng khon -
hng ho ca th trng chng khon. Thng thng, nh pht hnh bao
gm:
- Chnh ph v chnh quyn a phng l nh pht hnh cc tri
phiu Chnh ph v tri phiu a phng.
- Cng ty l nh pht hnh cc c phiu v tri phiu cng ty.
- Cc t chc ti chnh l nh pht hnh cc cng c ti chnh nh
cc tri phiu, chng ch th hng... phc v cho hot ng ca
h.
4.1.2 Phng thc pht hnh chng khon
C 2 phng thc pht hnh chng khon trn th trng s cp.
l pht hnh ring l v pht hnh ra cng chng.
52
1. Pht hnh ring l (Private Placement)
Pht hnh ring l l vic cng ty pht hnh cho bn chng khon ca
mnh trong phm vi mt s ngi nht nh (thng thng l cho cc nh
u t c t chc c nh nm gi chng khon mt cch lu di) nh
cng ty bo him, qu hu tr... vi nhng iu kin hn ch ch khng
pht hnh rng ri ra cng chng. Cc ngn hng u t cng c th tham
gia vo vic pht hnh ring l vi t cch nh phn phi hng ph
pht hnh. a s cc t pht hnh tri phiu u thc hin di hnh
thc pht hnh ring l, vic pht hnh c phiu thng - c phiu ph
thng t khi c thc hin di hnh thc ny.

2. Pht hnh chng khon ra cng chng
Pht hnh chng khon ra cng chng l vic pht hnh trong
chng khon c th chuyn nhng c bn rng ri ra cng chng cho
mt s lng ln ngi u t nht nh (trong phi dnh mt t l
cho cc nh u t nh) v khi lng pht hnh phi t mt mc nht
nh.

3. ngha c bn ca vic phn bit gia pht hnh ring l v pht
hnh ra cng chng
Vic phn bit pht hnh ring l v pht hnh ra cng chng l
xc nh nhng ngi pht hnh rng ri ra cng chng phi l nhng
cng ty c cht lng cao, hot ng sn xut kinh doanh tt, nhm bo
v cho cng chng u t ni chung, nht l nhng nh u t nh thiu
hiu bit. ng thi, y cng l iu kin xy dng mt th trng
chng khon an ton, cng khai v c hiu qu.
Vic pht hnh chng khon ring l thng thng chu s iu
chnh ca Lut Cng ty. Chng khon pht hnh di hnh thc ny
53
khng phi l i tng c nim yt v giao dch trn th trng chng
khon s cp.

4.1.3 Bo lnh pht hnh chng khon
1. Khi nim v Bo lnh pht hnh chng khon
Bo lnh pht hnh l vic t chc bo lnh gip t chc pht
hnh thc hin cc th tc trc khi cho bn chng khon, t chc vic
phn phi chng khon v gip bnh n gi chng khon trong giai on
u sau khi pht hnh. Trn th gii, cc ngn hng u t thng l
nhng t chc ng ra lm bo lnh pht hnh.
T chc bo lnh l ngi chu trch nhim mua hoc cho bn
chng khon ca mt t chc pht hnh nhm thc hin vic phn phi
chng khon hng hoa hng.

2. Cc phng thc bo lnh pht hnh

Bo lnh vi cam kt chc chn: l phng thc bo lnh m theo
t chc bo lnh cam kt s mua ton b s chng khon pht
hnh cho d c phn phi c ht chng khon hay khng. Trong
hnh thc bo lnh t hp theo "cam kt chc chn", mt nhm cc
t chc bo lnh hnh thnh mt t hp mua chng khon ca t
chc pht hnh vi gi chit khu so vi gi cho bn ra cng chng
(POP) v bn li cc chng khon ra cng chng theo gi POP.
Chnh lch gia gi mua chng khon ca cc t chc bo lnh v
gi cho bn ra cng chng c gi l hoa hng chit khu.

Bo lnh theo phng thc d phng: y l phng thc thng
c p dng khi mt cng ty i chng pht hnh b sung thm c
phiu thng cc nc pht trin. Trong trng hp , cng ty
54
cn phi bo v quyn li cho cc c ng hin hu, v nh vy,
cng ty phi cho bn c phiu b sung cho cc c ng c trc khi
cho bn ra cng chng bn ngoi. D nhin, s c mt s c ng
khng mun mua thm c phiu ca cng ty. Do vy, cng ty cn c
mt t chc bo lnh d phng sn sng mua nhng quyn mua
khng c thc hin v chuyn thnh nhng c phiu phn phi
ra ngoi cng chng. C th ni, bo lnh theo phng thc d
phng l vic t chc bo lnh cam kt s mua nt s chng khon
cn li cha c phn phi ht ca t chc pht hnh v bn li ra
cng chng. Ti cc nc ang pht trin, khi cc t chc bo lnh
cn non tr v cha c tim lc ln th phng thc bo lnh pht
hnh d phng li l phng thc bo lnh thng dng nht.

Bo lnh vi c gng cao nht: l phng thc bo lnh m theo
t chc bo lnh t chc bo lnh tho thun lm i l cho t
chc pht hnh. T chc bo lnh khng cam kt bn ton b s
chng khon m cam kt s c gng ht sc bn chng khon ra
th trng, nhng nu khng phn phi ht s tr li cho t chc pht
hnh phn cn li.

Bo lnh theo phng thc bn tt c hoc khng: trong phng
thc ny, t chc pht hnh yu cu t chc bo lnh bn mt s
lng chng khon nht nh, nu khng phn phi c ht s hu
ton b t pht hnh.

Bo lnh theo phng thc ti thiu - ti a: l phng thc trung
gian gia phng thc bo lnh vi c gng cao nht v phng
thc bo lnh bn tt c hoc khng. Theo phng thc ny, t chc
pht hnh yu cu t chc bo lnh bn ti thiu mt t l chng
55
khon nht nh (mc sn). Vt trn mc y, t chc bo lnh c
t do cho bn chng khon n mc ti a quy nh (mc trn).
Nu lng chng khon bn c t t l thp hn mc yu cu th
ton b t pht hnh s b hu b.

4.2 Nim yt chng khon
4.2.1 Khi nim
Nim yt chng khon l th tc cho php mt chng khon nht
nh c php giao dch trn S giao dch chng khon (SGDCK). C
th, y l qu trnh m SGDCK chp nhn cho cng ty pht hnh c
chng khon c php nim yt v giao dch trn SGDCK tp trung nu
cng ty p ng y cc iu kin (tiu chun) v nh lng cng
nh nh tnh m SGDCK ra.

4.2.2 Quy trnh nim yt chng khon
Bc 1: Np h s ng k nim yt ln SGDCK
T chc ng k nim yt chng khon phi np h s ng k nim yt
cho SGDCK hoc. H s ng k nim yt chng khon thng bao
gm:
- Giy ng k nim yt chng khon theo mu quy nh ca S
giao dch;
- Quyt nh thng qua vic nim yt chng khon ca cp c
thm quyn cao nht ca cng ty (i hi c ng, hi ng
qun tr, hi ng thnh vin) ty theo loi hnh cng ty v
loi chng khon nim yt theo quy nh ca php lut.
- S ng k ch s hu chng khon ca t chc ng k nim
yt c lp trong mt thi hn nht nh theo qui nh trc
thi im np h s ng k nim yt;
56
- Bn co bch ca t chc nim yt theo mu quy nh v phi
p ng cc yu cu: C y cc thng tin cn thit, trung
thc, r rng nhm gip cho ngi u t v cng ty chng
khon c th nh gi ng v tnh hnh ti chnh, tnh hnh
hot ng kinh doanh v trin vng ca t chc xin nim yt;
Cc s liu ti chnh trong Bn co bch phi ph hp vi cc
s liu ca Bo co ti chnh c kim ton trong h s xin
php nim yt; C ch k ca Ch tch Hi ng qun tr,
Trng Ban Kim sot, Gim c (Tng gim c), K ton
trng ca t chc xin nim yt. Trng hp i din k thay
cn c giy u quyn.
- i vi vic nim yt c phiu ca cng ty c phn th cn phi
c cam kt ca c ng l thnh vin Hi ng qun tr, Ban
Kim sot, Gim c hoc Tng Gim c, Ph Gim c hoc
Ph Tng Gim c v K ton trng nm gi mt t l do
mnh s hu trong thi gian theo qui nh k t ngy nim yt.
- Hp ng t vn nim yt (nu c);
- Giy chng nhn ca t chc lu k chng khon v vic chng
ca t chc ng k nim yt ng k lu k tp trung.

Ty theo tnh cht ca tng loi chng khon v quy nh ca tng S
giao dch m h s ng k giao dch c th nhiu hoc t hn cc ti liu
trn.

Bc 2: SGDCK tin hnh thm nh s b h s:
y l bc kim tra ban u khng da trn thc t m da trn c s
cc ti liu trong h s ng k nim yt do t chc ng k nim yt
cung cp. Mc ch ca thm nh s b l nhm rt bt thi gian thm
nh chnh thc. Cho d vic thm nh ny khng c thc hin mt
57
cch chnh thc, nhng n c tc dng quan trng trong vic a ra quyt
nh cui cng vic chp thun hay t chi vic nim yt. Hu ht cc t
chc ng k nim yt khng p ng c cc iu kin do SGDCK t
ra th u b loi ngay khi thm nh s b trc khi np n xin nim yt
chnh thc. Khi thm nh s b, s giao dch thng ch trng n cc
vn sau:

- Cc iu khon thnh lp cng ty, cng ty con v cc chi nhnh
(nu c). T chc n b, chi tit nhn s v hi ng qun tr,
ban gim c, kim sot v lc lng lao ng; Vic nm gi
chng khon, tham gia chia li nhun, quyn li ca hi ng
qun tr, ban gim c v ca cc c ng chnh trong bt c
hot ng kinh doanh no lin quan n cng ty;
- Cc vn v n (phi thu, phi tr), vic kin tng cha hon
thnh v nh hng ca n ti cng ty (nu c);
- Kh nng sn xut kinh doanh, u t ca cng ty v cc tc
ng ca chnh sch thu nhp, phn phi thu nhp trong tng
lai;
- Thng xuyn t chc cng b thng tin v mi mt hot ng
ca cng ty c bit l cc thng tin v ti chnh nh kt qu
hot ng sn xut kinh doanh, kh nng sinh li, c cu vn,
c cu nm gi khi lng chng khon trong nhng nm qua,
mc thanh khon ca chng khon;

Tin trnh thm nh s b h s ca SGDCK gm cc bc sau :
+ Th nht : SGDCK kim tra cc ti liu do cng ty xin nim yt
np;
+ Th hai: SGDCK t cc cu hi cho cng ty xin nim yt v cc
ti liu np;
58
+ Th ba: Cng ty xin nim yt tr li cu hi ca SGDCK v cc
th tc t bc 1 n bc 3 v lp i lp li cho n khi cc chi
tit c sng t hon ton;
+ Th t: SGDCK tm hiu thm v cng ty xin nim yt v c th
n cng ty kim tra cc ti liu v thu thp thm cc thng tin
cn thit cho vic thm nh nim yt chnh thc;
+ Th nm: Nhn vin SGDCK tho lun v kt qu ca vic thm
tra trong c cc kt qu khi thc hin tm hiu cng ty;
+ Th su: SGDCK a ra quyt nh cui cng v thng bo quyt
nh ny cho cng ty nim yt.


Bc 3: Np n xin php nim yt chnh thc ln SGDCK:
Sau khi nhn c thng bo kt qu thm nh s b h s xin nim yt
ca SGDCK vi quyt nh chp thun h s, cng ty ng k nim yt
phi np n km h s xin nim yt chnh thc ln SGDCK. Ngoi cc
ti liu trong h s thm nh s b trc y, h s xin nim yt chnh
thc cn c thm cc ti liu sau:
n xin nim yt theo mu quy nh ca s giao dch trong nu
r l do xin nim yt;
Giy chng nhn ng k kinh doanh do c quan nh nc c
thm quyn cp;
iu l t chc v hot ng ca cng ty c ph chun;
Mu chng ch chng khon nim yt, mnh gi, cc c quyn v
c n, s lng mi loi chng khon cn c nim yt;
Mt s ti liu khc theo yu cu c th ca tng SGDCK.

Cng vi vic np n xin php nim yt chnh thc, cng ty ng k
nim yt s k hp ng nim ytvi SGDCK trong quy nh cc
59
ngha v ca cng ty nim yt. Mi s giao dch u c mt mu hp
ng nim yt ring nhng tu trung u c nhng ni dung sau:
- m bo vic cng b thng tin theo nh k;
- m bo vic cng b cc bn bo co ti chnh theo chun mc v
nguyn tc k ton quc t mt cch thng xuyn v nh k;
- Cung cp cho SGDCK thng tin theo nh k nhm gip h thc
hin tt chc nng duy tr mt th trng c trt t;
- Ngn chn cng ty thc hin kinh doanh thiu lnh mnh.

Bc 4: SGDCK tin hnh kim tra nim yt:
Khi nhn c n xin nim yt v k hp ng nim yt vi cng ty
ng k nim yt, SGDCK tin hnh kim tra tnh php l, tnh chnh xc
ca thng tin v kim tra, i chiu vi cc iu kin v nim yt chng
khon trn SGDCK trn c s cc ti liu bo co v nh gi, so snh
vi thc t. Cc ni dung trng tm m SGDCK ch kim tra gm:
Kh nng sinh li v n nh ca cng ty;
T chc qun l v hot ng ca cng ty;
Li ch ca cng chng v vic m bo quyn li ca cng ty;

Bc 5: SGDCK ph chun nim yt:
Khi xt thy cng ty ng k nim yt p ng y cc iu kin v
nim yt chng khon, Hi ng qun tr SGDCK s ph chun cho
chng khon c nim yt chnh thc giao dch trn SGDCK.

Bc 6: Khai trng nim yt:
Sau khi c ph chun nim yt, SGDCK s quy nh c th thi gian s
nim yt v mi ch tch hi ng qun tr, hi ng thnh vin v tng
gim c, gim c iu hnh ca cng ty nim yt nh ngy giao
dch u tin trn SGDCK i vi chng khon c ph chun cho
60
php nim yt. y chnh l vic gip lnh o cng ty nim yt hin
din trc cng chng v nhn trch nhim php l ca cng ty c
nim yt.

4.3 Giao dch chng khon
Mt chu trnh giao dch chng khon tri qua nhiu th tc: lu k chng
khon, t lnh, khp lnh, b tr chng khon v cui cng l thanh
ton chng khon

4.3.1. Lu k chng khon (deposit)
Lu k chng khon l mt trong nhng iu kin cn thit thc hin
giao dch trn th trng chng khon. Lu k l vic gi chng ch
chng khon nh t c phiu, tri phiu, hoc cc loi giy t hp php
chng minh quyn s hu chng khon vo h thng lu k. H thng
lu k chng khon bao gm Trung tm lu k v cc thnh vin lu k.
Chng ch chng khon ca nh u t s c ct gi an ton ti Trung
tm lu k. Chng khon c lu k s c ghi nhn vo ti khon
lu k chng khon ng tn nh u t.
Khi chng khon c giao dch, ti khon ca nh u t s c ghi
tng hoc gim m khng cn phi trao tay t chng ch chng khon.
Lu k chng khon l bt buc trc khi mun chng khon c giao
dch qua sn giao dch ca Trung tm giao dch chng khon. Trung tm
giao dch chng khon hin nay ng vai tr l Trung tm lu k. Vic
lu k chng khon ch c thc hin ti cc thnh vin lu k ca
Trung tm giao dch chng khon. Cc thnh vin lu k bao gm cc
cng ty chng khon v cc ngn hng thng mi c U Ban
Chng Khon Nh Nc cp php hot ng lu k v ng k lm
thnh vin lu k ca Trung tm giao dch chng khon. Tnh n u
nm 2007 Trung tm giao dch chng khon Thnh ph H Ch Minh c
61
14 thnh vin lu k, trong 11 thnh vin lu k l cc cng ty chng
khon v 3 thnh vin lu k l cc ngn hng nc ngoi ti Vit Nam.

Trc y nh u t trong nc ch c lu k chng khon ti thnh
vin lu k trong nc - l cc cng ty chng khon hoc cc ngn hng
thng mi trong nc, nh u t nc ngoi ch c lu k ti thnh
vin lu k nc ngoi - l cc cng ty chng khon lin doanh vi nc
ngoi hoc cc ngn hng thng mi lin doanh vi nc ngoi hoc cc
chi nhnh ngn hng nc ngoi ang hot ng hp php ti Vit Nam.
Tuy nhin, quy nh ny c thay i, theo Quyt nh s
51/2003/Q-BTC ngy 15/04/2003 ca B Ti Chnh v vic sa i, b
sung mt s iu ca Quy ch lu k, thanh ton b tr v ng k chng
khon, nh u t trong v ngoi c th m ti khon lu k chng khon
bt k thnh vin lu k no. Cc chng khon sau khi c lu k ti
thnh vin lu k s c thnh vin lu k ti lu k ti Trung tm giao
dch chng khon. Sau khi thnh vin hon tt vic ti lu k ti Trung
tm giao dch chng khon th chng khon mi c php giao dch.

Theo quy nh hin hnh, mi nh u t ch c m mt ti khon lu
k ti mt thnh vin lu k. Do vy nh u t cn tm hiu trc la
chn mt thnh vin lu k thch hp cho mnh. Trong trng hp mun
i sang mt thnh vin lu k khc, nh u t s m ti khon lu k
mi ti thnh vin lu k mi, ng thi phi lm cc th tc ng ti
khon lu k ti thnh vin lu k c v yu cu thnh vin lu k ny
chuyn s d chng khon sang ti khon lu k ti thnh vin lu k
mi.

Khi m ti khon lu k, nh u t nn cung cp a ch lin lc r rng,
chnh xc v y cho thnh vin lu k. iu ny rt quan trng v nh
62
u t c th gp phi nhng bt tin v thm ch thit hi sau ny. Chng
hn, khi a ch trn cc loi giy t ty thn nh chng minh nhn dn
c s dng lm cc th tc m ti khon lu k, trong khi a ch c
tr hin ti khc vi a ch trn chng minh nhn dn. Cc th t lin lc
ca t chc pht hnh, Trung tm giao dch chng khon v thnh vin
lu k trong thi gian thc hin quyn s khng n ng ni nh u t
. Vic ny c th a n v s bt tin trong qu trnh x l quyn t
thnh vin lu k, Trung tm giao dch chng khon cho n t chc pht
hnh nh chm tr, chnh sa h s thc hin quyn, hoc thm ch i
khi nh u t b t chi phn b quyn.

Ngi ng tn lu k chng khon phi chnh l ch s hu chng
khon, k c c phiu v danh. S seri ca t chng ch chng khon
cng phi ng l s seri ca ch s hu ng k quyn s hu ti t
chc pht hnh. C phiu ca c ng sng lp vn cn trong thi gian
nm gi theo quy nh ca php lut, ca c ng mua chu cha thanh
ton ht tin mua c phiu vn c lu k nhng khng c php giao
dch. Cc c phiu ny ch c php giao dch khi cc iu kin hn ch
c bi b v phi c xc nhn t t chc pht hnh. Cc ch s hu
c phiu theo hnh thc ghi s mun lu k vn tin hnh cc th tc lu
k bnh thng ti thnh vin lu k. D nhin trong trng hp ny
khng c vic chuyn giao chng ch vt cht.

Thnh vin lu k s gi tn ch s hu n t chc pht hnh. Sau khi
kim tra, t chc pht hnh s gi tn ch s hu n Trung tm giao
dch chng khon thc hin vic lu k. Lu k theo hnh thc ghi s
l xu hng ch yu hin nay v nhng u im hn hn lu k chng
ch vt cht, l khng phi qua kim m, kim tra tnh tht gi, v tn
km cho cng tc bo qun. Trung tm giao dch chng khon l ngi
63
c y quyn thay mt ngi ng s hu chng khon lu k nhn cc
quyn c hng t t chc pht hnh nh c tc, li tri phiu, c
phiu thng

4.3.2. Lnh v phng thc khp lnh
1. Cc loi lnh trn th trng chng khon
Lnh th trng (Market Order)
Lnh th trng l lnh mua hay bn mt loi c phiu mc gi th
trng, nu bn khng ch th mt cch r rng th ngi mi gii ca
bn s t ng thc hin lnh ca bn nh mt lnh th trng. u im
ca lnh th trng l chng no m c ngi sn lng mua hoc bn th
bn gn nh c th chc chn l ch th ca bn s c thc hin.
Ty thuc vo s hoa hng m bn phi tr cho cng ty mi gii hoc
ngi mi gii chng khon m lnh th trng c th t tn km hn mt
lnh gii hn (Limit order). Tuy nhin nhc im ca loi lnh ny l
mc gi khi bn ch th thc hin lnh khng phi lc no cng trng
khp vi mc gi vo thi im ngi mi gii thng bo cho bn. iu
ny c bit ng trong iu kin th trng v mc gi thay i nhanh
chng nh hin nay. Khi bn ch th thc hin mt lnh th trng, c
bit l vi mt s lng c phiu ln, th kh nng s lng c phiu ny
c thc hin cc mc gi khc nhau li cng cao

Lnh gii hn (limit Order)
Lnh gii hn l vic bn ch th cho ngi mi gii ca mnh mua mt
chng khon mc gi thp hn mt mc gi c th, cn gi l mc gi
gii hn (limit price), hoc l bn loi chng khon ny mc gi cao
hn hoc bng vi mc gi gii hn. trnh phi mua hoc bn mt
loi c phiu mc gi cao hn hoc thp hn mc gi m bn mong
mun, bn nn a ra lnh gii hn hn l lnh th trng(market
64
order) v khi bn t lnh th trng th bn khng th kim sot c
mc gi m ti lnh ca bn c thc hin.
V d: nu bn mun mua mt loi c phiu IPO thuc dng ang hot
trn th trng. C phiu ny c cho bn th trng s cp vi mc
gi $9. Nu bn khng mun mua c phiu ny vi mc gi cao hn $20/
c phiu, khi bn nn ch th cho ngi mi gii ca mnh bng mt
lnh gii hn.

Nu a ra mt lnh th trng, c th mc gi lc bn t lnh v lc
lnh ca bn c khp chnh lch nhau rt nhiu, v d bn t lnh
lc gi mi $18/ c phiu v khi lnh ca bn c khp th gi c th
b y ln ti $90/ c phiu. V nh vy bn s phi hng chu mt khon
l ln nu ngy sau hoc tun sau gi c phiu st xung. Nu bn ua
ra lnh gii hn th ngi mi gii ca bn s ch thc hin lnh nu mc
gi th trng cn di hoc bng vi mc gi gii hn l $20/ c
phiu.

Tuy nhin cng cn nh rng lnh gii hn ca bn c th s chng bao
gi thc hin c bi v mc gi th trng c th nhanh chng vt
mc gi gii hn m bn a ra trc khi lnh ca bn c thc hin.
Nhng a ra lnh gii hn cng c ngha l bn c th t bo v mnh
khi vic phi mua mt loi c phiu mc gi qu cao. Mt vi cng ty
mi gii c th thu ph thc hin lnh gii hn cao hn lnh th trng.

Lnh giao dch ti mc gi khp lnh (At-the-open Order -ATO):
Trc khi hiu th no l mt lnh ATO th chng ta hy xem tng qut
cc cng c lnh trn th trng chng khon. Khi tham gia vo th
trng chng khon ng tc u tin ca ngi chi l t lnh v c 2
65
cng c lnh ch yu cho ngi chi la chn l: lnh giao dch ti mc
gi khp lnh (ATO) v lnh gii hn (Limit Order- LO).

Lnh ATO l lnh mua hoc bn chng khon m ngi chi t mnh
hoc thng qua nh mi gii khng a ra gi xc nh trc, do vy lnh
s c khp theo mc gi th trng ti thi im khp lnh, trong
khi lnh LO l lnh m ngi chi a ra c km theo yu cu khp
mc gi c th hoc tt hn. Mi cng c lnh u c u im v cc ri
ro ring.

Nh nu trn lnh ATO gn lin vi gi th trng, va linh hot
nhng cng va ri ro trc s bin ng ca th trng. Nhng c
im ca lnh giao dch ti mc gi khp lnh:

Khi t lnh ti mc gi khp lnh, nh u t khng cn phi ghi
mc gi c th nhng s dng ch vit tt ATO thay cho vic ghi
gi. Khi i din giao dch nhp lnh giao dch ti mc gi khp
lnh vo h thng giao dch th ti vng gi trong chc nng nhp
lnh, nhp ch ATO.
Trong thi gian nhn lnh, thng tin th trng c hin th trn
mn hnh nhp lnh ca i din giao dch v trn bng in t ca
cc cng ty chng khon v khi lng t lnh ti a i vi lnh
giao dch ti mc gi khp lnh l 9.900 c phiu.
Lnh ATO c sp xp theo th t u tin sau lnh gii hn: Khi
h thng tin hnh so khp cc lnh, ti mc gi thc hin, lnh
giao dch ti mc gi khp lnh c th t u tin thc hin sau cc
lnh gii hn c mc gi t lnh tt hn hoc bng vi gi khp
lnh.
66
Trng hp c nhiu lnh giao dch ti mc gi khp lnh ATO
t mua hoc t bn, cc lnh giao dch ti mc gi khp lnh s
cnh tranh thc hin lnh vi nhau theo th t thi gian t lnh,
lnh ca ai c nhp vo h thng trc th s c u tin trc.
Khi h thng tnh ton khi lng v gi khp lnh d kin, lnh
giao dch ti mc gi khp lnh ATO cng c so khp. Ni cch
khc, lnh giao dch ti mc gi khp lnh ch c gi tr trong mt
t khp lnh v khng c gi tr trong t khp lnh tip theo

H thng giao dch chng khon s khp lnh theo nguyn tc:

Trnh t xc nh gi v khi lng giao dch ca th trng trong trng
hp c lnh ATO nh sau:
- Cng tch lu khi lng t mua ca lnh gii hn t mc gi cao
n mc gi thp
- Cng tch lu khi lng cho bn ca lnh gii hn t mc gi
thp n mc gi cao
- Ti cc mc khi lng tch lu, cng thm khi lng t ca
lnh giao dch ti mc gi khp lnh ca bn mua hoc bn bn
- So vi khi lng t lnh ca hai bn xc nh khi lng thc
hin ln nht c th c
- So snh mc gi ti mc gi khi lng thc hin ln nht vi gi
ng ca xc nh mc gi giao dch.

Th t u tin thc hin lnh: Ti mc khi lng so khp ln nht, gi
giao dch s c xc nh. Cc lnh c khp s c phn b nh
sau:

67
- Cc lnh gii hn t mua vi gi cao hn gi khp lnh v cc
lnh gii hn t bn vi gi thp hn vi gi khp lnh c u
tin phn b trc.
- i vi cc lnh gii hn t mua v lnh gii hn t bn vi gi
bng gi khp lnh s c phn b trc, sau mi phn b cho
cc lnh giao dch vi gi khp lnh.

Vi lnh ATO nh u t s phi chp nhn mua chng khon theo gi
th trng, v nh vy kh trnh c nhng bin ng mnh ca gi c
phiu, im ny lnh gii hn c th hn ch c ri ro do c nh
mc gi mua bn trc. Tuy nhin lnh ATO cng c nhiu u th, khi
h thng tin hnh so khp lnh, ti mc gi thc hin s cn d mt s
lnh t mua v bn khng c khp lnh.

Vi vic dng lnh ATO mt s lnh s c th c thc hin mua bn
ty theo mong mun ca nh u t. Cng c giao dch ny c th s lm
cho khi lng giao dch ca th trng tng bng cch "vt" thm mt s
khi lng na sau khi khp lnh. Lnh ny c tc dng vi cc c phiu
c chnh lnh cung v cu ln. a cng c ny ra cho cc nh u t
la chn s dng, cc nh qun l hy vng s kch hot c th trng,
y cng l mt trong cc bc i tin ti thc hin khp lnh lin tc
khi th trng c quy m ln vi s c phiu v khi lng nim
yt ln

Lnh giao dch ti mc gi ng ca, lnh ATC (At-the-close order)
Mt lnh ch ra giao dch c thc hin ti phin ng ca ca th
trng, hoc gn gi ng ca nht c th. V bn cht, y l mt lnh
th trng khng c nhp vo cho n pht cui ca giao dch. Vi loi
68
giao dch ny, bn khng cn phi bo m mc gi ng ca nhng s l
mt th tng t nh vy.

Lnh ATC (At The Close - giao dch ti gi ng ca) l loi lnh mi
c p dng trn th trng chng khon t khi tin hnh khp lnh lin
tc. V bn cht, lnh ny cng tng t lnh ATO (at-the-open order) -
giao dch ti gi m ca - v ch khc ch c s dng duy nht trong
t khp lnh cui cng ca phin giao dch.

Lnh ATC c u tin giao dch trc lnh gii hn v khng cn ghi
mc gi c th. Do , ATC c bit hu hiu nu nh u t mun tranh
bn nhng iu ny cng tim n ri ro nu khp phi gi khng tt (mua
gi cao hoc bn gi thp).

Mt im cn lu , do lnh ATC khng ghi mc gi nn cng ty chng
khon s s dng gi trn tnh ph giao dch

2. Phng thc khp lnh

Trn th trng chng khon, vic khp lnh tm ra mc gi bn v gi
mua ph hp cho nhng nh u t c thc hin qua mt trong hai
phng thc: khp lnh nh k v khp lnh lin tc.

Phng thc khp lnh nh k (Call Auction)
L phng thc giao dch trong gi thc hin mua v bn c xc
nh theo iu kin cho php khi lng giao dch cao nht, trn c s
tp hp tt c cc lnh mua v lnh bn trong mt khong thi gian nht
nh. Tc l, khi xut hin yu cu ca nh u t t ra mun mua hoc
bn mt loi chng khon no (t lnh) th Trung tm giao dch
69
chng khon s tin hnh ghp lnh hay gi l khp lnh, da trn tnh
hnh cung cu chng khon a ra mt lnh th trng - mt mc
gi tt nht - cc nh u t mua bn chng khon , nhm t
c gi tr giao dch ln nht. V vic khp lnh ny tt nhin phi tun
theo mt s nguyn tc nht nh. Vi Call Auction vic khp lnh c
thc hin sau khi tp trung tt c cc lnh mua v bn trong mt
thi gian nht nh, v d ti Sn giao dch Thnh ph H Ch Minh tin
hnh khp lnh 3 phin/ ngy, vo mt thi im nht nh, v u n t
th 2 n th 6. Tuy nhin vi c ch khp lnh nh k, nh u t li
lun c xu hng tranh mua, tranh bn vo gn thi im khp lnh,
khin nhiu phin i din giao dch khng th nhp kp cc lnh vo h
thng, l nguyn nhn gy ra hin tng ch tc hay sp sn.

Phng thc khp lnh lin tc (Continuous Auction)
L phng thc trong giao dch c thc hin lin tc ngay khi c
cc lnh i ng c nhp vo h thng. Vi phng thc khp lnh
lin tc, ngay sau khi lnh c nhp vo h thng, s lp tc c so
khp v hnh thnh giao dch, t , gi c c xc nh lin tc ch
khng phi vo mt thi im nht nh nh khp lnh nh k. Tuy
nhin mun p dng phng thc khp lnh hin i ny cc Trung tm
giao dch chng khon phi tin hnh nng cp h thng c s vt cht,
c bit cc chng trnh x l lnh v giao dch cho khch hng theo
ng l trnh m Trung tm thng bo. Hn na, nh u t cn hiu bit
hn, nm vng thng tin hn khi quyt nh u t trn th trng chng
khon, nu khng ri ro khi u t theo phng thc giao dch lin tc
cng cao hn.

Hin nay Trung tm giao dch H Ni p dng ng thi hai phng
thc l giao dch bo gi v giao dch tha thun, iu ny cho php
70
khch hng c th linh hot la chn hnh thc giao dch thch hp. Giao
dch tha thun c th p dng trong trng hp nh u t tm c
i tc giao dch v giao dch bo gi p dng trong trng hp cha tm
c i tc giao dch. c bit bo gi l phng thc giao dch linh
hot v tin tin, theo cc lnh giao dch khi nhp vo h thng s
c khp lnh ngay nu c cc lnh i ng trn h thng tha mn
c v mc gi giao dch - V bn cht y c th coi l hnh thc giao
dch khp lnh lin tc.

Vi phng thc giao dch khp lnh nh k, mc gi d kin khp lnh
s c nhng thay i thng xuyn v ch c th chnh thc xc nh ti
thi im khp lnh; nh vy trong trng hp ngi u t t lnh
sm, mc gi t giao dch thng c th s khng ph hp vi mc gi
khp lnh, v th ngi u t mun t lnh st vi thc t th trng th
thng phi theo di qu trnh giao dch v a ra quyt nh cui cng
vo st thi im khp lnh, iu ny i khi cng khng hon ton c
nh mong mun do hu ht ngi u t u tp trung t lnh vo st
gi khp lnh v th c th s dn n nguy c dn toa tc nghn v lnh
giao dch ca khch hng c th khng kp chuyn vo h thng. Hn th
na, ngi u t s phi dnh kh nhiu thi gian theo di sau khi
t lnh mi bit c kt qu giao dch ca mnh.

Ngc li, i vi phng thc giao dch bo gi ti TTGDCK H Ni,
trong trng hp nh u t theo di v quyt nh t lnh giao dch i
ng vi cc lnh c sn trn h thng, nu cc iu kin tha mn th
vic khp lnh s c thc hin ngay sau khi lnh c nhp vo h
thng, iu ny s gim thiu ti a thi gian m ngi u t phi theo
di t lnh cng nh ch xc nhn kt qu giao dch, thi gian dnh cho
vic u t chng khon ca khch hng c rt ngn lm cc cng
71
vic khc. Chnh bi u im ca phng thc giao dch bo gi nh
cp im trn, nh u t khi tham gia giao dch c th la chn thi
im t lnh cng nh mc gi t mua thch hp nht, ph hp nht vi
nhu cu u t v tnh hnh th trng, ng thi m bo kh nng giao
dch c mc cao nht.

4.3.3. B tr chng khon v tin (clearing)

Nu ng k v lu k chng khon l khu h tr trc giao dch chng
khon, th b tr chng khon v tin l khu h tr sau giao dch chng
khon.

Sau khi chng khon nim yt c a vo ng k, lu k tp trung
ti Trung tm lu k chng khon, chng s c php giao dch trn Th
trng chng khon. Tuy nhin, sau khi giao dch c thc hin (
c xc nhn), th cc bn tham gia giao dch cn phi nhn c ti sn
ca mnh: bn bn nhn c tin, bn mua nhn c chng khon. B
tr chng khon v tin thc hin vic x l thng tin v cc giao dch
chng khon, tnh ton li nhm xc nh s tin v chng khon rng
cui cng m cc i tc tham gia giao dch phi c ngha v thanh ton
sau khi giao dch c thc hin.

Hot ng b tr trn th trng chng khon v c bn cng tng t
nh hot ng b tr ca cc ngn hng thng mi. Kt qu b tr tin
lun th hin ngha v thanh ton mt chiu i vi mt thnh vin lu
k: hoc c nhn tin, nu tng s tin phi tr nh hn tng s tin
c nhn; hoc phi tr tin nu tng s tin phi tr ln hn tng s
tin c nhn. im khc nhau so vi thanh ton b tr ca cc ngn
hng l b tr cho cc giao dch chng khon khng ch lin quan n
72
mng tin m cn lin quan n mng chng khon na. Vic b tr
chng khon cng mang c th ring l phi c thc hin theo tng
loi chng khon do khng th b tr cc loi chng khon khc nhau
vi nhau. Do , i vi cng mt loi chng khon nht nh, kt qu b
tr chng khon cng s ch ra ngha v thanh ton mt chiu ca tng
thnh vin lu k: hoc phi giao loi chng khon nu s lng
chng khon khch hng t mua t hn s lng khch hng t bn,
hoc c nhn v loi chng khon nu s lng chng khon khch
hng t mua nhiu hn s lng khch hng t bn.

Trong hot ng b tr, phng thc b tr cng l mt vn cn quan
tm. Phng thc b tr cho cc giao dch chng khon c quyt nh
bi phng thc giao dch trn Th trng chng khon. Nu phng
thc giao dch l a phng (nhiu bn mua vi nhiu bn bn), in hnh
c th thy l i vi cc giao dch khp lnh c phiu, th phng thc
b tr chng khon v tin s l b tr a phng. Nu phng thc giao
dch l song phng (mt bn mua vi mt bn bn), in hnh c th
thy l i vi cc giao dch tha thun, th phng thc b tr cng s l
b tr song phng.
Tuy nhin c h thng b tr chng khon v tin chnh xc cc Trung
tm giao dch chng khon phi tin hc ha hon ton cc giao dch
chng khon, l mt trong cc bin php hiu qu, khc phc s chm
tr trong qu trnh x l cc giao dch bng giy cn ph bin hin nay.

4.3.4. Nguyn tc thanh ton chng khon DVP (Delivery versus
Payment)

Nu nghip v lu k l iu kin trc tin tham gia th trng chng
khon th thanh ton chng khon v tin l dch v h tr sau ca giao
73
dch chng khon, l hot ng cui cng hon tt cc giao dch chng
khon, theo cc bn tham gia giao dch s thc hin ngha v ca
mnh: bn phi tr chng khon thc hin giao chng khon, bn phi tr
tin thc hin vic chuyn tin, ln lt trn c s kt qu b tr chng
khon v tin.

gim ri ro cho cc i tc tham gia giao dch, vic thanh ton chng
khon v tin lun phi m bo nguyn tc giao chng khon ng thi
vi vic thanh ton tin, hay cn gi l nguyn tc DVP (Delivery versus
Payment). iu ny s trnh xy ra ri ro cho ngi giao chng khon do
c s chnh lch gia thi gian giao chng khon v nhn tin.

Thi hn ca vic thanh ton c quyt nh bi chu k thanh ton. Ty
thuc vo iu kin ca tng nc m chu k thanh ton p dng c th
l: T+1; T+2 hay T+3; tc l c n thi im T+1 hoc T+2 hoc T+3
th vic thanh ton chng khon v tin c tin hnh.
Trong : T c hiu l ngy giao dch (ngy m giao dch c thc
hin)
1; 2; 3 l s ngy giao dch (khng tnh ngy ngh ngy l) tip
theo k t ngy T

Theo khuyn ngh ca Ngn hng Thanh ton quc t (BIS), ca T chc
cc y ban Chng khon quc t (IOSCO) cng nh ca nhm G30
(nhm cc quc gia c TTCK pht trin nht), cc nc nn p dng chu
k thanh ton ti a l T+3. C 2 l do cho vic la chn chu k
thanh ton T+3:

- Mt l, 3 ngy sau ngy giao dch l mt khong thi
gian di ngi chi chng khon t mt s lnh mua v bn
74
nht nh v c khp lnh, h thu c hoc bn i mt khi
lng giao dch ln, tc l 3 ngy l khong thi gian hp l
nhn li v tng kt ti khon chng khon ca mnh.

- Hai l, th trng chng khon lun bin ng hng ngy hng gi,
3 ngy cng l qung thi gian khng h ngn chng kin
nhng thay i mnh m trn sn chi chng khon.

Trong hot ng thanh ton chng khon v tin, phng thc thanh ton
cng l mi quan tm ca cc bn tham gia giao dch. Phng thc thanh
ton c quyt nh bi phng thc b tr, do thanh ton lun c
thc hin trn c s ca kt qu b tr. Chnh v vy, nu phng thc b
tr l a phng th phng thc thanh ton cng l thanh ton a
phng v tng t, phng thc b tr l song phng th phng thc
thanh ton cng s l thanh ton song phng

4.3.5 Giao dch mua bn chng khon

1. Mua chng khon ca t chc pht hnh
- Mua trc tip ti t chc pht hnh: Nh u t phi ng k mua v
np tin trc tip ti t chc pht hnh chng khon. Hnh thc ny rt
bt cp, nht l v mt a l.

- Mua thng qua trung gian: Trung gian y l cc nh i l hoc cc
nh bo lnh pht hnh, thng thng l cc cng ty chng khon v cc
ngn hng thng mi. Nu bn mua chng khon ca t chc pht hnh
cha nim yt trn Trung tm GDCK th vic chuyn nhng hoc bn
li chng khon cho ngi khc hin nay gp nhiu kh khn v khng
75
d tm c ngi mua. Hn na, bn bn phi trc tip n cng ty
(hoc u quyn) thc hin chuyn nhng cho ngi mua.

2. Mua bn chng khon nim yt trn Trung tm giao dch chng khon

Chng khon nim yt l chng khon c iu kin v tiu chun
c ng k mua bn ti TTGDCK, thng l cc cng ty kinh
doanh c hiu qu pht hnh, tnh hnh ti chnh c kim ton v
thng tin v doanh nghip c cng b cng khai cho mi ngi bit.

a- Nhng quy nh chung

M ti khon giao dch ti mt trong cc cng ty chng khon.

Vic m Ti khon giao dch l quy nh bt buc i vi tt c cc t
chc v c nhn mun tham gia mua bn chng khon. Cc giy t cn
thit m ti khon:

Nu l khch hng u t c nhn: ch cn bn sao chng minh th
nhn dn v km bn gc kim tra i chiu.
Nu l nh u t t chc th cn phi c: bn sao cng chng
quyt nh thnh lp hoc giy php thnh lp doanh nghip, cng
vi bn sao cng chng quyt nh b nhim v bn sao chng
minh th nhn dn ca ngi tham gia iu hnh ti khon.

m bo giao dch an ton, theo quy nh hin nay phi k qu bo
m v mc k qu phi m bo 100%. iu ny c ngha khi t lnh
giao dch, nh u t phi c 100% s d tin hoc chng khon trn
ti khon ca mnh.
76
Nhng quy nh v giao dch chng khon Vit Nam

Thi gian giao dch: Tt c cc ngy trong tun t th hai n th su, tr
cc ngy ngh l, Tt v cc ngy ngh theo quy nh ca Lut lao ng.
Hin ti mi ngy giao dch bt u nhn lnh t 9 gi v khp
lnh ln u vo 9 gi 20 pht. T 9 gi 20 n 10 gi, th trng
ngh giao dch.
T 10 gi, th trng tip tc nhn lnh t hai, n 10 gi 30
pht, th trng s khp lnh t 2.

t lnh giao dch: C th la chn cc hnh thc t lnh sau:
n trc tip tr s ca Cng ty chng khon t lnh
t lnh qua in thoi
t lnh qua mng Interrnet.

Cc quy nh trong giao dch:
Giao dch l chn: Mi ln mua bn chng khon, s lng chng
khon bn giao dch phi l bi s ca 10 c phiu hoc 10 tri
phiu. (10 chng khon quy c l 1 l). V d: Bn c th t mua
l 10, 20, c phiu, ch khng c t mua 5, 15, 17, . c
phiu.
Giao dch l ln: L nhng giao dch chng khon c khi lng
bng hoc ln hn 10.000 c phiu v bng hoc ln hn 3.000 tri
phiu.
Gi tham chiu: Gi tham chiu ca nhng chng khon ang giao
dch bnh thng l gi khp lnh ca phin giao dch trc v
c ly lm c s cho vic tnh gii hn dao ng gi chng
khon.
77
Bin dao ng gi: L khong dao ng gi chng khon quy
nh trong ngy giao dch. Bin c p dng hin nay l 5%
gi tham chiu i vi c phiu. Tri phiu khng p dng bin
giao dch.

b- Quy trnh giao dch chng khon nim yt:

Bc l: Nh u t n m ti khon v t lnh mua hay bn
chng khon ti mt cng ty chng khon.
Bc 2: Cng ty chuyn lnh mua hoc bn chng khon cho i
din ca cng ty ti TTGDCK. Ngi i din ny s nhp lnh
vo h thng ca TTGDCK.
Bc 3: Trung tm gian dch chng khon thc hin ghp lnh v
thng bo kt qu giao dch cho cng ty chng khon.
Bc 4: Cng ty chng khon thng bo kt qu giao dch cho nh
u t.
Bc 5: Nh u t nhn c chng khon (nu l ngi mua)
hoc tin (nu l ngi bn) trn ti khon ca mnh ti cng ty
chng khon sau 3 ngy lm vic k t ngy mua bn.

c- Thng tin c bn trn bng in t v giao dch chng khon
nim yt

Mu sc

o Mu xanh l cy: Biu tng cho s thay i tng gi
o Mu : Biu tng cho s thay i gim gi
o Mu vng: Biu tng cho s ng gi (khng thay i)
o Mu tm: Biu tng cho cc m chng khon tng kch trn
78
o Mu xanh l: Biu tng cho cc m chng khon gim kch sn

Cc thng tin c bn c th hin trong bng in t:
Ct m chng khon: L m hiu (tn vit tt) ca chng khon
c ng k v nim yt ti Trung tm giao dch chng khon
(TTGDCK).
Ct gi tham chiu: L gi ng ca ca ngy giao dch trc
v l c s xc nh gi trn, gi sn ca ngy giao dch hin ti.
Ct gi trn: L mc gi cao nht m nh u t c th t lnh
mua, bn chng khon.
- Trn TTGDCK TP HCM: Gi trn = Gi tham chiu + 5%
*Gi tham chiu
- Trn TTGDCK H Ni: Gi trn = Gi tham chiu + 10% *
Gi tham chiu
Ct gi sn: L mc gi thp nht m nh u t c th t lnh
mua, bn CK.
- Trn TTGDCK TP HCM: Gi sn = Gi tham chiu - 5% *
Gi tham chiu
- Trn TTGDCK H Ni: Gi sn = Gi tham chiu - 10% *
Gi tham chiu
Ct gi m ca: L mc gi thc hin u tin trong ngy giao
dch.
Ct gi ng ca: L mc gi thc hin cui cng trong ngy giao
dch.
Ct gi khp lnh: L mc gi ti khi lng CK c giao
dch nhiu nht.
Ct khi lng khp lnh: L khi lng CK c thc hin ti
mc gi khp lnh.
79
Ct chnh lch (+/-): L thay i ca mc gi hin ti so vi gi
tham chiu trong ngy giao dch (= gi hin ti gi tham chiu).
Ct mua: gm 6 ct biu th cho 3 mc gi t mua cao nht tng
ng vi cc khi lng t mua ti cc mc gi cao nht . Khi
kt thc phin giao dch Bng in t s hin th cc thng tin v
khi lng CK tng ng vi cc mc gi cha c khp lnh
(d mua).
Ct bn: gm 6 ct biu th cho 3 mc gi t bn thp nht tng
ng vi cc khi lng t bn ti cc mc gi thp nht . Khi
kt thc phin giao dch Bng in t s hin th cc thng tin v
khi lng CK tng ng vi cc mc gi cha c khp lnh
(d bn)

























80
BI 5
U T V PHN TCH CHNG KHON

5.1 u t chng khon
5.1.1 Khi nim
Ngha ca t u t ( Investment) rt rng v c gii
thch nhiu gc khc nhau trn phng din u t trc tip v u
t gin tip. Tuy nhin, bn cht ca u t u c hiu chung nh sau:
u t l ch vic s dng vn to ra thu nhp hay li nhun bng
cch hoc l trc tip hoc l gin tip khai thc v s dng ngun vn
u t
u t CK l ch vic b vn tin t ra mua cc CK kim li
u t ni chung v u t CK ni ring l mt s hy sinh cho nhu cu
tiu dng hin ta i ly mt s tiu dng trong tng lai. V th vn
an ton vn trong u t CK l cn thit v cng l mt mc tiu quan
trng ca u t CK
Mc tiu ca u t CK l:
- Kim li t thu nhp c tc, tri tc v t thu nhp do chnh lch
gi trong KD CK em li
- An ton vn u t
Yu t c bn tc ng n mc tiu u t
+ u t CK mang tnh di hn nn chu tc ng nhiu ca yu t
ri ro trong u t : Mc tiu u t c t c nh mun hay khng
hon ton ph thuc vo cc ri ro trong u t
+ i vi cc ch u t, ri ro l nhn t khch quan vt ra
ngoi tm tay qun l v khng ch ca h.Tc ng ca ri ro nh th
no n mc tiu u t hon ton ph thuc vo mi trng u t. Do
81
, u t CK cn phi hnh ng c cn nhc, c phn tch khoa hc n
mi trng u t, n ri ro c th xy ra trong thi gian u t

5.1.2 ri ro trong u t chng khon

5.1.2.1 Cc loi ri ro trong u t CK
a) Ri ro ti chnh :
L ri ro v kh nng thanh ton tri tc v c tc v hon vn cho tri
phiu y v ng hn hay khng. y l mt ri ro tim tng trong
KD ca DN. Ri ro ti chnh c pht sinh hay khng ph thuc vo kt
qu KD, tnh trng n, trnh qun l ca DN
b) Ri ro th trng:
L nhng ri ro do cc yu t th trng em li. C th bao gm cc yu
t :
Cc yu t th trng gy thit hi cho qu trnh SXKD ca DN:
Tnh hnh cung cu hng ho hoc dch v kd ca DN trn th trng
din ra bt li cho DN, Mi trng KD ca DN xu i do s thay i
bt li cho DN trong cc mi trng php l, ti chnh, ngun nhn lc,
x hi
Cc yu t th trng gy Ri ro th trng trong KDCK: s khng
hong th trng CK quc t
c) Ri ro sc mua tin t
L tc ng ca lm pht i vi khon u t : Gi c CK c th hin
bng tin, nn tin t bin ng s nh hng n gi c CK. Tin t bin
ng c th do:
Lm pht: sc mua tin t gim xung, gi c tng, thu nhp thc
t ca CK gim, gi tr hon vn ca tri phiu cng gim
82
Gim pht: sc mua tin t tng, doanh thu xut khu ca DN
gim, nh hng li nhun v dn n gim st c tc chia cho c ng
i vi nhng DN c XK
Ci cch ch tin t: i tin, nh hng n mi hot ng u
t, trong c c u t CK

d) Ri ro li sut
Li sut i vay ( Li sut tit kim hay LS tin gi ) ca ngn hng
thng mi v li sut ti chit khu ca NH trung ng bin ng s nh
hng n gi c CK trn th trng. Li sut quan h t l nghch vi gi
CK
Nu li sut th trng tng th gi tr v th gi ca khon u t s gim
v ngc li. Ri ro lI sut nh hng n gi trI phiu, c phiu, bt
ng sn, vng v cc u tu khc

e) Ri ro ph sn
L ri ro xy ra i vi cc nh u t CP, TP vo cc DN khi DN
mt
kh nng chi tr e do ph sn hoc khi DN tuyn b ph sn:
Nu ga tr TS ca DN< cc khon n: Gi tr thc ca DN bng m
hoc bng khng, cc nh u t phI i mt vi ri ro ph sn ca
DN, th gi ca CP chc chn s suy gim, them ch bng 0
Nu DN tuyn b ph sn: TS ca DN b thanh l, s tin thu c c
chi tr cc khon n hay khng? CP phiu liu c c thanh
ton hay khng?. y l ru ro m nh u tu phI gnh chu

f) Ri ro v chnh tr v x hi
L ri ro do chin tranh, nh cng, o chnh, thin tai lm cho
SXKD b nh hng v lm cho th trng CK ngng tr
83
5.1.2.2 o lng ri ro
- Li nhun u t tng ln hay khng, nhiu hay t ph thuc vo mc
nh hng ca ri ro. V vy, trong tng trng hp u t c th cn
phi o lng mc ri ro la chn phng n u t .
- Cch o lng ri ro: C th bng cch v th phn phi sc xut
hoc lng ho ri ro bng cch tnh lch chun: y l l cch thng
dng dng xc nh ri ro theo cch nh gi s phn tn ca cc mu
quan st quanh gi tr trung bnh

a) ng phn phi xc xut
- Tnh c tc bnh qun mong i
Theo cng thc tnh gia quyn:

n
i i
i=1
n
i
i=1
P D
D=
P

trong : D : C tc bnh qun gia quyn
Pi : Xc xut tnh trng kinh t i ( hoc nm quan st)
Di : C tc tnh trng kinh t i
Cch ny p dng trong trng hp xc nh c xc xut xy ra ca
cc tnh trng kinh t qua quan st trong di hn hoc theo khng gian
Hoc theo cng thc bnh qun s hc

n
i
i=1
P
D=
n

84
trong n l s tnh trng kinh t hoc s nm quan st
Cch ny p dng trong trng hp c nhng s liu qua quan st thc t
qu kh nhiu nm lin tip theo thi gian
- V ng phn phi sc xut ca c tc
Trn th vi trc tung l xc sut v trc honh l c tc mong i
ng phn phi sc xut ca c tc cng hp bao nhiu th khng gian
ri ro cng thu hp by nhiu, c tc thc t cng gn vi bnh qun, tc
l c tc mong i trong u t by nhiu

b) Lng ho ri ro
- Tnh lch chun ca c tc bnh qun: lch chun cng nh th
ng phn phi sc xut cng thu hp, do u t cng t ri ro
Nu u t vo 2 loi c phiu c c tc bnh qun bng nhau th lch
chun ca c phiu no nh hn s hp dn nh u t hn
- Trong thc t, t khi gp s trng hp nh vy, thng d n u t c
mc c tc bnh qun mong i ln th s c lch chun ln.. V vy
c s la chn chnh xc, ngi ta tnh h s lch chun.
H s lch chun l t l phn trm gia lch chun so vi c
tc bnh qun mong i
Cng thc tnh lch chun:
( )
n
2
i e i
i=1
= D -D P c


Trong : c ( sigma): lch chun
Di l c tc ca tnh trng KT i
n l s tnh trng KT c th xy ra
Pi l xc sut tnh trng KT i
De l c tc bnh qun
85
Hoc trng hp khng xc nh c xc xut xy ra ca cc tnh trng
kinh t hay mu qua st, c th tnh lch chun nh sau :
( )
n
2
i e
i=1
D -D
n-1
c =



V d: Kho st u t vo c phiu DN A v c phiu DN B trong
cc tnh trng KT khc nhau: suy thoi, bnh thng v tng trng trong
mt mi trng u t nh nhau. Gi s c s liu nh sau:
Trong tnh trng KT bnh thng, c tc ca DN A v B nh nhau l
500.000/nm, xc sut l 60%
Trong tnh trng KT suy thoi, c tc ca DN A l 400.000 , ca DN B
l 100,000, xc sut l 20%
Trong tnh trng KT tng trng, c tc ca DN A l 600,000, ca DN
B l 900.000, xc sut 20%

Cn c vo s liu bng trn ta lp bng phn phi xc sut nh sau:
Doanh nghip A Doanh nghip B Tnh trng
KT
Xc sut
xy ra (P) C tc (
D)
P x D C tc P x D
Suy thoi
Bnh
thng
Tng
trng
Tng cng
0,2
0,6
0,4
400
500
600
80
300
120
100
500
900
20
300
180

C tc bnh qun gia quyn:
86
DN A:
(0,2 x 400) + ( 0,6 x 500) + ( 0,2 x 600 )
D = = 500.000
0,2 + 0,4 + 0,6

DN B: c tc bnh qun gia quyn cng bng 500000
iu c ngha l mc tiu t c ca 2 c phiu ny l nh nhau.
Vn l tnh hm lng ri ro ca mi loi c phiu. C phiu no c
hm lng ri ro nh hn s hp dn hn

Ta V tth phn phi xc sut ca c tc bnh qun gia quyn:

Xc sut DN A


DN B


200 400 500 600 800 C tc

ng phn phi xc sut ca DN A hp hn DN B, do ri ro trong
u t vo c phiu ca DN A t hn

Tnh lch chun cng thy r iu : Theo cng thc tnh c
c
ca DN A l 63.245,55
c
ca DN B l 252.982,21
H s lch chun ca DN A l 63.245,245 / 500.000 = 0,13
H s lch chun ca DN B l 252.982,21 / 500.000 = 0,51
87
Nh vy c phiu ca DN A t ri ro hn

c) Ri ro v h s Beta trong m hnh nh gi ti sn vn
(CAPM)- th trng CK

Ti cc nn kinh t th trng pht trin, c th trng CK lu i v
pht trin hin i, ngi ta xc nh mc ri ro ca mt CK c th
bng h s beta
M hnh nh gi ti sn vn ch ra rng ri ro ca mt CK c th c th
c biu din bng h s Bta ca n. H s Bta cho bit xu hng
bin ng ca mt loi CK so vi ton b th trng. Do Beta ch
khng phI lch chun l thc o ri ro thch hp.
Beta l t s v ri ro khng th a dng ho c ca mt CK i vi
lch chun ca danh mc u t th trng
Mt c phiu c:
- H s Beta = 1 , c mc bin ng ca ton b th trng: xp loi
C phiu c Beta trung bnh, c mc ri ro trung bnh
- H s Beta < 1, c mc bin ng nh hn mc bin ng th
trng, gi l c phiu c Be ta thp, c mc ri ro di trung bnh
- H s Beta > 1, c mc bin ng cao hn mc bin ng th
trng, gi l c phiu c Beta cao, c mc ri ro trn trung bnh

5.1.2 Nhng vn cn quan tm trc khi quyt nh u t CK
Trn TTCK cc nh u t mun t c hiu qu cao trong u t CK
cn phI nghin cu th trng v la chn chin lc u t , c bit l
i vi nhng nnh u t c t chc
Cc vn cn phi xem xt:
Tng qu u tu l bao nhiu: Ph thuc vo thu nhp v chi tiu
Ngun tin nhn ri nh u t CK di hay ngn
88
Xc nh mc ch u t v ri ro c th chp nhn c:
chn chin lc u t
u t theo danh mc: La chn loi CK thch hp trong cc hng
ho trn TT, u t vo nhiu loi TP v CP ca nhiu CT phn
tn ri ro. Nhiu nghin cu thc t chng minh, u t theo
danh mc ( vo nhiu loi CK), mc ri ro gim hn so vi u
tu tt c vo mt loi CK
La chn thi im mua bn v cng ty mI gii phc v mnh

Vn la chn chin lc u t :
- Chin lc mua hng c tc v tng gi c phiu: Nu trong qu
kh gi CK gia tng mt cch u n th nh u tu c th lac chn
chin lc ny vi k vng tng lai s theo chiu hng nh vy. Chin
lc ny thch hp vi CP ca cc CT hng u, c sc mnh ti chnh v
ang thi k tng trng. Chin lc ny kh n gin, thch hp vi
cc nh u t mi tham gia TT
- Chin lc chi ph thp hn gi trung bnh : Nh u t s dng
nhng khon tin c nh mua c phiu vo nhng thi im x n
theo thng, qu hay nm, khi gi c phiu h th nh u t mua c
nhiu c phiu hn khi gi tng. Chin lc ny k vng trong tng lai
di th chi ph trung bnh mua mt CP thp hn gi trung bnh ca CP
trn TT. Nu gi hn lin tc th b l
- Chin lc tng gi tr u t c nh : Lun lun duy tr mt khon
tin u t c nh vo mt hn hp CP c trong trng hp ga tng hay
gim. Khi gi tng bn bt CP thu li, gi gim mua thm CP a tng
gi tr v mc u tu ban u
- Chin lc duy tr t l khng i gia CP v TP : Trong chin lc
ny, cho php nh u t s dng li nhun t cc Ck gi tng u t
89
vo cc CK khc. Chin lc ny kh n nh song khng m bo em
li li nhun
- Chin lc mua tr chm : Cho php nh u t ch phi tr mt
phn tin mua CP (thng l 50%). Phn cn li vay t cng ty mi gii
CK. Chin lc ny dnh cho nhng nh u t c nhiu kinh nghim,
thch u t ngn hn v c tnh cht u c
- Chin lc bn khng CK ( bn CK m cha c quyn s hu): Nh
u t vay CK ca cc nh mI gii hoc CTCK bn, khi h d on
gi CK trong tng lai s gim , lc h s mua vi gi thp tr cho
li cho ngi cho vay. y l chin lc u tu c ri ro cao nht.
Lut CK VN khng cho php

5.2 Phn tch chng khon

Vic u t vo CK cng c mt li v hi ca n, mun mc sinh li
cao th chu ri ro ln. Nu u t vo c phiu s c c hi thu c li
tc cao, nhng ri ro khng phi l t, cn u t vo tri phiu s th
mc ri ro t nhng mc sinh li li thp. gip cho vic u t CK
c hiu qa cao, hn ch ri ro thp nht, cn thit phi i su phn tch
chng khon
Phn tch CK l vic ding cc h s ti chnh, cc ch s, s . Bng biu
nh gi hot ng ca TTCK c b rng cng nh chiu su

Mc ch ca PTCK:
Cung cp cc thng tin cn thit gip cc nh u t xt
don v cn nhc nhng loi CK no nn mua, nn bn v
mua bn vo lc no th c li nht
Cung cp thng tin cho cc nh qun l th trng, cc nh
qun tr DN trong H ca h trn TTCK
90
Ni dung phn tch CK bao gm phn tch c bn v phn tch k thut

5.2.1 Phn tch c bn (Phn tch ti chnh)
* L phn tch tnh hnh hot ng v nh gi trin vng ca cc cng ty
pht hnh CK da vo cc bo cc ti chnh ca CT
Gip nh u t xem xt v quyt nh nn mua bn CK ca cng ty no
* Ni dung: Bao gm cc cng vic:
- nh gi hiu qu hot ng ca cng ty: xem xt li nhn rng
trn doanh s v li nhun rng trn vn ring
- - nh gi tnh hnh ti chnh ca cng ty: TS, ngun, c cu vn,
ngun, kh nng thanh ton, kh nng sinh li
- nh gi chnh sch chia li ca cng ty: phn phi li nhun
thun
- nh gi c phiu ca cng ty: t hay r thng qua gi CP ca CT
- nh gi trin vng ca cng ty, ca ngnh v ca nn kt: Xem xt
cc nhn t bn trong v bn ngoi
Bn trong; Vn, Lao ng, Thit b my mc, Nguyn vt liu,
Sn phm
Bn ngoi: iu kin KT: Lm pht, lI sut TT, chnh sch ti
chnh, thu, CS xut nhp khu, Cs kinh t ngnh
Chnh tr: n nh
Vn ho x hi: du ch, di tch, bnh dch
T nhin, mI trng: kh hu, thi tit nh hng
* Phng php phn tch ch yu: L so snh, so snh k ny vi k
trc thy xu hng bin ng, so snh vi mc trung bnh ca ngnh
* Ti liu dng phn tch: L cc bo co ti chnh, Ch yu l Bng tng
kt ti sn v bng bo co thu nhp ca cng ty
91
* H thng ch tiu ch yu dng phn tch ti chnh CK: L h thng cc
ch s tnh hnh ti chnh ca cng ty pht hnh CK c lin quan n tnh
thanh khon, kh nng thu nhp v bo him CK ca cng ty
H thng ch tiu phn tch ti chnh thng gm:
a) Cc ch s thanh khon :
L cc ch s phn nh kh nng thanh ton vn v li chng khon ca
DN pht hnh. Bao gm cc ch tiu sau:
- Ch s kh nng thanh ton hin hnh ( Current Ratio- CR): o
kh nng tr n ngn hn ca DN t TSL ( cn gi l ch s TSL)
Tng ti sn lu ng
CR =
Tng n ngn hn
Ch s ny t nht phai l 2 mi m bo s an ton v kh nng thanh
ton
- Ch s kh nng thanh ton nhanh ( Acid Test Ratio) phn nh kh nng
thanh ton kp thi ca DN (cn gi l ch s ti sn nhy cm)

Tng ti sn lu ng hng tn kho
ATR = Tng s n ngn hn

Ch s ny ln hn 1 c xem l an ton v CT c th thanh ton cc
khon n ngn hn trong mt thi gian ngn
- Ch s ngun tin: cho thy tnh trng ngun tin ca DN. DN
no c ngun tin ln, n nh v tng trng th DN s c kh nng
thanh ton kp thi tri tc, c tc
Ch s ngun tin = Thu nhp rng ( hay thc l) + khu hao TSC
Ch s ny +: DN c thu nhp y chi tr cc chi ph v phn chia
c tc v ngc li

92
b) Cc ch s huy ng vn ca DN
L cc ch tiu phn nh c cu vn huy ng ca DN. Thng bao gm
cc ch tiu:
- T s n (DR) : phn nh t trng cc khon n so vi tng vn
ca DN. T s ny cao DN kh c th huy ng vn bng pht hnh tri
phiu v cng tim n ri ro ph sn do khng thanh ton n hn, ch s
ny ch nn = hoc < 0,5
Tng s n
DR =
Tng s vn
- Ch s tri phiu (BR): Ni ln t trng ca ngun vn huy ng
bng pht hnh tri phiu so vi tng s vn di hn ca DN

Tng mnh gi tri phiu ang lu hnh
BR =
Tng vn di hn

Trong : Tng vn di han bng tng n di han + vn iu l + thng
d vn + thu nhp gi li
m bo mt c cu vn khng tim n ri ro. ch s ny ch nn <
0,5
- Ch s c phiu u i: Phn nh t trng ca ngun vn huy
ng bng pht hnh c phiu u i so vi tng s vn di hn ca DN

Tng mnh gi c phiu u i
Ch s c phiu u i =
Tng s vn di hn

93
Pht hnh c phiu u I l mt gii php dung ho khi DN khng mun
tng thm n m cng khng mun chia s quyn kim sot CT cho cc
c ng mi, tuy nhin n li gy cho CT mt nh ph phI tr lI, do
t trng ca n thng rt nh ( vi %)
- Ch s c phiu thng: Phn nh t trng ca ngun vn huy ng
bng pht hnh c phiu thng so vi tng s vn di hn ca DN
Tng mnh gi + Thng d + Thu nhp
CPT vn gi li
Ch s c phiu thng =
Tng s vn di hn

T s cng thm 2 khon v hai khon ny l do ngun vn c phiu
thng to ra v ngi c hng cng ch yu l c ng c phiu
thng
Ch s ny ni ln thc lc vn t c ca CT, ch s ny cng cao th tnh
t ch v ti chnh ca CT cng chc chn. Ch tiu ny mc hp l l
khong trn 0,5 ( 50%), nu thp hn th ri ro tng ln, nu qa cao th
kh nng sinh l li thp
- Ch s n trn vn c phn: L t l gia cc ngun ti tr gy ra nh
ph tr lI cho CT nh trI phiu hay c phiu u I vi CP thng

Tng mh gi TP + C phiu u i
Ch s n trn vn CP =
Mnh gi CPT + thng d vn + Thu nhp gi
li

Ch s ny c xem l an ton khi n < hoc = 1

94
- Th gi vn DN : Ni ln gi th trng ca vn DN. So snh n
vi vn iu l ca DN thy sc mnh ti chnh ca DN nh th no,
v th kd ca doanh nghip cao hay thp

Th gi vn DN = Tng s CP ang lu hnh x Th gi c phiu
Vn iu l gp = Tng s CP ang lu hnh x MGCP

Th gi vn bao gi cng phI ln hn vn iu l gp ca DN

c) Cc ch s m bo CK- (bi hon li)
L cc ch s phn nh kh nng m bo thanh ton vn v tri tc i
vi tri phiu, c tc i vi c phiu u i khi n hn v m bo kh
nng sinh li ca c phiu thng
Bao gm cc ch tiu:
- Ch s m bo TT tri tc :
Ch s ny phn nh kh nng m bo thanh ton tri tc ca DN.

Li nhun trc thu v tri tc
Ch s bo m TT tri tc =
Tng tri tc phi tr hng nm

- Ch s m bo TT c tc u i :
Ch s ny phn nh kh nng m bo thanh ton c tc u i
cho c ng nm gi c phiu u i

Li nhun rng (LN sau thu)
Ch s m bo TT c tc u i =
Tng c tc u i

95
- Gi tr ti sn rng trn mi c phiu (NAV): Phn nh gi tr ti
sn rng trn mi c phiu, cho bit kh nng m bo TS cho CP khi CT
ph sn.

Tng ti sn rng Tng TS N
NAV = =
Tng lng c phiu pht hnh Tng s CP


phn nh mc m bo gi tr c phiu ca DN phi tnh ch s NAV
trn c s mnh gi c phiu
Tng ti sn rng
NAV =
S lng c phiu X mnh gi

d) Cc ch s nh gi thu nhp CK
L ch tiu dng nh gi lng thu nhp c phiu thng hng nm
ca DN. Bao gm cc ch tiu:
- Thu nhp mi c phiu ( EPS )

Thu nhp( LN) rng - Tng c tc u i
EPS =
Tng s c phiu ang lu hnh

Trong thu nhp rng l li nhun sau thu v sau tri tc

- C tc mi c phiu (DPS): y l s c tc chia cho mi CP, phn li
tc m c ng c nhn. Thng cc c ng qua tm n ch tu ny

96
LN rng c tc u i LN gi li
DPS =
S CP thng dang lu hnh

Gia EPS v DPS c mi quan h qua ch s thanh ton c tc

DPS
Ch s thanh ton c tc =
EPS

Ch s ny cgn phn nh chnh sch phn chia li nhun ca DN
- Ch s gi / thu nhp ca c phiu : Ch s ny gi tt l PER hay P/E,
c tnh nh sau:

Th gi c phiu thng
PER =
(P/E) EPS ca c phiu thng

VD: Th gi c phiu thng ca DN A l 500.000, EPS l 62.500, ta
c:
500.000
PER = = 8 ln
62.500
Nh vy th gi ca c phiu A gp 8 ln thu nhp trn mi c phiu.
Ch s ny cng ln s ni ln c phiu DN A ang cao gi. PER cng
nh cng tt. Ch s P/E vo khong tren 10 l cao



97
- Ch s gi / gi tr k ton CP: gi tt l P/B
Th gi
Ch s gi trn gi tr k ton =
Gi tr s sch (gi k.ton) mi
CP

Ch tiu ny cng cao chngs t CT cng c kh nng pht trin mnh
trong tng lai
- Ngoi ra cn tnh cc ch tiu ROA, ROE v xem xt mi quan h
gia 2 ch tiu ny vi lI sut. Nu ROA > lI sut s lm tng ROE v
nu ROA < lI sut s lm gim ROE

Li nhun rng
T sut li nhun vn CP =
( ROE) Vn c phn( ch s hu)


Li nhun trc thu v lI vay
T sut li nhun tng vn =
( ROA) Tng ti sn c

6.2.2 Phn tch k thut
* L g? L phng php nghin cu phn tch xu hng bin ng gi
CK trn TTCK ni chung v ca mi loi c phiu CT ni ring
Phn tch k thut gip cho nh u t la chn thi m thch hp
mua hoc bn CK sao cho c li nht
Phng php phn tch: Ghi chp, theo di, tnh ton s bin ng
ga CP cng nh nghin cu s tc ng ca cc yu t n tro lu tng,
98
gim gi CP, tnh hnh giao dch cc loi CP hoc nhm CP. Dng biu
, th, ch s gi CK phn tch

a) L thuyt DOW:
L thuyt DOW l l thuyt ca nh sng lp Chales Henry Dow, c
xem l ngi i u ca ngnh phn tch k thut
L thuyt DOW a ra cc tin c bn sau:
Ch s gi CK: phn nh ton b H th trng gp li ca cc
nh u t, thng tin tt nht v xu th v cc s kin, n trung
bnh ho tt c cc bin ng tng ngy v cc iu kin tc ng
ln cung cu c phiu
ng cho rng ch s bnh quan ngnh Cng nghip vi 30 loi CP
(DJIA), ch s BQ v ngnh vn tI vi 20 loi CP (DJTA) lf 2 ch s ch
yu phn nh cc xu hng chnh tc ng n gi CP
Ba xu th th trng (xu hng TT):
1) Xu hng chnh (xu th cp 1): l xu th chung v s I ln
hoc i xung ko di trong mt hoc thm ch vi nm
C mi t tng gi mi li t mc cao hn t gi tng ln trc v c
mi t phn ng gi (reaction) vn mc cao hn t phn ng gi ln
trc, nhng xu th chnh vn l xu th tng gi. Xu th ny c gi l
th trng con b tt
Ngc li, mi t gi gim mi li t mc thp hn t gi gim ln
trc v mi t tng gi tip theo khng sc a mc gi tr v mc
tng gi ln trc th xu th cp 1 l xu th gim gi. Xu th ny c gi
l th trng con gu
2) Xu hng ph Xu th cp 2 : l cc phn ng lm ngt
qung qu trnh tng hoc gim gi ca xu hng chnh, tc ng ngc
li vi xu hng chnh. Thng xu th ny ko di vi ba tun n mt
99
vi thng v thng o chiu gi tr t khong 1/3 n 2/3 i vi cc
t tng (gim) gi ln trc trong qu trnh din bin ca xu th 1
3) Xu hng th yu- Xu th cp 3 : l cc bin ng nh,
thng th ko di trong 6 ngy t khi ko di trong 3 tun. Loi ny
khng c tm quan trng, khng ng hng n s ln xung gi theo
tro lu xu hng chnh. Thng trong xu th cp 2 hoc gia 2 xu th
cp 2 c khong vi (3) t sng nh- xu th cp 3
Kt lun ca l thuyt Dow a ra li khuyn cho cc nh u
t KDCK l:
o Khi c du hiu xc nhn tro lu ln gi th nn bt u
mua CK vo
o KHi c u hiu xc nhn tro lu xung gi th nn bt
u bn CK ra
o Da vo tro lu ln hay xung gi m c th d on
nhng thng trm ca nn KT c th xy ra
b) Ch s gi chng khon
o L g: Ch s gi Ck ( hay cn gi l ch s ca TTCK- ch s
tgn hp) l gi bnh qun ca tt c cc CP giao dch trn mt
TTCK hay mt loi CP ca mt ngnh ti mt thi im nht nh
(ngy) so vi thi im gc (ngy gc)
V d ch s Dow Jones ca M l ch s gi bnh qun ca 65 loi CK
hng u, bao hm s bnh qun ca 3 nhm ngnh l Ngnh k ngh,
ngnh vn ti v ngnh dch v
Ch s VN.Index: l ch s gi BQ ca tt c cc loi CP giao dch ti
trung tm giao dch CK TPHCM
o ngha: Ch s gi CK phn nh xu hng pht trin ca
TTCP, th hin xu hng thay i gi CP v tnh hnh giao dch
CP trn th trng CK hay mt loi CK cu mt ngnh. Do vy n
100
c coi nh cng c o lng sc kho ca nn KT ti chnh.
Chc nng ca ch s gi CK:
L tiu chun nh gi s n nh, hng thnh hay bt ca TTCK,
nh d bo tnh hnh KT ti chnh cu t nc
L tiu chun nh gi xp hng HKD cu CT, nh cc nh
u t la chn danh mc u t sao cho c li nht
o Cch tnh ch s CK: V nguyn tc ch s Ck c tnh theo
li bnh qun gia quyn so snh vi thi k gc thng c n
nh l 100 im. VD nh ch s CK COSPI ca Hn Quc c
im gc ly vo ngy 3/1/1990
Cng thc chung tnh ch s gi CK:

Tng gi th trng ti thi im tinh tan
Ch s gi CK = x
100
Tng gi th trng ti thi im gc

C nhiu phng php tnh ch s gi chng khon. Sau y l 2 phng
php tnh ph bin:
- Phng php 1: Da trn lng CP k c s: V d Ch s
DAX ca c c tnh theo cch ny
(Q
0
x P
1
)
I
l
= x 100
(Q
0
x P
0)
)
Trong ;
Il l ch s gi chng khon
Q0 khi lng CK thi k gc hoc c cu khi lng CK
P1 l gi CK thi im tnh ch s
P0 l gi chng khon thi im gc
101

- Phng php 2: Da trn s lng CP k hin hnh

(Q
1
x P
1
)
I
p
= x 100
(Q
1
x P
0
)

Trong : Ip l ch s gi chng khon
Q1 l s lng c phiu thi im tnh ch s
P1 l gi phiu thi im tnh ch s
P0 L ga c phiu thi im gc

Gi c phiu th hin bng n v tin t ca mi quc gia, VD M l
USD, Vit Nam l VN. Mt im c phiu c ngha l gi c phiu
bng 1 $
VD: Gi c phiu 50 $ tng 2 im, c ngha l 52 $
Vit Nam do tiu chun gi c ng VN qu nh, nn bin ng gi
tnh l 100, c mt mc nh vy (100) coi l 1 im

o Mt s ch s CK thng c bit n trn th gii:

Ch s DOW- JONES: Ra i sm nht th gii, vo cui th k
thu 19, cng b trn bo nm 1884. Do 2 nh kinh t ngi M l
Charlex Henry Dow v Edworrd David Jones xut
T 1931 Dow- Jones c cng b hng ngy, nm 1931 c th gii
bit n.
Lc mi ra i, c tnh t 12 cgn ty c phn
Nm 1982, tnh t 4 ch s bnh qun:
Ch s 30 loi c phiu thuc ngnh cng nghip
102
Ch s 20 loi c phiu thuc ngnh vn ti
Ch s 15 loi c phiu thuc ngnh DV cng cng
Ch s tng hp chung ca 65 loi c phiu trn

Ch s Nikkei ca NHt bn: l s bnh qun ca 225 c phiu
thuc s GDCK Tokyo v 250 c phiu ca s GDCK OSAKA

Ch s Hang Seng ca Hng kng l s bnh qun gia quyn ca
33 loi c phiu. Ngy gc l 31/7/1994

Ch s CAC ca Php, l s bnh qun ca 240 c phiu hng u
ti SGDCK Paris. Ngy gc l 31/7/1994

Ch s FT-30 ca ANH, tnh t 30 c phiu hng u ti SGDCK
Lun n, thi gian gc l 193

Ch s DAX ca c l s bnh qun ca 30 c phiu hng u,
ngy gc la 31/12/1987. Ring ch s ny tr gi gc l 1000

o Ch s gi CK trn th trng CK VN gi l VN.Index: L s
bnh
qun gia quyn ca tt c cc loi c phiu ng k GD ti s chng
khon ti TPHCM.
(Q
1
x

P
1
)
VN.Index = x 100
Q
0
x P
0
)

Trong : P1 : Gi th trng ca c phiu ti thi im tnh ton
103
P0 : Gi th trng ca c phiu ti thi im gc
Q1: s lng c phiu ang lu hnh
Q0: S lng c phiu thi k gc
Th trng chng khon Vit Nam mi ra i, nn s lng c phiu
nim yt trn sn giao dch bin ng tng theo thi gian. V vy vic
tnh ton c th c da theo cng thuc trn v h s iu chnh.

VD: Ti phin th nht, ngy 28/7/2000, ta c kt qu giao dch ti thi
im gc:
Tn cng ty K hiu Gi TH S lng Tng ga tr
TT
( ) CP ( triu) (ngn )
C in lnh REE 16.000 15 240.000
Cp VLVT SAM 17.000 12 204.000
Cng 444.000
Phin th 2, ngy 31/7/2000
Gi c phiu REE l 16.300
Gi c phiu SAM l 17.200

( 16.300 x 15) + ( 17.200 x 12)
VN. Index = x 100 = 101,55
( 16.000 x 15) + (17.000 x 12)
Nh th l tng 1,55 im so vi phin trc
Gi d phin th 3, ngy 2/8/2000, ch s VN.Index tnh c l 103,38
im. Nh th l tng 1,83 im so vi phin trc, tc l tng 1, 03%
Trong thng 9/2008, ch s VN.Index giao ng trong khong trn di
450 im, iu c ngha so vi thi dim gc 28/7 /2000, gi bnh
qun cc loi c phiu trn S giao dch chng khon Thnh ph H Ch
Minh tng khong 4,5 ln
104