KIN THC C BN V CHNG KHON

HOT NG GIAO DCH CHNG KHON 1. Thi gian giao dch

T 8h30-11h00 vo tt c cc ngy lm vic trong tun (tr cc ngy ngh theo qui nh ti B Lut Lao ng).
2. Gi tham chiu a. Gi tham chiu ca c phiu l bnh qun gia quyn cc gi thc hin qua phng thc giao dch bo gi ca ngy c giao dch gn nht. b. i vi cc c phiu mi nim yt hoc c phiu b tm ngng giao dch trong ngy u tin giao dch hoc ngy giao dch tr li s giao dch khng bin . Trong ngy giao dch tip theo, gi tham chiu ca c phiu ny s c tnh nh mc (a) trn. 3. Bin dao ng gi - Bin dao ng gi trong ngy giao dch i vi c phiu l 10%. - Khng p dng bin dao ng gi i vi cc giao dch tri phiu. 4. Hiu lc ca lnh Trong phin giao dch, lnh gii hn c nhp vo h thng giao dch c hiu lc cho n ht phin hoc cho n khi lnh b hu trn h thng. 5. Nguyn tc giao dch Cc giao dch phi c thc hin thng qua cng ty chng khon thnh vin ca Trung tm GDCK H Ni. - Trc tin, thc hin giao dch nh u t phi c ti khon giao dch chng khon ti mt cng ty chng khon l thnh vin ca Trung tm GDCK H Ni. - Khi t lnh mua bn chng khon, nh u t phi m bo t l k qu trn ti khon. C th l, khi t lnh bn th nh u t phi c s chng khon trong ti khon, cn khi t lnh mua th nh u t phi c s tin k qu theo tho thun vi cng ty chng khon.

6. Phng thc giao dch Giao dch bo gi v giao dch tha thun (Theo Hng Dn ca Trung Tm Giao Dch Chng Khon H Ni)

PHUNG THC GIAO DCH BO GI

1. n v yt gi + i vi c phiu:100 ng. + i vi tri phiu: khng quy nh. 2. n v giao dch: 100 c phiu hoc 10.000.000 ng (mi triu ng) tnh theo mnh gi tri phiu. 3. Khi lng giao dch ti thiu: Khng quy nh 4. Loi lnh giao dch: Lnh gii hn. 5. Nguyn tc thc hin lnh giao dch bo gi - Cc lnh c mc gi tt nht c u tin thc hin trc - Nu c nhiu lnh cng mc gi th lnh no c nhp vo h thng trc s c thc hin trc. -Nu lnh mua v lnh bn cng tho mn nhau v gi th mc gi thc hin s l mc gi ca lnh c nhp vo h thng trc. - Lnh giao dch c th c thc hin ton b hoc mt phn theo bi s ca n v giao dch.

6. Trnh t giao dch bo gi: - Sau khi nh u t t lnh (mua/bn) ti cc cng ty chng khon, i din giao dch ca cng ty chng khon s nhp cc lnh ca khch hng vo h thng giao dch ti TTGDCK H Ni. - Cc lnh t ny c hin th trn mn hnh ca i din giao dch v mn hnh thng tin ca cng ty chng khon. - Cc lnh nhp vo h thng s c t ng khp ngay vi cc lnh i ng c mc gi tho mn tt nht ch sn trong h thng. Tc l, nu tho mn v gi th cc lnh mua c mc gi cao nht s c khp vi cc lnh bn c mc gi thp nht. Mc gi thc hin c xc nh l mc gi ca lnh c nhp vo h thng trc. - Nu cng mt mc gi m c nhiu lnh mua/lnh bn th lnh no nhp vo h thng trc s c thc hin trc. - Cc lnh c th c thc hin mt phn hoc ton b (nu cc lnh i ng p ng c ton b khi lng). Cc lnh cha c thc hin hoc mi thc hin mt phn s c lu li trn h thng ch thc hin vi cc lnh mi. - Kt qu giao dch s c hin th trc tuyn trn mn hnh thng tin ca cc cng ty chng khon. Kt thc phin giao dch, TTGDCK H Ni s xc nhn kt qu giao dch vi cng ty chng khon thnh vin v cng ty chng khon thnh vin thng bo cho khch hng. 7. Sa lnh giao dch bo gi - Trong phin giao dch, cc lnh nhp vo h thng khng c php sa, tr trng hp sa gi v trng hp i din giao dch (sau y vit tt l DGD) nhp sai so vi lnh gc ca khch hng. - Trng hp sa gi theo yu cu ca khch hng, DGD c tin hnh sa lnh ngay trn h thng. - Trng hp nhp sai lnh ca khch hng so vi lnh gc, DGD c php sa lnh theo trnh t trong quy trnh Sa lnh giao dch bo gi. Trng hp ny s tnh vo li ca DGD. - Vic sa lnh giao dch bo gi ch c thc hin i vi cc lnh cha c khp hoc phn cha c khp ca lnh. 8. Hy lnh giao dch bo gi Trong phin giao dch, DGD c thc hin hu lnh theo yu cu ca khch hng i vi cc lnh cha c khp hoc phn cha c khp ca lnh.

9. Hnh thc thanh ton: Tt c cc giao dch bo gi (gm c giao dch c phiu v giao dch tri phiu) c thanh ton theo hnh thc thanh ton a phng (T+3).

(Theo Hng Dn ca Trung Tm Giao Dch Chng Khon H Ni)

PHNG THC GIAO DCH THO THUN

1. n v yt gi:

Khng quy nh.

2. n v giao dch: Khng quy nh

3. Khi lng giao dch ti thiu - i vi c phiu: 5.000 c phn. - i vi tri phiu: 100.000.000 ng (100 triu ng) tnh theo mnh gi.

4.Trnh t giao dch tho thun

+ Trng hp xc nh c i tc giao dch: Nu nh u t tm c i tc giao dch v hon tt tho thun giao dch th thng bo cho cng ty chng khon v tho thun ny, cng ty chng khon s thc hin nhp lnh giao dch vo h thng ca Trung tm GDCK H Ni. + Trng hp cha xc nh c i tc giao dch: * Khi c nhu cu giao dch, nh u t s t lnh mua/lnh bn ti CTCK. * Cn c vo lnh ca nh u t, cng ty chng khon s nhp lnh vo h thng giao dch ti TTGDCK H Ni, ngay lp tc cc lnh s c hin th trn s lnh ca th trng.

* Cn c vo thng tin trn s lnh, cc CTCK s lin lc vi nhau gip nh u t tm kim v tho thun vi cc i tc giao dch v mc gi v khi lng giao dch. Khi t c tho thun, CTCK s thc hin lnh giao dch cho nh u t. * H thng giao dch ca TTGDCK H Ni s nhn v xc nhn cc lnh giao dch do cng ty chng khon nhp vo v s a ra kt qu giao dch tng hp ca ton th trng.

* Kt qu giao dch tha thun s c hin th ngay trn mn hnh ca i din giao dch v mn hnh thng tin ca CTCK.

5. Sa lnh giao dch tha thun

Trong gi giao dch, trng hp pht hin sai lch so vi lnh gc sau khi lnh giao dch tha thun c xc nhn, DGD c php sa lnh giao dch tha thun theo Quy trnh sa lnh giao dch tha thun. Thi gian sa lnh giao dch tha thun phi c hon tt chm nht l 15 pht trc khi phin giao dch kt thc.

6. Hnh thc thanh ton:

+ Cc giao dch c khi lng nh hn 100.000 c phiu hoc nh hn 10 t ng mnh gi tri phiu: p dng hnh thc thanh ton a phng vi chu k T+3 + Cc giao dch c khi lng ln hn hoc bng 100.000 c phiu hoc 10 t ng mnh gi tri phiu th c la chn 1 trong 3 hnh thc thanh ton: - a phng vi chu k thanh ton T+3 - Song phng vi chu k thanh ton T+2 - Trc tip vi chu k thanh ton t T+1 n T+3 ( Theo Hng Dn ca Trung Tm Giao Dch Chng Khon H Ni)

iu kin ng k nim yt chng khon ti TTGDCK H Ni

1. iu kin nim yt c phiu: a) L cng ty c phn c vn iu l gp ti thi im ng k nim yt t 10 t ng Vit Nam tr ln tnh theo gi tr ghi trn s k ton; b) Hot ng kinh doanh ca nm lin trc nm ng k nim yt phi c li, khng c cc khon n phi tr qu hn trn mt nm v hon thnh cc ngha v ti chnh vi Nh nc; c) C phiu c quyn biu quyt ca cng ty do t nht 100 c ng nm gi; d) 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 ca cng ty phi cam kt nm gi 100% s c phiu do mnh s hu trong thi gian 6 thng k t ngy nim yt v 50% s c phiu ny trong thi gian 6 thng tip theo, khng tnh s c phiu thuc s hu Nh nc do cc c nhn trn i din nm gi; ) C h s ng k nim yt c phiu hp l theo quy nh ti khon 2 iu 10 Ngh nh ny; e) Vic nim yt c phiu ca cc doanh nghip thnh lp mi thuc lnh vc c s h tng hoc cng ngh cao, doanh nghip 100% vn nh nc chuyn i thnh cng ty c phn khng phi p ng iu kin quy nh ti im b khon 1 iu ny.

2. iu kin nim yt tri phiu doanh nghip: a) L cng ty c phn, cng ty trch nhim hu hn, doanh nghip nh nc c vn iu l gp ti thi im ng k nim yt t 10 t ng Vit Nam tr ln tnh theo gi tr ghi trn s k ton; b) Cc tri phiu ca mt t pht hnh c cng ngy o hn; c) C h s ng k nim yt tri phiu hp l theo quy nh ti khon 3 iu 10 Ngh nh ny. 3. Tri phiu Chnh ph, tri phiu c Chnh ph bo lnh, tri phiu chnh quyn a phng c nim yt trn Trung tm Giao dch chng khon theo ngh ca t chc pht hnh tri phiu.

(Trch Ngh nh s 14/2007/N-CP ngy 19 thng 01 nm 2007 ca Th tng Chnh ph ban hnh Quy nh chi tit thi hnh mt s iu ca Lut Chng khon)

HNG DN NH U T THAM GIA U GI MUA C PHN (Theo Quy ch u gi hai cp) 1. i tng v iu kin Cc t chc kinh t, c nhn Vit Nam v nc ngoi theo quy nh ti iu 4 Ngh nh s 187/2004/N-CP ngy 16/11/2004 ca Chnh ph v vic chuyn cng ty nh nc thnh cng ty c phn (sau y gi chung l nh u t) c iu kin sau y c tham d u gi: C t cch php nhn (i vi cc t chc kinh t); c a ch c th, r rng; Nu ngi i din php nhn th phi c giy y quyn; Nu l c nhn phi c chng minh th nhn dn, giy t ty thn hp l v c nng lc hnh vi dn s. i vi nh u t nc ngoi: ngoi cc quy nh nh i vi php nhn v c nhn trong nc, phi m ti khon ti cc t chc cung ng dch v thanh ton ang hot ng trn lnh th Vit Nam v tun th php lut Vit Nam. Mi hot ng lin quan n mua c phn u phi thng qua ti khon ny. T chc ti chnh trung gian thc hin nh gi hoc u gi bn c phn ca doanh nghip c phn ho khng c tham gia u gi mua c phn ca doanh nghip

Cc t chc ti chnh trung gian nhn u thc u t: Trng hp cc t chc ti chnh trung gian nhn u thc u t ca c nh u t trong nc v nc ngoi, t chc nhn u thc u t c trch nhim tch bit r s lng nh u t, s c phn ca tng nh u t trong v ngoi nc ng k mua

2. Tm hiu thng tin Trung tm Giao dch Chng khon H Ni s cng b thng tin v t bn u gi c phn ti thiu 20 ngy trc ngy t chc u gi trn 03 s bo lin tip ca thi bo Kinh t Vit Nam v bo a phng ni doanh nghip ng tr s chnh. Thng tin chi tit v doanh nghip, Quy ch u gi v cc thng tin lin quan c cung cp ti tr s doanh nghip bn u gi, cc a im i l nhn ng k v cc website: www.hastc.org.vn, www.ssc.gov.vn

3. Th tc tham gia u gi 3.1. ng k tham d u gi Nh u t nhn n hoc trc tip in mu n ng k tham gia u gi ti cc a im nhn ng k ca i l u gi v a ch website www.hastc.org.vn. (1) Np tin t cc: Nh u t phi np tin t cc bng 10% gi tr c phn ng k mua tnh theo gi khi im. Tin t cc np bng ng Vit Nam (bng tin mt hoc chuyn khon) vo ti khon ca i l u gi. Tin t cc s khng c hng li. (2) Np n ng k tham gia u gi: Nh u t in y thng tin vo n ng k tham gia u gi v np ti a im lm th tc ng k km theo xut trnh: i vi c nhn trong nc: (1) CMND hoc h chiu. Trng hp nhn u quyn, phi c giy u quyn theo quy nh ca php lut.(2) Giy np tin hoc giy chuyn tin t cc; i vi t chc trong nc: Ngoi quy nh nh i vi c nhn trong nc cn np thm Giy chng nhn ng k kinh doanh hoc giy t khc tng ng, giy u quyn cho i din thay mt t chc thc hin th tc tr trng hp ngi lm th tc l i din theo php lut ca t chc; i vi c nhn v t chc nc ngoi: Ngoi cc quy nh nh i vi c nhn v t chc trong nc phi xut trnh giy xc nhn m ti khon ti mt t chc cung ng dch v thanh ton ang hot ng trn lnh th Vit Nam 3.2. Lp v np phiu tham d u gi Sau khi hon tt th tc ng k, nh u t c cp Phiu tham d u gi Nh u t phi xem xt k cc ni dung trong phiu; in y , r rng cc thng tin theo quy nh, kim tra li cn thn trc khi b phiu tham d u gi. Phiu tham d u gi hp l l Phiu:

(1) Do i l cp; c ng du treo ca ni cp phiu v m bo: in y , r rng cc thng tin theo quy nh;

(2) Khng c ty xo hoc rch nt; gi t mua khng thp hn gi khi im; (3) Tng s c phn t mua bng mc ng k. (4) Khng vi phm cc quy nh v bc gi, bc khi lng t mua c quy nh trong Quy ch ca tng t u gi (5) Np phiu ng thi hn quy nh (6) Phiu tham d u gi phi c b trong phong b c ch k ca nh u t trn mp dn phong b theo quy nh Trng hp phiu tham d u gi b rch nt, ty xo: Nh u t phi yu cu i l i phiu mi sau khi np phiu c Trng hp nh u t mt phiu: Nh u t phi lm n (theo mu quy nh) ngh i l cp li phiu mi v phiu c khng cn gi tr 3.3. Nguyn tc xc nh kt qu Xc nh theo gi t mua t cao xung thp, nh u t t mua theo gi no th c mua c phn theo gi . Nh u t tr gi cao nht c quyn mua s c phn ng k theo cc mc gi tr. S c phn cn li ln lt c bn cho cc nh u t tr gi cao lin k cho n ht s c phn cho bn. Trng hp cc nh u t tr gi bng nhau nhng s c phn cho bn t hn tng s c phn ng k mua th s c phn ca tng nh u t c mua xc nh nh sau: S c phn tng nh u t ng k mua gi bng nhau Tng s c phn cc nh u t ng k mua gi bng nhau

S c phn nh u t c mua

S c phn cn li cho bn

Trng hp cn d c phiu l, s c phn l ny c phn b cho nh u t c khi lng ng k mua ln nht ti mc gi . Ring i vi nh u t nc ngoi, kt qu u gi cng c xc nh theo nguyn tc trn, kt hp vi t l khng ch trn c php mua theo quy nh. 3.4. Thanh ton v x l tin t cc Nh u t trng gi mua c phn c trch nhim thanh ton tin mua c phn trong thi hn khng qu mi 15 ngy lm vic k t ngy cng b kt qu u gi. Nu qu thi hn 15 ngy, nh u t vn khng np hoc khng np s tin phi thanh ton th nh u t s mt tin t cc tng ng vi s c phn cha c thanh ton; Trong trng hp ny, s c phn trng gi mua ca nh u t s c Ban u gi xt theo th t mc gi t mua t cao xung thp trong cc mc gi t mua ca nh u t Nh u t khng trng gi c nhn li tin t cc trong vng 05 ngy lm vic k t ngy cng b kt qu u gi

Nh u t s khng c nhn li tin t cc trong trng hp vi phm cc quy nh ti Quy ch u gi bn c phn

TRUNG TM GIAO DCH CHNG KHON H NI

Bn Co Bch
1. Bn co bch l g? Khi pht hnh chng khon ra cng chng, cng ty pht hnh phi cng b cho ngi mua chng khon nhng thng tin v bn thn cng ty, nu r nhng cam kt ca cng ty v nhng quyn li c bn ca ngi mua chng khon... trn c s ngi u t c th ra quyt nh u t hay khng. Ti liu phc v cho mc ch gi l Bn co bch hay Bn cng b thng tin. Bn co bch chnh l mt li mi hay cho bn cng chng u t ng k hoc mua chng khon ca cng ty pht hnh. Bn co bch bao gm mi thng tin lin quan n t pht hnh. Do , thng tin a ra trong Bn co bch s gn vi cc iu khon thc hin li mi hay cho bn. Thng thng, mt cng ty mun pht hnh chng khon phi lp Bn co bch U ban Chng khon Nh nc xem xt, gi l Bn co bch s b. Bn co bch s b khi c U ban Chng khon Nh nc chp thun s c coi l Bn co bch chnh thc. Khi thc hin cho bn chng khon, ngoi Bn co bch chnh thc, cng ty pht hnh thng cung cp Bn co bch tm tt. Ni dung Bn co bch tm tt l tm gn li nhng ni dung chnh ca Bn co bch chnh thc nhng vn phi m bo tun th theo cc quy nh ca U ban Chng khon Nh nc. 2. Ti sao cn phi c Bn co bch ? Bn co bch l mt ti liu rt quan trng.Vi t cch l mt nh u t, Bn co bch l phng tin gip bn nh gi mc sinh li v trin vng ca cng ty trc khi bn quyt nh c u t vo cng ty hay khng. Mt quyt nh thiu thng tin c th lm bn phi tr gi t. Bi vy, bn nn c Bn co bch mt cch k lng v tm hiu r nhng may ri thc s ca cng ty trc khi ra quyt nh u t. Bn nn nh gi cn thn nhng yu t c bn ca cng ty ng k nim yt thng qua nghin cu cc thng tin trong Bn co bch. Mc d nhng t cho bn ln u ra cng chng thng l c hi u t tt v chng thng mang li li nhun ban u cao, do c phiu tng gi, nhng ri ro vn tn ti. 3. Bn co bch bao gm nhng thng tin g?

Bn co bch thng gm 8 mc chnh sau: Trang ba; Tm tt Bn co bch; Cc nhn t ri ro; Cc khi nim; Chng khon pht hnh; Cc i tc lin quan ti t pht hnh; Tnh hnh v c im ca t chc pht hnh; Ph lc. 4. Cch s dng bn co bch Bn nn bt u phn tch mt cng ty pht hnh bng Bn co bch ca cng ty. Trong qu trnh thc hin bn nn t t ra cho mnh mt s cu hi quan trng. V d, vic kinh doanh ca cng ty c tin trin hay khng?, doanh s bn hng tng c ngha l li nhun cng tng v dn ti gi c phiu tng. Nhng cc con s cha phi ni ln tt c. Do vy, bn nn nghin cu k Bn co bch tm ra nhng du hiu tng trng ca cng ty. Bn cng nn tm hiu v Ban gim c ca cng ty pht hnh, cc sn phm ca cng ty v t t ra cu hi liu cc sn phn ny c tip tc bn c na khng? 5. Nhng thng tin cn xem Trang ba (mt trc v mt sau); Thi gian cho bn; Cc khi nim; Tnh hnh v c im ca t chc pht hnh; Bng mc lc; Tm tt Bn co bch; Tm tt v vn c phn, thng k s liu pht hnh / cho bn, s n & phng n s dng tin thu t t pht hnh Chng khon pht hnh; Thng tin v ngnh kinh doanh; Thng tin ti chnh; Thng tin v c ng, Hi ng qun tr v Ban gim c; Cc i tc lin quan ti t pht hnh; Cc nhn t ri ro lin quan n ngnh kinh doanh v trin vng ca cng ty; Ph lc; Th tc np h s v chp thun. 6. Thng tin chnh ca trang ba

Cc chng khon s c bn; S lng chng khon s c bn; Gi bn cc chng khon; T chc lin quan n t pht hnh.

7. Tm tt bn co bch Phn ny gip bn tm hiu khi qut nhng thng tin tm tt v cng ty. - Gii thiu chung v cng ty pht hnh, hot ng kinh doanh, ngi h tr pht hnh, c ng ln v BGD ca cng ty; - Tm tt v thng tin ti chnh ca cng ty pht hnh, k c trin vng ca cng ty; - Tm tt v cc yu t ri ro lin quan hoc nh hng ti hot ng kinh doanh v ti chnh ca cng ty pht hnh; - Tm tt v vn c phn, thng k pht hnh hoc cho bn, s n, s tin thu c t t pht hnh v mc ch s dng s tin ny. Ngoi ra bn nn i chiu vi cc phn tng ng khc trong Bn co bch c c cc thng tin chi tit m bn cn quan tm. Thng tin v ngnh kinh doanh - cng ty ang c nhng hot ng kinh doanh g? Thng tin a ra thng bao gm: Tnh hnh (cc) ngnh kinh doanh chnh m cng ty pht hnh tham gia; Trin vng ca (cc) ngnh lin quan c nh hng ti hot ng ngnh kinh doanh chnh ca cng ty pht hnh; Loi sn phm, dch v kinh doanh chnh ca cng ty; Khch hng v nh cung cp ca cng ty pht hnh; Cng ngh, phng thc sn xut v knh phn phi s dng; Cc nhn t thng mi nh h thng bn l, i l, h thng phn phi, nhn hiu sn phm, giy php kinh doanh, bng sng ch v kh nng nghin cu v pht trin. i vi cc cng ty ng k nim yt c hng chnh sch u i th phn thng tin v ngnh kinh doanh ny trong Bn co bch cng cn phi cng b chi tit cc vn v cng ngh ca nhng cng ty ny. 8. Thng tin ti chnh cng chng u t tham gia c lm li nhun gim? Thng tin ti chnh l mt phn quan trng trong Bn co bch v thng c chia thnh 2 phn: Thng tin ti chnh trong qu kh; Thng tin ti chnh trong tng lai. a) Phn thng tin ti chnh trong qu kh

Thng bao gm tm tt cc bn bo co ti chnh c kim ton, v bng cn i k ton (trn c s tng hp) theo mu, c trch ra t Bo co ca kim ton trong phn ph lc ca Bn co bch. Mt s ngnh kinh doanh cn yu cu cung cp c thng tin v lung thu nhp. Vic cng b thng tin ti chnh trong qu kh thng c tnh t 2 nm ti chnh trc. Thng tin phi i km vi phn gii thch v phn tch hot ng ti chnh trong qu kh. Nu c bt c mt sai st no trong cc thng tin ti chnh c cng b m U ban Chng khon pht hin c th t chc kim ton cng nh t chc bo lnh pht hnh phi chu trch nhim lin i trc php lut cng vi t chc pht hnh. b) Phn thng tin ti chnh tng lai

Gm cc d tnh v: Doanh thu; Li nhun trc thu trc v sau khi tnh li cho c ng thiu s ngoi cng ty; Li nhun sau thu; Tng c tc v c tc rng. T d tnh v li nhun v gi cho bn c phiu ca cng ty pht hnh, bn c th tnh ra cc mc gi th trng ca mt c phiu tnh theo thu nhp trn mi c phiu trong nm ca cng ty pht hnh (c k hiu l P /E). H s ny cho thy khi no th gi c phiu ph hp vi thu nhp. Tc l cc cng ty c nhiu c hi tng trng thng c P /E cao hn cc cng ty c t c hi tng trung. Tuy nhin, cng cn lu trng hp P /E cao c th l do mc thu nhp (E) thp. Cn c vo h s P /E, cng vi s phn tch v mt cht lng ca cng ty pht hnh, bn c th nh gi t pht hnh, cho bn c phiu ca cng ty so vi cc mc c phiu c nim yt ca cc cng ty trong cng ngnh. 9. C ng, Hi ng qun tr v Ban gim c ai l ngi iu hnh t pht hnh ? Bn nn c danh sch cc c ng, Hi ng qun tr v Ban gim c. Mc d cc d liu a ra khng phi l con du m bo v cht lng k nng qun l ca h, nhng bn vn c th bit c trnh chuyn mn v kinh nghim qun l ca nhng con ngi ny. Bn cn ch cc quyn li ca cc c ng ln, Hi ng qun tr v i ng lnh o ch cht trong cc ngnh tng t hoc cc ngnh cnh tranh nu chng c nu trong Bn co bch. Bn cng nn ch cc giao dch trong qu kh hoc trong tng lai vi cc cng ty lin quan. Bn co bch s cung cp y cc nhm thnh vin sau: C ng ln v cc nh sng lp ca cng ty pht hnh, k c tn v c phn ca cc c nhn ng ng sau cng ty; Hi ng qun tr bao gm c phn m h i din, chi tit v trnh , kinh nghim v phn trch nhim ca mi gim c, v h c phi l cc gim c iu hnh hay khng; i ng cn b qun l di cp u vin Hi ng qun tr, chi tit v trnh , kinh nghim v phn trch nhim ca h; T l s hu c phiu, tri phiu ca tng thnh vin ni trn. 10. Cc yu t ri ro

Cc ri ro chung bao gm: Vic tng, gim gi chng khon ph thuc vo cc iu kin ca th trng chng khon ni chung, ca tnh trng kinh t t nc v th gii; Nhng thay i trong chnh sch ca Chnh ph; Nhng ri ro v ngoi hi; Nhng thay i v t l li sut; Nhng ri ro c th xy ra ca cng ty bao gm: S ph thuc vo nhng cn b ch cht; S ph thuc vo mt s t cc khch hng, nh cung cp hoc cc d n trong ni b cng ty; Nhng thay i v gi nguyn liu th; S hp nht gia cc i th cnh tranh hoc cc cng ty mi tham gia vo ngnh; Tranh chp c th bt u pht sinh hoc b mang ra to. Trong phn ny bn cn tm hiu xem Hi ng qun tr ca cng ty nh gii quyt hoc lm gim nh hng ca cc nhn t ri ro xc nh nh th no.

Kin thc c bn v tri phiu

1. nh ngha: Tri phiu l mt loi chng khon quy nh ngha v ca ngi pht hnh (ngi vay tin) phi tr cho ngi nm gi chng khon (ngi cho vay) mt khon tin xc nh, thng l trong nhng khong thi gian c th, v phi hon tr khon cho vay ban u khi n o hn. 2. c im: a. Mt tri phiu thng thng c ba c trng chnh: Mnh gi. Li sut nh k (coupon) Thi hn. b. Tri phiu th hin quan h ch n con n gia ngi pht hnh v ngi u t Pht hnh tri phiu l i vay vn. Mua tri phiu l cho ngi pht hnh vay vn v nh vy, tri ch l ch n ca ngi pht hnh. L ch n, ngi nm gi tri phiu (tri ch) c quyn i cc khon thanh ton theo cam kt v khi lng v thi hn, song khng c quyn tham gia vo nhng vn ca bn pht hnh. c. Li sut ca cc tri phiu rt khc nhau, c quy nh bi cc yu t: Cung cu vn trn th trng tn dng. Lng cung cu vn li tu thuc vo chu k kinh t, ng thi chnh sch ca ngn hng trung ng, mc thm ht ngn sch ca chnh ph v phng thc ti tr thm ht . Mc ri ro ca mi nh pht hnh v ca tng t pht hnh. Cu trc ri ro ca li sut s quy nh li sut ca mi tri phiu. Ri ro cng ln, li sut cng cao. Thi gian o hn ca tri phiu. Nu cc tri phiu c mc ri ro nh nhau, nhn chung thi gian o hn cng di th li sut cng cao. 3. Phn loi tri phiu 3.1. Cn c vo vic c ghi danh hay khng:

Tri phiu v danh: l tri phiu khng mang tn tri ch, c trn chng ch cng nh trn s sch ca ngi

pht hnh. Nhng phiu tr li nh theo t chng ch, v khi n hn tr li, ngi gi tri phiu ch vic x ra v mang ti ngn hng nhn li. Khi tri phiu o hn, ngi nm gi n mang chng ch ti ngn hng nhn li khon cho vay. Tri phiu ghi danh: l loi tri phiu c ghi tn v a ch ca tri ch, trn chng ch v trn s ca ngi pht hnh. Hnh thc ghi danh c th ch thc hin cho phn vn gc, cng c th l ghi danh ton b, c gc ln li. Dng ghi danh ton b m ang ngy cng ph bin l hnh thc ghi s. Tri phiu ghi s hon ton khng c dng vt cht, quyn s hu c xc nhn bng vic lu gi tn v a ch ca ch s hu trn my tnh. 3.2. Cn c vo i tng pht hnh tri phiu: Tri phiu chnh ph: l nhng tri phiu do chnh ph pht hnh nhm mc ch b p thm ht ngn sch, ti tr cho cc cng trnh cng ch, hoc lm cng c iu tit tin t.Tri phiu chnh ph l loi chng khon khng c ri ro thanh ton v cng l loi tri phiu c tnh thanh khon cao. Do c im , li sut ca tri phiu chnh ph c xem l li sut chun lm cn c n nh li sut ca cc cng c n khc c cng k hn. Tri phiu cng trnh: l loi tri phiu c pht hnh huy ng vn cho nhng mc ch c th, thng l xy dung nhng cng trnh c s h tng hay cng trnh phc li cng cng. Tri phiu ny c th do chnh ph trung ng hoc chnh quyn a phng pht hnh. Tri phiu cng ty: l cc tri phiu do cc cng ty pht hnh vay vn di hn.Tri phiu cng ty c c im chung sau: Tri ch c tr li nh k v tr gc khi o hn, song khng c tham d vo cc quyt nh ca cng ty. Nhng cng c loi tri phiu khng c tr li nh k, ngi mua c mua di mnh gi v khi o hn c nhn li mnh gi. Khi cng ty gii th hoc thanh l, tri phiu c u tin thanh ton trc cc c phiu. C nhng iu kin c th km theo, hoc nhiu hnh thc m bo cho khon vay.Tri phiu cng ty bao gm nhng loi sau: + Tri phiu c m bo: l tri phiu c m bo bng nhng ti sn th chp c th, thng l bt ng sn v cc thit b. Ngi nm gi tri phiu ny c bo v mt mc cao trong trng hp cng ty ph sn, v h c quyn i n i vi mt ti sn c th. + Tri phiu khng bo m: Tri phiu tn chp khng c m bo bng ti sn m c m bo bng tn chp ca cng ty. Nu cng ty b ph sn, nhng tri ch ca tri phiu ny c gii quyt quyn li sau cc tri ch c bo m, nhng trc c ng. Cc tri phiu tn chp c th chuyn i cho php tri ch c quyn chuyn tri phiu thnh c phiu thng ca cng ty pht hnh. Tu theo quy nh, vic chuyn i c th c tin hnh vo bt c thi im no, hoc ch vo nhng thi im c th xc nh.Ngoi nhng c im trn, mi t tri phiu c pht hnh c th c gn km theo nhng c tnh ring khc na nhm p ng nhu cu c th ca mt bn no . C th l: + Tri phiu c th mua li: cho php ngi pht hnh mua li chng khon trc khi o hn khi thy cn thit. c tnh ny c li cho ngi pht hnh song li bt li cho ngi u t, nn loi tri phiu ny c th c li sut cao hn so vi nhng tri phiu khc c cng thi hn. + Tri phiu c th bn li: cho php ngi nm gi tri phiu c quyn bn li tri phiu cho bn pht hnh trc khi tri phiu o hn. Quyn ch ng trong trng hp ny thuc v nh u t, do li sut ca tri phiu ny c th thp hn so vi nhng tri phiu khc c cng thi hn. + Tri phiu c th chuyn i: cho php ngi nm gi n c th chuyn i tri phiu thnh c phiu thng, tc l thay i t cch t ngi ch n tr thnh ngi ch s hu ca cng ty. Loi tri phiu ny thuc vo nhm hng ho chng khon c th chuyn i c cp ti di y.

Kin thc c bn v chng ch qu

L loi chng khon xc nhn quyn s hu ca nh u t i vi mt phn vn gp ca qu i chng. Cc Cng C Chng Khon Phi Sinh: 1. Quyn mua c phn: L loi chng khon do cng ty c phn pht hnh km theo t pht hnh c phiu b sung nhm bo m cho c ng hin hu quyn mua c phiu mi theo nhng iu kin c xc nh. 2. Chng quyn: L loi chng khon c pht hnh cng vi vic pht hnh tri phiu hoc c phiu u i, cho php ngi s hu chng khon c quyn mua mt s c phiu ph thng nht nh theo mc gi c xc nh trc trong thi k nht nh. 3. Quyn chn mua, quyn chn bn: L quyn c ghi trong hp ng cho php ngi mua la chn quyn mua hoc quyn bn mt s lng chng khon c xc nh trc trong khong thi gian nht nh vi mc gi c xc nh trc. 4. Hp ng tng lai: L cam kt mua hoc bn cc loi chng khon, nhm chng khon hoc ch s chng khon nht nh vi mt s lng v mc gi nht nh vo ngy xc nh trc trong tng lai

Kin thc c bn v c phiu

Hy bt u tm hiu nhng kin thc c bn nht v c phiu mt loi chng khon vn c giao dch mua bn ph bin trn cc th trng chng khon hin i. C phiu l g ? Khi mt cng ty gi vn, s vn cn gi c chia thnh nhiu phn nh bng nhau gi l c phn. Ngi mua c phn gi l c ng. C ng c cp mt giy chng nhn s hu c phn gi l c phiu v ch c cng ty c phn mi pht hnh c phiu. Nh vy, c phiu chnh l mt chng th chng minh quyn s hu ca mt c ng i vi mt cng ty c phn v c ng l ngi c c phn th hin bng c phiu. Thng thng hin nay cc cng ty c phn thng pht hnh 02 dng c phiu: C phiu thng v c phiu u i. Nh vy, s khc bit ca 02 lai c phiu c bn ny l g? Cc c ng s hu c phiu thng thng c quyn hn v trch nhim i vi cng ty nh: c chia c tc theo kt qu kinh doanh; c quyn bu c, ng c vo b my qun tr v kim sat cng ty; V phi chu trch nhim v s thua l hoc ph sn tng ng vi phn vn gp ca mnh. Cc c ng s hu c phiu u i cng l hnh thc u t vn c phn nh c phiu thng thng nhng quyn hn v trch nhim hn ch nh: li tc c nh; khng c quyn bu c, ng c..v.v. Cng ty c phn l g? l mt dng php nhn c trch nhim hu hn, c thnh lp v tn ti c lp i vi nhng ch th s

hu n. Vn ca cng ty c chia nh thnh nhng phn bng nhau gi l c phn v c pht hnh huy ng vn tham gia ca cc nh u t thuc mi thnh phn kinh t. Cc nh u t tr thnh nhng c ng chnh thc ca cng ty khi thc hin mua cc c phn do cng ty pht hnh. C ng c quyn tham gia qun l, kim sot, iu hnh cng ty thng qua vic bu c v ng c vo cc v tr trong Ban Qun L, Ban Kim Sot v Ban iu Hnh. Ngoi ra, c ng cn c quyn hng cc khon li nhun do cng ty to ra cng nh chu l tng ng vi mc gp vn. u im ca loi hnh cng ty c phn l Nh u t ch chu trch nhim hu hn tng ng vi t l gp vn trong cng ty; Quy m hot ng ln v kh nng m rng kinh doanh d dng t vic huy ng vn c phn; Nh u t c kh nng iu chuyn vn u t t ni ny sang ni khc, t lnh vc ny sang lnh vc khc d dng thng qua hnh thc chuyn nhng, mua bn c phn; Cng tc qun l hiu qu cao do tnh c lp gia qun l v s hu. Bn cnh nhng u im, loi hnh cng ty ny cng c nhng nhc im c bn, c th l: Mc thu tng i cao v ngoi thu, cng ty phi thc hin ngha v vi ngn sch nh nc, cc c ng cn phi chu thu thu nhp b sung t ngun c tc v li c phn theo qui nh ca nh nc; Chi ph thnh lp cng ty kh tn km; Kh nng bo mt kinh doanh v ti chnh b hn ch do phi cng khai v bo co vi cc c ng ca cng ty; Kh nng thay i phm vi kinh doanh km linh hot do phi tun th theo nhng qui nh trong Bn iu L ca cng ty. Tuy nhin, vi mi trng kinh doanh hin nay trn th gii cng nh ti Vit Nam, nhng nhc im trn hon ton c kh nng khc phc, hn ch ti a v ng thi pht huy c nhng u im ca loi hnh ny. Ti sao cng ty li pht hnh c phiu ? Cng ty huy ng vn khi thnh lp hoc m rng kinh doanh bng hnh thc pht hnh c phiu th ngun vn huy ng khng cu thnh mt khon n m cng ty phi c trch nhim hon tr cng nh p lc v kh nng cn i thanh khon ca cng ty s gim rt nhiu, trong khi s dng cc phng thc khc nh pht hnh tri phiu cng ty, vay n t cc t chc tn dng ...th hon ton ngc li. Tuy nhin, mi phng thc huy ng u c nhng u nhc im ring v nh qun l cng ty phi cn nhc, la chn ty tng thi im v da trn nhng c th cng nh chin lc kinh doanh ca cng ty quyt nh phng thc p dng thch hp. Ti sao cc nh u t chp nhn tr mt khon tin nht nh nhn li mt mnh giy nh c gi l giy chng nhn c phn? v h trng i g khi mua c phiu ca mt cng ty pht hnh hoc t nhng nh u t khc ? Theo nh ngha c bn, giy chng nhn c phn l mt dng chng th c gi c xc nh thng qua vic chuyn dch, mua bn chng trn th trng chng khon gia cc ch th u t v c php lut bo v. Mt khc, ngi mua c phiu ngh rng ng vn h u t c cc nh qun l cng ty s dng c hiu qu, to ra nhiu li nhun hoc nh gi hot ng cng nh tim nng pht trin, sinh li ca cng ty d nh u t l cao, v ng nhin h s c hng mt phn t nhng thnh qu thng qua vic thanh ton c tc cho cc c ng, ng thi gi tr c phn s hu cng s gia tng trn c s thc ti v trin vng pht trin ca cng ty mnh chn. Thng thng, kh nng sinh li, thu hi vn u t c phiu t l thun vi gi c giao dch c phiu trn th trng.

ng k, lu k, b tr & thanh ton cc giao dch chng khon

H thng ng k chng khon, lu k chng khon, b tr v thanh ton cc giao dch chng khon cung cp dch v h tr giao dch chng khon trn cc th trng chng khon (TTCK) bao gm c cc th trng chnh thc v th trng phi tp trung. Khi khi nim th trng chng khon bt u hnh thnh ti cc nc pht trin hng trm nm v trc, cc giao dch ban u l cc giao dch t pht, ch yu l trc tip gia mt bn mua vi mt bn bn, tnh an ton trong giao dch thp, lun tim n nguy c khng thc hin ngha v giao dch ca hoc bn mua, hoc bn bn, c bit l khi gi c th trng c nhiu bin ng. mt trnh pht trin hn , th trng tn ti cc giao dch chng khon ti cc s giao dch chng khon (th trng tp trung), th trng giao dch in t (th trng phi tp trung), th trng cc cng c phi sinh u l hnh thc giao dch c t chc gia nhiu bn mua bn vi nhau. lun m bo ngha v thc hin hp ng cng nh s an ton cho tt c cc bn tham gia mua bn, gim thiu chi ph giao dch, hnh thc giao dch c t chc, i hi vic thanh ton tin v chuyn giao chng khon cng phi c thc hin mt cch c t chc. Khi giao dch chng khon c xc nhn thc hin, vic chuyn giao chng khon v thanh ton tin s c thc hin bng hnh thc chuyn khon trn cc ti khon chng khon v tin thng qua cc bt ton ghi s, thay v chuyn giao vt cht trc tip nh trong hnh thc giao dch t pht. H thng ng k chng khon, lu k chng khon, b tr v thanh ton cc giao dch chng khon ra i ng vai tr lu gi tp trung v bt ng ha chng khon nim yt hay ng k giao dch trn TTCK ti mt ni. Cc dch v ca h thng bao gm ng k, lu k chng khon, b tr v thanh ton cc giao dch chng khon c trin khai h tr cho vic thc hin v hon tt cc giao dch chng khon trn cc th trng giao dch chng khon c t chc. H thng c pht trin v hon thin vi s tham gia ca cc t chc cung ng cc dch v v h thng vn bn php quy qun l cc t chc cung ng dch v ng k, lu k chng khon, b tr v thanh ton cc giao dch chng khon. Cc t chc cung ng dch v ng k, lu k chng khon, b tr v thanh ton cc giao dch chng khon thng l cc ngn hng lu k (ngn hng thng mi c php hot ng lu k chng khon), cc cng ty chng khon, c gi chung l cc t chc lu k. Cc t chc thanh ton tin cho cc giao dch chng khon l cc ngn hng thanh ton. Hot ng ca th trng giao dch c t chc cn mt ni lu gi v qun l tp trung cc chng khon, ng thi s hnh thnh nhiu t chc lu k cng i hi phi c mt t chc ng vai tr l t chc lu k trung tm, lm trung gian kt ni cc t chc lu k ny vi nhau, to c s cho vic thc hin thanh ton bng hnh thc ghi s. Nhng i hi dn n s hnh thnh ca TTLKCK, cc t chc lu k cn li tr thnh thnh vin ca trung tm lu k, hay cn gi l cc thnh vin lu k. i vi cc ngn hng thanh ton cng vy, cn phi c mt ngn hng ng vai tr l ngn hng thanh ton trung tm, thc hin thanh ton tin cho tt c cc giao dch chng khon, thng l Ngn hng Trung ng hay Ngn hng ch nh thanh ton.

H thng c s vt cht k thut, cng ngh thng tin ca trung tm lu k, ca cc thnh vin lu k v ca cc ngn hng thanh ton, NHTW cng vi h thng php l v lu k c gi chung l h thng ng k, lu k chng khon, b tr v thanh ton cc giao dch chng khon, hay cn gi tt l h thng lu k chng khon. H thng lu k chng khon m bo vic ng k, lu k chng khon c hon tt trc khi chng khon c a vo giao dch v sau khi giao dch kt thc cc bn tham gia giao dch s ln lt nhn c tin v chng khon thng qua vic b tr v thanh ton chng khon v tin do h thng thc hin. Nh vy, cng vi s hnh thnh ca TTCK c t chc, h thng lu k chng khon tr thnh mt thnh t khng th thiu, cu thnh nn h tng ca TTCK. Di y l cc dch v do h thng ng k chng khon, lu k chng khon, b tr v thanh ton cc giao dch chng khon thc hin: 1. ng k chng khon Chng khon c a vo lu k tp trung ti TTLKCK, cn phi c ng k y thng tin TTLKCK c th nhn lu k. Cc thng tin ng k bao gm: - ng k thng tin v chng khon chng hn nh tn chng khon, loi chng khon, mu m chng khon, s lng ang lu hnh.... - ng k thng tin v ngi s hu chng khon chng hn nh tn, a ch, in thoi lin lc ca ngi s hu, s lng s hu... Vic thc hin ng k thng tin thng do t chc pht hnh tin hnh hoc do mt t chc c t chc pht hnh y quyn tin hnh. Nh vy, i vi cc chng khon nim yt hoc ng k giao dch, TTLKCK tr thnh ni duy nht thc hin dch v lm i l chuyn nhng, c th l: - Thc hin qun l s ng k ngi s hu chng khon cho cc t chc nim yt, t chc ng k giao dch, ghi nhn quyn s hu v thng tin thay i quyn s hu ca ngi s hu chng khon. - Thc hin cc quyn lin quan n chng khon lu k cho ngi s hu chng khon bao gm cc quyn nh quyn tham d i hi c ng, quyn nhn c tc, quyn b phiu, quyn nhn tri tc v vn gc, quyn mua, quyn chuyn i, tch hoc gp c phiu... 2. Lu k chng khon Lu k chng khon thc cht l vic lu gi, bo qun chng khon ca khch hng c chng khon vt cht v chng khon ghi s. ng thi i vi cc chng ch vt cht, TTLK cn phi thc hin c vic qun l nhp, xut v bo qun an ton chng ch chng khon ti kho chng ch chng khon. theo di v qun l lung ra vo chng khon ca khch hng k gi ti TTLKCK (k gi thng qua cc t chc lu k thnh vin), TTLKCK phi thc hin m ti khon lu k chng khon cho cc t chc lu k thnh vin v cho khch hng, tng t nh vic ngn hng thng mi (NHTM) m ti khon vng lai qun l lung tin cho khch hng ca mnh.

Chnh v vy, lu k chng khon cn bao gm c vic thc hin cc dch v lin quan n m ti khon, nhn gi, rt, chuyn khon chng khon lu k. Ngoi ra, TTLKCK cng nh cc t chc lu k cn cung ng bt c dch v no khc c php lut cho php lin quan n ti khon lu k chng khon, chng hn nh dch v lm trung gian trong cc giao dch bo m nh cm c, gii ta cm c chng khon. Cm c chng khon l vic cc NHTM, t chc tn dng cho ngi u t vay tin u t chng khon vi th chp l chng khon do ngi u t s hu. V vy, y thc cht l mt dng quan h hp ng gia bn cm c (ngi u t) v bn nhn cm c (ngn hng), m trong quan h ny cc t chc lu k ch ng vai tr l trung gian, trn c s bn hp ng cm c thc hin chuyn khon s chng khon cm c t ti khon chng khon giao dch vo ti khon chng khon cm c m bo vic duy tr ti sn th chp cho bn nhn cm c. Khi hp ng cm c ht hiu lc hoc theo yu cu ca bn nhn cm c, t chc lu k s thc hin gii ta s chng khon cm c, tr li cho ngi u t (bn cm c). 3. B tr chng khon v tin 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 TTLKCK, chng s c php giao dch trn TTCK. Tuy nhin, sau khi giao dch trn th trng 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 l khu tip theo sau giao dch, 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 TTCK v c bn cng tng t nh hot ng b tr ca cc NHTM, c bit l lin quan n mng b tr tin. 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 b tr cho giao dch ca cc NHTM l b tr cho cc giao dch chng khon khng ch lin quan n 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 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 TTCK. 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. 4. Thanh ton chng khon v tin Thanh ton chng khon v tin cng l dch v h tr sau giao 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 c a ra trn. 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). 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, trong T c hiu l ngy giao dch (ngy m giao dch c thc hin) v 1; 2; 3 l s ngy giao dch (khng tnh ngy ngh) 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), cc nc nn p dng chu k thanh ton ti a l T+3. 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

Kin thc c bn v chng khon phi sinh

Chng khon phi sinh hay cn gi l cng c phi sinh, theo chun mc Quc t, bao gm nhiu loi. Nhng c th lit k 5 loi chng khon phi sinh ch yu sau: quyn mua c phn; chng quyn; hp ng k hn; hp ng tng lai; v quyn la chn. Quyn mua c phn (hay quyn mua trc) l quyn u tin mua trc dnh cho cc c ng hin hu ca mt cng ty c phn c mua mt s lng c phn trong mt t pht hnh CP ph thng mi tng ng vi t l c phn hin c ca h trong cng ty, ti mc gi xc nh, thp hn mc gi cho mi ra cng chng v trong mt thi hn nht nh. Chng quyn l mt loi chng khon trao cho ngi nm gi n quyn c mua mt s lng xc nh mt loi chng khon khc, thng l c phiu thng, vi mt mc gi xc nh v trong mt thi hn nht nh. Quyn ny c pht hnh khi t chc li cc cng ty hoc khi cng ty nhm mc tiu khuyn khch cc nh u

t tim nng mua cc tri phiu hoc c phiu u i c nhng iu kin km thun li. chp nhn nhng iu kin , nh u t c c mt la chn i vi s ln gi c th xy ra ca c phiu thng. Hp ng k hn l mt tho thun trong mt ngi mua v mt ngi bn chp thun thc hin mt giao dch hng ho vi khi lng xc nh, ti mt thi im xc nh trong tng lai vi mt mc gi n nh vo ngy hm nay. Hp ng tng lai l mt tho thun i hi mt bn ca hp ng s mua hoc bn mt hng ho no ti mt thi hn xc nh trong tng lai theo mt mc gi nh trc. Chc nng kinh t c bn ca cc th trng hp ng tng lai l cung cp mt c hi cho nhng ngi tham gia th trng phng nga ri ro v nhng bin ng gi bt li. Quyn la chn: Mt quyn chn l mt hp ng cho php ngi nm gi n c mua (nu l quyn chn mua) hoc c bn (nu l quyn chn bn) mt khi lng nht nh hng ho ti mt mc gi xc nh v trong mt thi hn nht nh. Cc hng ho c s ny c th l c phiu, ch s c phiu, tri phiu, ch s tri phiu, thng phm ...

Kin thc c bn v cc ch s ti chnh

Trn thc t ngi ta thng s dng mt s h s sau nh gi hiu qu sinh li ca doanh nghip: h s tng li nhun; h s li nhun hot ng; h s li nhun rng; h s thu nhp trn vn c phn; v h s thu nhp trn u t. H s tng li nhun cho bit mc hiu qu khi s dng cc yu t u vo (vt t, lao ng) trong mt quy trnh sn xut ca doanh nghip. H s tng li nhun= (Doanh s-Tr gi hng bn tnh theo gi mua) / Doanh s bn Trong thc t khi mun xem cc chi ph ny c cao qu hay khng l em so snh h s tng s li nhun ca mt cng ty vi h s ca cc cng ty cng ngnh, nu h s tng li nhun ca cc cng ty i th cnh tranh cao hn, th cng ty cn c gii php tt hn trong vic kim sot cc chi ph u vo. H s li nhun hot ng cho bit vic s dng hp l cc yu t trong qu trnh sn xut kinh doanh to ra li nhun cho doanh nghip. Mc li hot ng = Thu nhp trc thu v li ( EBIT)/doanh thu

H s ny l thc o n gin nhm xc nh n by hot ng m mt cng ty t c trong vic thc hin hot ng kinh doanh ca mnh. H s bin li nhun hot ng cho bit mt ng vn b ra c th thu v bao nhiu thu nhp trc thu. H s li nhun hot ng cao c ngha l qun l chi ph c hiu qu hay c ngha l doanh thu tng nhanh hn chi ph hot ng. H s li nhun rng phn nh khon thu nhp rng (thu nhp sau thu) ca mt cng ty so vi doanh thu ca n. H s li nhun rng = Li nhun rng/Doanh thu. Trn thc t mc li nhun rng gia cc ngnh l khc nhau, cn trong bn thn mt ngnh th cng ty no qun l v s dng cc yu t u vo (vn, nhn lc..) tt hn th s c h s li nhun rng cao hn. H s thu nhp trn vn c phn (ROE) phn nh mc thu nhp rng trn vn c phn ca c ng. ROE= Li nhun rng/Vn c ng hay gi tr ti sn rng hu hnh. H s ny thng c cc nh u t phn tch so snh vi cc c phiu khc nhau trn th trng. Thng thng, h s thu nhp trn vn c phn cng cao th cc c phiu cng hp dn, v h s ny cho thy cch nh gi kh nng sinh li v cc t sut li nhun ca cng ty khi em so snh vi h s thu nhp trn vn c phn ca cc cng ty khc. H s thu nhp trn u t (ROI) c s dng xc nh mc nh hng ca bin li nhun so vi doanh thu v tng ti sn. ROI= (Thu nhp rng/Doanh s bn) * (Doanh s bn/Tng ti sn). Mc ch ca vic s dng h s ROI l so snh cch thc to li nhun ca mt cng ty v cch thc cng ty s dng ti sn to doanh thu. Nu ti sn c s dng c hiu qu, th thu nhp v thu nhp trn u t s cao. H s gi trn thu nhp (P/E) l mt trong nhng ch s phn tch quan trng trong quyt nh u t chng khon ca nh u t. Thu nhp t c phiu s c nh hng quyt nh n gi th trng ca c phiu . H s P/E o lng mi quan h gia gi th trng (Market Price - PM) v thu nhp ca mi c phiu (Earning Per Share EPS) v c tnh nh sau: P/E = PM/EPS Trong gi th trng PM ca c phiu l gi m ti c phiu ang c mua bn thi im hin ti; thu nhp ca mi c phiu EPS l phn li nhun rng sau thu m cng ty chia cho cc c ng thng trong nm ti chnh gn nht. P/E cho thy gi c phiu hin ti cao hn thu nhp t c phiu bao nhiu ln, hay nh u t phi tr gi cho mt ng thu nhp bao nhiu. P/E c tnh cho tng c phiu mt v tnh trung bnh cho tt c cc c phiu v h s ny thng c cng b trn bo ch.

Nu h s P/E cao th iu c ngha l ngi u t d kin tc tng c tc cao trong tng lai; c phiu c ri ro thp nn ngi u t tho mn vi t sut vn ho th trng thp; d on cng ty c tc tng trng trung bnh v s tr c tc cao. H s P/E rt c ch cho vic nh gi c phiu. Gi s ngi u t c c phiu XYZ khng c giao dch si ng trn th trng, vy c phiu c gi bao nhiu l hp l? Chng ta ch cn nhn vo h s P/E c cng b i vi nhm cc loi c phiu tng t vi c phiu XYZ, sau nhn thu nhp ca cng ty vi h s P/E s cho chng ta gi ca loi c phiu XYZ

Kin thc c bn v quy trnh t lnh

t lnh mua hay bn chng khon Nh u t mun mua hoc mun bn s n gp cng ty chng khon. Khch hng k hp ng u thc mua hoc u thc bn chng khon vi cng ty chng khon. Khch hng t lnh mua, bn chng khon vi phng tip th bng phiu lnh. Ni dung chi tit ca lnh gm c: a. Lnh mua hay lnh bn; b. Tn chng khon - m s chng khon; c. S lng chng khon; d. Gi; e. iu kin v thi gian o hn ca tri phiu (nu c). Sau khi kim tra tnh hp l ca phiu lnh, Phng tip th cng ty chng khon chuyn giao phiu lnh cho phng giao dch, ng thi thng bo cho phng thanh ton b tr. Cng lc ny, mt nghip v rt quan trng l phng giao dch + phng thanh ton + cng ty chng khon phi tin hnh kim tra ti khon ca khch hng. Lut quy nh khch mua phi c tin 100% trong ti khon giao dch v khch bn phi c 100% chng khon. Cng ty kim tra ln cui tnh hp l ca lnh mua - lnh bn. Phng giao dch chuyn lnh qua my cho i din giao dch ti TTGDCK. Giao dch ti TTGDCK i din giao dch np lnh mua - bn vo h thng my in t ca TTGDCK, gi tt l h thng giao dch chi tit np vo h thng gm cc khon a, b, c, d, e (c mc 3 ni trn) cng vi cc chi tit k tip sau y: f: S hiu ca lnh giao dch; g. Lnh sa i hoc hu b (km s hiu ca lnh gc); h. Giao dch cho khch hng giao dch t doanh; i. M s qun l u t nc ngoi (nu l ngi u t nc ngoi); k. M s ca thnh vin; l. (Cc chi tit khc do TTGDCK quy nh). Nu c sa i hay hu b lnh theo kin khch hng th i din giao dch nhp li lnh mi km s hiu lnh gc. Lnh mi (sa i/hu b) ch hiu lc khi lnh gc cha c thc hin. TTGDCK sau mi t khp lnh lc 9 - 10 - 11 gi s thng bo kt qu cho lnh c khp n i din giao

dch v cho cng ty chng khon (chi tit kt qu khp lnh). i din giao dch nhn thng bo ca TTGDCK lp tc bo cho phng giao dch ca cng ty tt c chi tit lin quan n lnh. Phng giao dch ghi " mua hoc bn" vo phiu lnh ca khch hng v thng bo cho phng thanh ton. TTGDCK xc nhn vi i din giao dch v kt qu giao dch sau khp lnh. Chi tit xc nhn gm c: 1. Tn chng khon; 2. Khi lng mua v bn; 3. Tn (m s) ca bn thnh vin i tc; 4. Ngy, thi gian giao dch c thc hin ; 5. S hiu ca lnh c thc hin; 6. Cc chi tit cn thit khc theo quy nh ca TTGDCK. Kt thc phin giao dch Phng giao dch tng hp kt qu giao dch trong ngy v chuyn n phng thanh ton km phiu lnh c thc hin. Phng thanh ton lp bo co thanh ton v b tr v chng khon v tin vn chuyn cho phng lu k, thanh ton b tr v ng k chng khon (ca TTGDCK). Phng lu k, thanh ton b tr v ng k chng khon so khp s liu v thc hin th tc thanh ton, ng thi gi thng bo cho ngn hng thanh ton ca hai bn i tc mua - bn thanh ton vn giao dch. Cc cng ty v ngn hng thanh ton vn (ngn hng hot ng lu k) thc hin tc nghip v thanh ton vn. Trong trng hp cng ty chng khon cha kp thanh ton trong thi hn quy nh, TTGDCK s dng qu h tr thanh ton thc hin thay cho cng ty chng khon (sau tnh li, pht v cc hnh thc ch ti khc i vi cng ty chng khon - quy nh ti cc iu 61 - 62 ca Quy ch lu k, thanh ton b tr v ng k chng khon ban hnh theo Q s 05/UBCKNN ngy 27/3/99 ca UBCKNN)

Pht hnh v nim yt chng khon

PHT HNH CHNG KHON 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. 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.

2.1.

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. 2.2. 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. 2.3. 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 khng phi l i tng c nim yt v giao dch trn th trng chng khon s cp. 3. Bo lnh pht hnh chng khon 3.1. Khi nim 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. 3.2. Cc phng thc bo lnh pht hnh Vic bo lnh pht hnh thng c thc hin theo mt trong cc phng thc sau: 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) [1] 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 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 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. NIM YT CHNG KHON Nim yt chng khon l vic a cc chng khon c tiu chun vo ng k v giao dch ti th trng giao dch tp trung (Trung tm Giao dch Chng khon, S Giao dch Chng khon). Hay ni cch khc, c th c nim yt ti mt S giao dch chng khon no th cng ty xin nim yt phi p ng cc tiu chun do S t ra. Mi S giao dch chng khon c nhng iu kin t ra khc nhau m bo cho s hot ng an ton ng thi ph hp vi mc ch hot ng ca S giao dch . Ti liu ny c chun b cn c vo : 3. 4. Hng dn ca y Ban Chng Khon Nh Nc Trung tm Nghin Cu Khoa Hc & u T Chng Khon

Th trng chng khon trong iu kin ca nn kinh t hin i, c quan nim l ni din ra cc hot ng giao dch mua bn chng khon trung v di hn. Vic mua bn ny c tin hnh th trng s cp khi ngi mua mua c chng khon ln u t nhng ngi pht hnh, v nhng th trng th cp khi c s mua i bn li cc chng khon c pht hnh th trng s cp. Nh vy, xt v mt hnh thc, th trng chng khon ch l ni din ra cc hot ng trao i, mua bn, chuyn nhng cc loi chng khon, qua thay i ch th nm gi chng khon. Th trng chng khon c nhng chc nng c bn sau: 1. Chc nng c bn ca th trng chng khon Huy ng vn u t cho nn kinh t Cung cp mi trng u t cho cng chng To tnh thanh khon cho cc chng khon nh gi hot ng ca doanh nghip To mi trng gip Chnh ph thc hin cc chnh sch v m 2. Cc ch th tham gia th trng chng khon Cc t chc v c nhn tham gia th trng chng khon c th c chia thnh cc nhm sau: nh pht hnh, nh u t v cc t chc c lin quan n chng khon.

a)

Nh pht hnh

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. 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. b) Nh u t Nh u t l nhng ngi thc s mua v bn chng khon trn th trng chng khon. Nh u t c th c chia thnh 2 loi: nh u t c nhn v nh u t c t chc. Cc nh u t c nhn Cc nh u t c t chc c) Cc t chc kinh doanh trn th trng chng khon Cng ty chng khon Qu u t chng khon Cc trung gian ti chnh d) Cc t chc c lin quan n th trng chng khon C quan qun l Nh nc S giao dch chng khon Hip hi cc nh kinh doanh chng khon T chc lu k v thanh ton b tr chng khon Cng ty dch v my tnh chng khon Cc t chc ti tr chng khon Cng ty nh gi h s tn nhim... 3. Cc nguyn tc hot ng c bn ca th trng chng khon Th trng chng khon hot ng theo cc nguyn tc c bn sau: Nguyn tc cng khai Nguyn tc trung gian Nguyn tc u gi 4. Cu trc v phn loi c bn ca th trng chng khon Th trng chng khon l ni din ra cc giao dch, mua bn nhng sn phm ti chnh (c phiu, tri phiu, cc khon vay ngn hng... c k hn trn 1 nm). Sau y l mt s cch phn loi TTCK c bn: a) Cn c vo s lun chuyn cc ngun vn Th trng chng khon c chia thnh th trng s cp v th trng th cp.T Th trng s cp Th trng s cp l th trng mua bn cc chng khon mi pht hnh. Trn th trng ny, vn t nh u t s c chuyn sang nh pht hnh thng qua vic nh u t mua cc chng khon mi pht hnh. Th trng th cp Th trng th cp l ni giao dch cc chng khon c pht hnh trn th trng s cp, m bo tnh thanh khon cho cc chng khon pht hnh. b) Cn c vo phng thc hot ng ca th trng Th trng chng khon c phn thnh th trng tp trung (S giao dch chng khon) v phi tp trung (th

trng OTC). c) Cn c vo hng ho trn th trng Th trng chng khon cng c th c phn thnh cc th trng: th trng c phiu, th trng tri phiu, th trng cc cng c chng khon phi sinh. Th trng c phiu: th trng c phiu l th trng giao dch v mua bn cc loi c phiu, bao gm c phiu thng, c phiu u i. Th trng tri phiu: th trng tri phiu l th trng giao dch v mua bn cc tri phiu c pht hnh, cc tri phiu ny bao gm cc tri phiu cng ty, tri phiu th v tri phiu chnh ph. Th trng cc cng c chng khon phi sinh Th trng cc chng khon phi sinh l th trng pht hnh v mua i bn li cc chng t ti chnh khc nh: quyn mua c phiu, chng quyn, hp ng quyn chn...

Quyn ca nh u t
Nh u t khi k hp ng m ti khon giao dch chng khon (sau y gi l hp ng) ti cc cng ty chng khon, tr cc quyn dnh ring cho khch hng ca mi CTCK, ni chung u c hng cc quyn li chung theo quy nh ca php lut v CK v TTCK. Theo Quy ch t chc v hot ng ca CTCK, ban hnh km theo Q s 04/1998 ca Ch tch UBCKNN, bao gm 7 quyn. l: s hu hp php CK m khch hng u thc cho CTCK lu gi; nhn cc khon li nhun hp php gn lin vi CK thuc quyn s hu ca khch hng, bao gm c tc, li sut tri phiu, c phiu thng; thc hin cc quyn hp php ca ngi s hu CK nh quyn biu quyt ca c ng, quyn ca ch s hu tri phiu vi t cch l ch n; hng li sut khng k hn trn s d tin mt trong ti khon ca khch hng; t lnh giao dch thng qua bn CTCK; nhn bo co v giao dch ca khch hng thc hin; yu cu rt tin, CK khi ti khon v chm dt hp ng hoc chuyn mt phn tin, CK sang ti khon ca khch hng ti CTCK khc. Nh u t no "c kinh nghim" c th yu cu CTCK cho nghin cu thng tin chi tit trong bn co bch ca cc cng ty c c phiu, tri phiu ang giao dch ti TTGDCK. Thng tin loi ny c th yu cu nhn vin CTCK cho nghin cu ti bn giao dch. C th ngh CTCK cho bn photocopy. Tuy nhin, cn lu , v cc quyn li ca nh u t khi nhn t vn t CTCK, v gi c CK chng hn, l nhng thng tin do nhn vin ca CTCK cung cp. Do vy, thng tin ny khng bt buc phi c tnh php l m ch l... t vn. tho mn v thc mc ca nh u t, xin mi bn hy c k v iu 10 trong hp ng m ti khon giao dch CK m bn va k: "Thng bo mc nh". Trong ghi r: 1. Khi k tn vo hp ng ny, khch hng mc nh tha nhn gi c CK c th v lun bin ng, v mt CK bt k u c th ln gi hoc xung gi, v trong mt s trng hp c th tr nn hon ton v gi tr. Khch hng cng nhn rng lun c mt ri ro tim tng l thua l c th xut hin nhiu hn l c li khi mua v bn CK. 2. Khi k tn vo hp ng ny, khch hng tha nhn CTCK thng bo y vi khch hng v chc nng, giy php hot ng, phm vi kinh doanh, vn iu l, ngi i din k hp ng khch hng ca cng ty. 3. Khi k tn vo phiu lnh, khch hng mc nhin tha nhn c thng tin v t cch ca ngi giao dch

vi mnh. V cui cng, ngay trong trang u ca mt bn co bch ca mt cng ty c CK c nim yt, giao dch trn TTGDCK ghi r: "U ban chng khon Nh nc cho php nim yt CK ch c ngha l vic nim yt CK p ng cc quy nh ca php lut m khng hm bo m gi tr ca CK. Mi tuyn b tri vi iu ny l bt hp php"

Kin thc c bn v nh gi tr thc ca c phiu

Hin ti cc nh phn tch chng khon ti Vit Nam v trn th gii dng kh nhiu phng php tnh v d on gi CP, sau y l 3 phng php c th p dng c trong iu kin hin ti ca TTCK Vit Nam. Ngoi ra, n gin ho vn , chng ta s ly gi cao nht trong cc gi CP tnh theo cc phng php trn lm gi tr thc ca CP c phn tch. nh gi c phiu ph thng theo phng php chit khu lung thu nhp (DCF) Phng php nh gi chit khu lung thu nhp (DCF) c da trn mt nguyn l c bn l "tin c gi tr theo thi gian, mt ng tin ca ngy hm nay lun c gi tr hn mt ng tin ca ngy mai, mt ng u t vo trong doanh nghip (DN) ny c mc sinh li khc vi mt ng u t trong DN khc, do , gi tr ca ND c xc nh bng cc lung thu nhp d kin m DN thu c trong tng lai c quy v gi tr hin ti bng cch chit khu chng bng mt mc li sut chit khu ph hp vi mc ri ro ca DN . Do vy, trong phng php DCF c 3 thng s c bn nht cn c xc nh, l lung thu nhp cng ty s thu v trong tng lai, mc li sut chit khu lung thu nhp v thi hn tn ti d tnh ca DN. Phng php ny c p dng ph bin nhng nc m TTCK pht trin, ni thng c y thng tin v lch s cng nh thng tin hin ti v d bo hp l v tnh hnh ti chnh v ri ro ca doanh nghip. Hin nay, vic p dng cng thc ny Vit Nam cng c nhiu ngi chp nhn bi gi CP tnh theo phng php ny phn nh c tng i y mi mt bn cht hot ng sn xut kinh doanh ca cng ty so vi cc phng php khc v ng trn quan im ca nh u t th, ngoi vic tnh ton theo phng php ny rt n gin, n cn p ng ng suy ngh, nguyn vng ca h khi u t vo mt DN. Tuy nhin, ti Vit Nam vic p dng cng thc ny c mt s kh khn lm cho vic c tnh ngun thu trong tng lai ca cc cng ty kh c th chnh xc nh: Tnh hnh mi trng kinh doanh c nhiu bin ng; Cc ND Vit Nam trong c cc cng ty ang nim yt u cha quen vi vic lp k hoch sn xut kinh doanh di hn, c bit l cn xa l vi vic d bo chi tit lung tin di hn ra, vo cng ty... Do , chng ta s iu chnh li cng thc ny theo hng 5 nm v cng gi tr ti sn rng c tnh vo thi im nim yt. Cng thc c iu chnh s l: P = Po + E1/(1+r) + E2/(1+r)2 + E3/(1+r)3 + E4/(1+r)4 + E5/(1+r)5 nh gi CP ph thng theo phng php h s P/E y l phng php cng c p dng ph bin cc TTCK pht trin. H s P/E l h s gia gi CP (th gi) v thu nhp hng nm ca mt CP em li cho ngi nm gi. Thng thng, d tnh gi ca mt loi CP, ngi ta thng dng thu nhp trn mi CP ca cng ty nhn vi h s P/E trung bnh ngnh hoc ca mt cng ty tng t v qui m, ngnh ngh v c giao dch trn th trng. Vic p dng h s P/E tnh gi CP ti Vit nam cn gp phi nhiu kh khn do thiu s liu v TTCK cha pht trin.

Ti cc th trng pht trin, theo s liu thng k v ch s P/E, h s ny t 8-15 l bnh thng, nu h s ny ln hn 20 th cng ty ang c nh gi rt tt v ngi u t trng i trong tng lai, mc thu nhp trn mt CP ca cng ty s tng nhanh. Trng hp cng ty c h s P/E thp c th l do th trng khng nh gi cao cng ty hoc cha hiu bit nhiu v cng ty. Khi tt c cc CP trn th trng u c gi qu cao so vi gi tr thc ca ca n th phn bong bng s vt qu phn thc v nht nh c ngy n tung, gy khng hong th trng nh tng thy cc nc pht trin. nh gi c phiu da trn c s ti sn rng c iu chnh Quan im chung ca phng php ny cho rng, mt cng ty c gi tr khng km hn tng cc gi tr ca tng loi ti sn ring ca n tr i cc khon n ca n. Ti sn ring y c hiu bao gm c nhng gi tr li th ca cng ty. Gi CP ca cng ty c th c tnh theo phng php tng qut sau: Gi CP = (Gi tr TS rng + Gi tr li th)/Tng s CP nh pht hnh Phng php ny thng c s dng tnh ton gi tham chiu v so snh. Vit Nam, phng php ny c p dng ph bin cho cc DN Nh nc thc hin CPH. Tuy nhin, gi tr ti sn rng ca cng ty d c nh gi chnh xc n u cng ch th hin gi tr thanh l ca cng ty, trong khi i vi ngi u t mua CP th tng lai ca cng ty mi l iu ng quan tm hn c. Trong cc DN CPH Vit Nam c nhiu loi ti sn m chng ta khng xc nh c gi do khng c th trng cho cc loi ti sn ny, nhng c mt loi ti sn m ai cng thy r l ang gp phn khin cho cc DN Nh nc CPH c nh gi thp l gi tr quyn s dng t. Quan st cho thy, vic quyn s dng t trong cc DN Nh nc CPH c nh gi thp hn gi c trn th trng nh t t 4 n 5 ln khng phi l hin tng c bit. Hn th na, trong nhiu DN, quyn s dng t l mt ti sn c gi tr cao nht, chim mt t trng rt ln trong tng ti sn ca cng ty. Chng ta s da trn mt s s liu v c phn ho, tnh nhng thiu ht trong qu trnh nh gi ca cc DN Nh nc c phn bng cch nhn tng gi tr ti sn rng ca cng ty ln 2 ln. Da trn cc phng php c gii thiu trn v ch s dng mt cch my mc nhng con s ghi trn trn bo co ti chnh nm 1999 v 2000 c cng b ca cc cng ty nim yt, cc bn c th t tnh ton c gi tr CP ca cc cng ty theo bng di y. Tuy nhin, theo nhng tnh ton nu trn th gi CP vn cha th hin c hon ton v cc gi tr thc ca cng ty m n phn nh. c th hiu c mt cch r nt v ton din hn, chng ta cn phi i su vo phn tch nhng yu t phi nh lng khc nhng li nh hng rt ln n nhng kt qu tnh ton nu trn. Nhng yu t m bn cn phi tnh n khi phn tch v tnh gi CP ca mt cng ty bao gm: - tin cy ca s liu - Mc ri ro trong hot ng ca cng ty bao gm c nhng yu t nh tnh hnh th trng v trin vng ca cng ty (iu ny s nh hng rt ln n thi hn hot ng cu cng ty, h s chit khu trong cng thc tnh DCF); - Nhng yu t lin quan n ti sn v hnh ca cng ty nh trnh qun l ca ban gim c, uy tn sn phm, nhn hiu thng mi, cht lng sn phm c th hin theo cc tiu chun ISO..

Phng thc giao dch bo gi ti Trung tm GDCK H Ni

Nhng ni dung chnh trong c ch hot ng ca phng thc giao dch bo gi nh sau:

Cc qui nh v giao dch:

* Thi gian giao dch: T 9h00-11h00 cc ngy t th Hai n th Su hng tun (tr cc ngy ngh theo qui nh ti B Lut Lao ng). * Hnh thc thanh ton: - Giao dch bo gi: Tt c cc giao dch bo gi (gm c giao dch c phiu v giao dch tri phiu) c thanh ton theo hnh thc thanh ton a phng (T+3). * n v yt gi: - Giao dch bo gi: + i vi c phiu: 100 ng. + i vi tri phiu: khng quy nh. - Giao dch tha thun: khng quy nh. * n v giao dch - Giao dch bo gi: 100 c phiu hoc 10.000.000 ng (mi triu ng) tnh theo mnh gi tri phiu. * Gi tham chiu: Gi tham chiu ca c phiu l bnh qun gia quyn cc gi thc hin qua phng thc giao dch bo gi ca ngy c giao dch gn nht. * Bin dao ng gi - Bin dao ng gi trong ngy giao dch i vi c phiu l 10%. - Khng p dng bin dao ng gi i vi cc giao dch tri phiu. * Hiu lc ca lnh: trong phin giao dch, lnh gii hn c nhp vo h thng giao dch c hiu lc cho n ht phin hoc cho n khi lnh b hu trn h thng. * Loi lnh giao dch: Lnh giao dch bo gi l lnh gii hn. * Nguyn tc thc hin lnh giao dch bo gi - Cc lnh c mc gi tt nht c u tin thc hin trc. - Nu c nhiu lnh cng mc gi th lnh no c nhp vo h thng trc s c thc hin trc. - Nu lnh mua v lnh bn cng tho mn nhau v gi th mc gi thc hin s l mc gi ca lnh c nhp vo h thng trc. - Lnh giao dch c th c thc hin ton b hoc mt phn theo bi s ca n v giao dch. * Sa, hy lnh: Nh u t c php hu lnh hoc thay i mc gi i vi cc lnh cha c khp hoc phn cn li ca lnh khp mt phn. Cc bc tin hnh giao dch bo gi:

- Sau khi nh u t t lnh (mua/bn) ti cc cng ty chng khon, i din giao dch ca cng ty chng khon s nhp cc lnh ca khch hng vo h thng giao dch ti Trung tm GDCK H Ni. Nu nh u t mun thc hin lnh theo phng thc tho thun hoc mun thc hin ton b khi lng th phi ghi r nhng yu cu ny trn phiu lnh, cng ty chng khon s thc hin nhng lnh ny theo phng thc tho thun. Nu phiu lnh khng c cc yu cu trn th i din giao dch ca cng ty chng khon s nhp lnh vo h thng giao dch bo gi. - Cc lnh t ny c hin th trn mn hnh ca i din giao dch v mn hnh thng tin ca cng ty chng khon. - Nh u t theo di cc lnh (mua/bn) thng qua mn hnh thng tin ti cng ty chng khon v la chn cc lnh ph hp t lnh i ng. - Cc lnh nhp vo h thng s c t ng khp ngay vi cc lnh i ng c mc gi tho mn tt nht ch sn trong h thng. Tc l, nu tho mn v gi th cc lnh mua c mc gi cao nht s c khp vi cc lnh bn c mc gi thp nht. Mc gi thc hin c xc nh l mc gi ca lnh c nhp vo h thng trc. - Nu cng mt mc gi m c nhiu lnh mua/lnh bn th lnh no nhp vo h thng trc s c thc hin trc. - Cc lnh c th c thc hin mt phn hoc ton b (nu cc lnh i ng p ng c ton b khi lng). Cc lnh cha c thc hin hoc mi thc hin mt phn s c lu li trn h thng ch thc hin vi cc lnh mi. - Kt qu giao dch s c hin th trc tuyn trn mn hnh thng tin ca cc cng ty chng khon. Kt thc phin giao dch, TTGDCK H Ni s xc nhn kt qu giao dch vi cng ty chng khon thnh vin v cng ty chng khon thnh vin thng bo cho khch hng.

Phng thc giao dch tha thun ti Trung tm GDCK H Ni

Sn giao dch th cp ca Trung tm GDCK H Ni bt u hot ng t gia thng 7/2005. Trong thi gian u, Trung tm GDCK H Ni p dng phng thc giao dch tho thun. Mt s ni dung c bn v hot ng giao dch hin nay ti sn giao dch th cp ca Trung tm GDCK H Ni bao gm: Cc qui nh v giao dch - Thi gian giao dch: T 9h00-11h00 cc ngy Th 2, 4, 6 hng tun (tr cc ngy ngh theo qui nh ti B Lut Lao ng). - Gi tham chiu: l bnh qun gia quyn ca cc mc gi giao dch ca ngy c giao dch gn nht. - Bin giao ng gi:

+ i vi c phiu: +/- 10% + i vi tri phiu: khng qui nh bin - n v yt gi: 100 ng - n v giao dch: khng qui nh - Khi lng giao dch ti thiu: + i vi c phiu: 100 c phiu + i vi tri phiu: 10 triu ng tnh theo mnh gi - Hnh thc thanh ton: + Cc lnh c khi lng nh hn 100.000 c phiu hoc nh hn 10 t ng mnh gi tri phiu: hnh thc thanh ton a phng vi chu k T+3 + Cc lnh c khi lng ln hn hoc bng 100.000 c phiu hoc 10 t ng mnh gi tri phiu th c la chn 1 trong 3 hnh thc sau: * a phng vi chu k thanh ton T+3 * Song phng vi chu k thanh ton T+2 * Trc tip vi chu k thanh ton t T+1 n T+3 Trnh t giao dch tho thun - Nguyn tc giao dch: Cc giao dch phi c thc hin thng qua cng ty chng khon thnh vin ca Trung tm GDCK H Ni. - Trc tin, thc hin giao dch nh u t phi m ti khon giao dch chng khon ti mt cng ty chng khon l thnh vin ca Trung tm GDCK H Ni. Nh u t s c cng ty chng khon hng dn y cc th tc m ti khon giao dch chng khon. Sau khi tm hiu k v cc loi chng khon ng k giao dch trn Trung tm GDCK H Ni, nh u t c th bt u a ra cc quyt nh u t ca mnh. - Khi t lnh mua bn chng khon, nh u t phi m bo t l k qu trn ti khon. C th l, khi t lnh bn th nh u t phi c s chng khon trong ti khon, cn khi t lnh mua th nh u t phi c s tin k qu theo tho thun vi cng ty chng khon. + Trng hp xc nh c i tc giao dch: Nu nh u t tm c i tc giao dch v hon tt tho thun giao dch th thng bo cho cng ty chng khon v tho thun ny, cng ty chng khon s thc hin nhp lnh giao dch vo h thng ca Trung tm GDCK H Ni. + Trng hp cha xc nh c i tc giao dch: * Khi c nhu cu giao dch, nh u t s t lnh mua/lnh bn ti cng ty chng khon. * Cn c vo lnh ca nh u t, cng ty chsng khon s nhp lnh vo h thng giao dch ti Trung tm GDCK H Ni, ngay lp tc cc lnh s c hin th trn s lnh ca th trng. * Cn c vo thng tin trn s lnh, cc cng ty chng khon s lin lc vi nhau gip nh u t tm kim v tho thun vi cc i tc giao dch v mc gi v khi lng giao dch. Khi t c tho thun, cng ty chng khon s thc hin lnh giao dch cho nh u t. * H thng giao dch ca Trung tm GDCK H Ni s nhn v xc nhn cc lnh giao dch do cng ty chng khon nhp vo v s a ra kt qu giao dch tng hp ca ton th trng.

* Kt qu giao dch tha thun s c hin th ngay trn mn hnh ca i din giao dch v mn hnh thng tin ca CTCK

C ch giao dch v lu k chng khon trn TTGDCK H Ni

Theo Quyt nh s 244/Q-BTC v vic ban hnh quy ch tm thi t chc giao dch chng khon ti TTGDCK H Ni th TTGDCK H Ni c chc nng t chc giao dch cho cc loi c phiu, tri phiu cha nim yt. Cc iu kin c bn c ng k giao dch i vi c phiu l: L cng ty c phn c vn iu l t 5 t ng tr ln v c t nht 50 c ng; C tnh hnh ti chnh minh bch v hot ng sn xut kinh doanh ca nm lin trc nm ng k giao dch phi c li. Nh vy, khng phi tt c cc doanh nghip c chng khon cha nim yt u mc nhin c ng k giao dch ti TTGDCK H Ni, m cc doanh nghip ny phi m bo cc iu kin c ng k giao dch. V bn cht, c ch ng k giao dch chng khon p dng i vi TTGDCK H Ni cng tng t nh c ch nim yt ca TTGDCK Tp.HCM, nhng iu kin v th tc ng k c n gin ho, ph hp vi cc loi hnh doanh nghip va v nh. Cc doanh nghip cha nim yt ti TTGDCK Tp.HCM c th tham gia vo th trng H Ni theo cc hnh thc sau: ng k giao dch chng khon ti TTGDCK H Ni; Cha a chng khon vo h thng giao dch nhng ng k lu k ti TTGDCK H Ni.

C ch lu k, giao dch, chuyn nhng i vi hai loi chng khon ny nh sau: 1. i vi chng khon c ng k giao dch qua TTGDCK H Ni:

- Th nht, v c ch giao dch qua h thng giao dch ca TTGDCK H Ni: phc v giao dch cho cc chng khon ng k giao dch trn TTGDCK H Ni, Trung tm thit k h thng phn mm giao dch vi hai c ch giao dch chnh l giao dch tho thun v giao dch bo gi. Theo , i vi c ch giao dch tho thun, cc cng ty chng khon c tho thun mua/bn vi khch hng, gia cc khch hng vi nhau, sau a kt qu giao dch vo TTGDCK H Ni to thnh kt qu giao dch chung. Trong khi c ch giao dch bo gi c p dng trong trng hp nh u t khng mun thc hin giao dch theo c ch tho thun, hoc khng tm c i tc tho thun. Theo c ch ny, cc lnh giao dch ca nh u t s c Cng ty chng khon nhp vo h thng giao dch ca TTGDCK H Ni khp vi cc lnh i ng ngay tho mn cc iu kin v giao dch. Hai c ch giao dch trn c xem l ph hp vi tnh cht giao dch ca cc loi chng khon cha nim yt v chc chn s to thun li hn cho nh u t so vi khi chng khon ca h cha c ng k giao dch ti TTGDCK H Ni.

- Th hai, v hot ng lu k chng khon: Cng theo Quyt nh 244/Q-BTC, cc hot ng lu k, ng k v thanh ton b tr p dng i vi cc chng khon ng k giao dch c thc hin theo cc quy nh ca Ngh nh 144/2003/N-CP v Quy ch lu k, thanh ton b tr v ng k chng khon (ban hnh km theo Quyt nh 60/Q-BTC). Theo cc quy nh ny, ngi s hu chng khon ng k giao dch khi mun giao dch chng khon ca mnh trn TTGDCK H Ni phi lu k chng khon tp trung ti TTGDCK H Ni thng qua cc thnh vin lu k chng khon l cc cng ty chng khon, ngn hng lu k. Ngi s hu chng khon ng k giao dch lu k ti TTGDCK H Ni c thc hin cc quyn tng t nh i vi cc chng khon nim yt ti TTGDCK Tp.HCM nh: quyn giao dch thng qua h thng giao dch ca TTGDCK H Ni; quyn chuyn nhng s hu, cm c, rt chng khon, quyn nhn c tc bng tin, c phiu thngph hp vi cc quy nh hin hnh v chng khon v th trng chng khon, cng nh quy trnh nghip v ca TTGDCK H Ni. - Th ba, v vic pht hnh v s hu chng ch chng khon, t chc pht hnh l ngi c quyn la chn hnh thc pht hnh chng khon (chng ch hoc ghi s), v ngi s hu s c nhn cc chng khon theo hnh thc m t chc pht hnh la chn. Ngi u t s hu chng khon chng ch hay ghi s khi a chng khon vo lu k tp trung ti TTGDCK H Ni u c ghi nhn quyn s hu ca mnh thng qua ti khon chng khon lu k chi tit m ti thnh vin lu k v ti khon chng khon lu k tng hp m ti TTGDCK H Ni. y l hnh thc chng nhn quyn s hu di hnh thc ghi s ti khon. Chng ch chng khon a vo lu k s c lu gi tp trung ti kho lu k ca TTGDCK H Ni v lc ny, chng ch chng khon khng cn ngha l cc chng nhn quyn s hu. Trng hp ngi u t mun rt chng khon lu k, tu theo hnh thc chng khon pht hnh m TTGDCK H Ni v t chc pht hnh s cp chng khon chng ch hay ghi s cho ngi u t. 2. i vi cc chng khon cha a vo h thng giao dch nhng c lu k ti TTGDCK H Ni: Ngoi yu cu phi lu k bt buc i vi cc chng khon ng k giao dch v mun c giao dch trn TTGDCK H Ni, TTGDCK H Ni cn nhn lu k i vi cc chng khon cha ng k giao dch nhng c nhu cu c lu k ti Trung tm. y l mt dch v tin ch m TTGDCK H Ni cung cp cho t chc pht hnh v cc nh u t nhm gip h qun l ti sn ca mnh c an ton, chnh xc v thun tin hn thng qua vic theo di v qun l ti khon lu k ghi s ti cc thnh vin lu k, thay v vic h phi nm gi chng ch chng khon hoc giy chng nhn quyn s hu. c cung cp dch v ny, t chc pht hnh phi lm th tc ng k lu k vi TTGDCK H Ni, v TTGDCK H Ni tr thnh i l chuyn nhng ca t chc pht hnh. Trong trng hp ny, ngoi tr vic khng c giao dch chng khon thng qua h thng giao dch ca TTGDCK H Ni nh i vi cc chng khon ng k giao dch, ngi s hu chng khon lu k ti TTGDCK H Ni vn c hng y cc dch v lu k nh: c m v theo di ti khon lu k chng khon ti thnh vin lu k; chuyn nhng quyn s hu chng khon; cm c, rt chng khon v thc hin cc quyn nhn c tc, mua c phiu pht hnh thmthng qua h thng lu k. C ch giao dch, cm c, rt v chuyn nhng quyn s hu chng khon lu k nhng cha ng k giao dch c thc hin theo cc quy nh ca php lut hin hnh v quy nh ca t chc pht hnh, tuy nhin nhng thay i v quyn s hu s c thc hin thng qua cc ti khon lu k chng khon ca nh u t m ti thnh vin lu k thay v h

phi rt chng khon thc hin giao dch. TTGDCK H Ni s l i l thay mt cho t chc pht hnh chng nhn quyn s hu chng khon cho nh u t trong cc giao dch ny. Cc quy nh v pht hnh v s hu chng ch chng khon ca doanh nghip thuc loi ny cng tng t nh i vi cc chng khon ng k giao dch trn TTGDCK H Ni nu trn y. Vi u th v mng li rng ri ca cc thnh vin lu k cng vi tnh chuyn nghip cao trong lnh vc chng khon, dch v i l chuyn nhng ca TTGDCK H Ni chc chn s em li nhiu li ch v m bo quyn li cho cc t chc pht hnh v cng chng u t. Ti liu ny c chun b cn c vo : 1. 2. Hng dn ca y Ban Chng Khon Nh Nc Trung tm Giao Dch Chng Khon H Ni

Theo Quyt nh s 244/Q-BTC v vic ban hnh quy ch tm thi t chc giao dch chng khon ti TTGDCK H Ni th TTGDCK H Ni c chc nng t chc giao dch cho cc loi c phiu, tri phiu cha nim yt. Cc iu kin c bn c ng k giao dch i vi c phiu l: L cng ty c phn c vn iu l t 5 t ng tr ln v c t nht 50 c ng; C tnh hnh ti chnh minh bch v hot ng sn xut kinh doanh ca nm lin trc nm ng k giao dch phi c li. Nh vy, khng phi tt c cc doanh nghip c chng khon cha nim yt u mc nhin c ng k giao dch ti TTGDCK H Ni, m cc doanh nghip ny phi m bo cc iu kin c ng k giao dch. V bn cht, c ch ng k giao dch chng khon p dng i vi TTGDCK H Ni cng tng t nh c ch nim yt ca TTGDCK Tp.HCM, nhng iu kin v th tc ng k c n gin ho, ph hp vi cc loi hnh doanh nghip va v nh. Cc doanh nghip cha nim yt ti TTGDCK Tp.HCM c th tham gia vo th trng H Ni theo cc hnh thc sau: ng k giao dch chng khon ti TTGDCK H Ni; Cha a chng khon vo h thng giao dch nhng ng k lu k ti TTGDCK H Ni. C ch lu k, giao dch, chuyn nhng i vi hai loi chng khon ny nh sau: 1. i vi chng khon c ng k giao dch qua TTGDCK H Ni:

- Th nht, v c ch giao dch qua h thng giao dch ca TTGDCK H Ni: phc v giao dch cho cc chng khon ng k giao dch trn TTGDCK H Ni, Trung tm thit k h thng phn mm giao dch vi hai c ch giao dch chnh l giao dch tho thun v giao dch bo gi. Theo , i vi c ch giao dch tho thun, cc cng ty chng khon c tho thun mua/bn vi khch hng, gia cc khch hng vi nhau, sau a kt qu giao dch vo TTGDCK H Ni to thnh kt qu giao dch chung. Trong khi c ch giao dch bo gi c p dng trong trng hp nh u t khng mun thc hin giao dch theo c ch tho thun, hoc khng tm

c i tc tho thun. Theo c ch ny, cc lnh giao dch ca nh u t s c Cng ty chng khon nhp vo h thng giao dch ca TTGDCK H Ni khp vi cc lnh i ng ngay tho mn cc iu kin v giao dch. Hai c ch giao dch trn c xem l ph hp vi tnh cht giao dch ca cc loi chng khon cha nim yt v chc chn s to thun li hn cho nh u t so vi khi chng khon ca h cha c ng k giao dch ti TTGDCK H Ni. - Th hai, v hot ng lu k chng khon: Cng theo Quyt nh 244/Q-BTC, cc hot ng lu k, ng k v thanh ton b tr p dng i vi cc chng khon ng k giao dch c thc hin theo cc quy nh ca Ngh nh 144/2003/N-CP v Quy ch lu k, thanh ton b tr v ng k chng khon (ban hnh km theo Quyt nh 60/Q-BTC). Theo cc quy nh ny, ngi s hu chng khon ng k giao dch khi mun giao dch chng khon ca mnh trn TTGDCK H Ni phi lu k chng khon tp trung ti TTGDCK H Ni thng qua cc thnh vin lu k chng khon l cc cng ty chng khon, ngn hng lu k. Ngi s hu chng khon ng k giao dch lu k ti TTGDCK H Ni c thc hin cc quyn tng t nh i vi cc chng khon nim yt ti TTGDCK Tp.HCM nh: quyn giao dch thng qua h thng giao dch ca TTGDCK H Ni; quyn chuyn nhng s hu, cm c, rt chng khon, quyn nhn c tc bng tin, c phiu thngph hp vi cc quy nh hin hnh v chng khon v th trng chng khon, cng nh quy trnh nghip v ca TTGDCK H Ni. - Th ba, v vic pht hnh v s hu chng ch chng khon, t chc pht hnh l ngi c quyn la chn hnh thc pht hnh chng khon (chng ch hoc ghi s), v ngi s hu s c nhn cc chng khon theo hnh thc m t chc pht hnh la chn. Ngi u t s hu chng khon chng ch hay ghi s khi a chng khon vo lu k tp trung ti TTGDCK H Ni u c ghi nhn quyn s hu ca mnh thng qua ti khon chng khon lu k chi tit m ti thnh vin lu k v ti khon chng khon lu k tng hp m ti TTGDCK H Ni. y l hnh thc chng nhn quyn s hu di hnh thc ghi s ti khon. Chng ch chng khon a vo lu k s c lu gi tp trung ti kho lu k ca TTGDCK H Ni v lc ny, chng ch chng khon khng cn ngha l cc chng nhn quyn s hu. Trng hp ngi u t mun rt chng khon lu k, tu theo hnh thc chng khon pht hnh m TTGDCK H Ni v t chc pht hnh s cp chng khon chng ch hay ghi s cho ngi u t. 2. i vi cc chng khon cha a vo h thng giao dch nhng c lu k ti TTGDCK H Ni: Ngoi yu cu phi lu k bt buc i vi cc chng khon ng k giao dch v mun c giao dch trn TTGDCK H Ni, TTGDCK H Ni cn nhn lu k i vi cc chng khon cha ng k giao dch nhng c nhu cu c lu k ti Trung tm. y l mt dch v tin ch m TTGDCK H Ni cung cp cho t chc pht hnh v cc nh u t nhm gip h qun l ti sn ca mnh c an ton, chnh xc v thun tin hn thng qua vic theo di v qun l ti khon lu k ghi s ti cc thnh vin lu k, thay v vic h phi nm gi chng ch chng khon hoc giy chng nhn quyn s hu. c cung cp dch v ny, t chc pht hnh phi lm th tc ng k lu k vi TTGDCK H Ni, v TTGDCK H Ni tr thnh i l chuyn nhng ca t chc pht hnh. Trong trng hp ny, ngoi tr vic khng c giao dch chng khon thng qua h thng giao dch ca TTGDCK H Ni nh i vi cc chng khon ng k giao dch, ngi s hu chng khon lu k ti TTGDCK H Ni vn c hng y cc dch v lu k nh: c m v theo di ti khon lu k chng

khon ti thnh vin lu k; chuyn nhng quyn s hu chng khon; cm c, rt chng khon v thc hin cc quyn nhn c tc, mua c phiu pht hnh thmthng qua h thng lu k. C ch giao dch, cm c, rt v chuyn nhng quyn s hu chng khon lu k nhng cha ng k giao dch c thc hin theo cc quy nh ca php lut hin hnh v quy nh ca t chc pht hnh, tuy nhin nhng thay i v quyn s hu s c thc hin thng qua cc ti khon lu k chng khon ca nh u t m ti thnh vin lu k thay v h phi rt chng khon thc hin giao dch. TTGDCK H Ni s l i l thay mt cho t chc pht hnh chng nhn quyn s hu chng khon cho nh u t trong cc giao dch ny. Cc quy nh v pht hnh v s hu chng ch chng khon ca doanh nghip thuc loi ny cng tng t nh i vi cc chng khon ng k giao dch trn TTGDCK H Ni nu trn y. Vi u th v mng li rng ri ca cc thnh vin lu k cng vi tnh chuyn nghip cao trong lnh vc chng khon, dch v i l chuyn nhng ca TTGDCK H Ni chc chn s em li nhiu li ch v m bo quyn li cho cc t chc pht hnh v cng chng u t.

Kin thc c bn v th trng th cp

Th trng th cp I. T chc v hot ng ca th trng th cp Sau khi chng khon mi c pht hnh trn th trng s cp, chng s c giao dch trn th trng th cp. Khc vi th trng s cp, tin bn chng khon trn th trng th cp thuc v cc nh u t v nh kinh doanh ch khng thuc v cc cng ty pht hnh chng khon. Xt v phng thc t chc v giao dch, th trng chng khon bao gm 3 loi: S giao dch chng khon, Th trng phi tp trung (OTC), v th trng th 3. 1. Th trng tp trung (S giao dch chng khon): L th trng trong vic giao dch mua bn chng khon c thc hin ti mt a im tp trung gi l sn giao dch (trading floor). Cc chng khon c nim yt ti S giao dch thng thng l chng khon ca nhng cng ty ln, c danh ting, qua th thch ca th trng. Phng thc giao dch ti S giao dch l phng thc u gi, trong cc lnh mua, bn c ghp vi nhau hnh thnh gi c cnh tranh tt nht. 2. Th trng phi tp trung (OTC): L th trng trong vic giao dch mua bn chng khon khng din ra ti mt a im tp trung m thng qua h thng computer ni mng gia cc thnh vin ca th trng. Cc chng khon c giao dch trn th trng phi tp trung l chng khon ca cc cng ty va v nh. Phng thc giao dch ti th trng OTC l phng thc tho thun, gi c chng khon c xc nh trn c s tho thun gia cc thnh vin ca th trng. 3. Th trng th 3: L th trng, trong hot ng giao dch mua bn chng khon khng c thc hin thng qua h thng u gi ca cc S giao dch v h thng computer ca th trng OTC.

I. S giao dch chng khon 1. Hnh thc s hu ca S giao dch S giao dch chng khon l mt t chc c t cch php nhn c thnh lp theo quy nh ca php lut. Lch s pht trin S giao dch chng khon cc nc v ang tri qua cc hnh thc s hu sau y: - Hnh thc s hu thnh vin: S giao dch chng khon do cc thnh vin l cng ty chng khon s hu, c t chc nh mt cng ty trch nhim hu hn, c Hi ng qun tr m thnh phn a s do cc cng ty chng khon thnh vin c ra. VD: S giao dch chng khon Hn Quc, Newyork, Tokyo, ThiLan. - Hnh thc cng ty c phn: S giao dch chng khon c t chc di hnh thc cng ty c phn c bit do cc cng ty chng khon thnh vin, ngn hng, cng ty ti chnh, bo him s hu vi mc tiu l li nhun theo qui nh ca Lut cng ty. VD: c, Malaysia, London, Hongkong - Hnh thc s hu nh nc: S giao dch chng khon do Nh nc s hu (phn ln hoc ton b) nh trng hp S giao dch chng khon Warsawar, Istabul, Vit Nam Trong cc hnh thc trn, hnh thc s hu thnh vin l ph bin nht. Hnh thc ny cho php S giao dch chng khon c quyn t qun mc nht nh, nng cao c tnh hiu qu v s nhanh nhy trong vn qun l hn l hnh thc s hu nh nc. Tuy nhin, trong nhng hon cnh lch s nht nh, vic Chnh ph nm quyn s hu v qun l S giao dch s cho php ngn nga s ln xn, khng cng bng khi hnh thc s hu thnh vin cha c bo v bng h thng php l y v r rng. V d nh trng hp ca Hn Quc, S giao dch chng khon c thnh lp t nm 1956 nhng n nm 1963 b v phi ng ca 57 ngy do cc thnh vin s hu S giao dch chng khon gy ln xn trong th trng, sau Nh nc phi ng ra nm quyn s hu S giao dch chng khon trong thi gian kh di t nm 1963 n 1988. 2. M hnh t chc ca S giao dch: a. Hi ng qun tr: Hi ng qun tr bao gm cc i din l nhng ngi c lin quan trc tip hoc gin tip n th trng chng khon. Ni chung, thnh vin Hi ng qun tr gm i din ca cc cng ty chng khon thnh vin, v mt s ngi bn ngoi nh i din cc cng ty c chng khon nim yt, cc t chc cng nghip, cc nh chuyn mn v i din ca Chnh ph. b. Cc v chc nng: thng thng cc S giao dch chng khon cc nc c khong 20 30 V chc nng. Tuy nhin, trong giai on u, cc s c mc ti thiu khong 7 v chc nng nh sau: - Cc V chuyn mn: V giao dch; V nim yt; V kinh doanh. - Cc V ph tr: V cng ngh tin hc; V nghin cu v pht trin; V k ton; Vn phng. 3. Thnh vin S giao dch chng khon: Thnh vin S giao dch chng khon l cc cng ty chng khon c U ban chng khon cp giy php hot ng v c S giao dch chng khon chp nhn l thnh vin ca S giao dch chng khon. a. Tiu chun tr thnh thnh vin: Cc S giao dch chng khon khc nhau c nhng tiu chun khc nhau trong vic kt np thnh vin. S khc nhau ny do trnh pht trin th trng qui nh. Di y l mt s tiu chun chnh trong vic kt np thnh vin. - Yu cu v ti chnh: Cc ch tiu v vn c ng, vn iu l, v tng ti sn c l nhng ch tiu ch yu thng c s dng khi

xem xt kt np thnh vin. Vn c ng l tng ti sn c tr ti sn n ca cng ty. Vn c ng bao gm vn c phn, thng d vn v cc khon li nhun gi li. Ti M, vn c ng quy nh ti thiu l 250.000 USD, Thi Lan l 200 triu Baht. Ngoi ra, t l n trn vn c ng v thu nhp trn c phiu cng l nhng ch tiu hay c tnh n khi xt kt np thnh vin. Thng thng t l n trn vn c ng khng c vt qu 1,5 ln v thu nhp trn c phiu phi t mt t l nht nh trong vng 2-3 nm. - Tiu chun v nhn s: Cng ty chng khon thnh vin phi c i ng cn b kinh doanh c trnh , c hiu bit trong kinh doanh chng khon v t cch o c tt. - C s vt cht k thut: Cng ty xin lm thnh vin phi c a im v trang thit b in t cn thit cho qu trnh nhn lnh, xc nhn kt qu giao dch v h thng bng in t. b. Quyn hn v trch nhim ca thnh vin: Tu theo hnh thc s hu ca S giao dch chng khon, thnh vin c cc quyn hn sau y: - Quyn b phiu quyt nh cc vn quan trng ca S giao dch chng khon. - Quyn c giao dch ti S giao dch chng khon. - Quyn c nhn cc dch v do S giao dch chng khon cung cp. - Quyn bu i biu i din cho thnh vin ti Hi ng qun tr. Ngoi cc quyn hn trn, cc thnh vin phi c trch nhim tun th cc quy nh ca S giao dch chng khon, phi thc hin ch bo co nh k v bo co bt thng theo quy nh. H thng giao dch Hot ng giao dch mua bn chng khon c khi u bng vic t lnh mua bn ti Vn phng giao dch ca Cng ty chng khon t ti cc a im khc nhau trong c nc. Trc khi t lnh, khch hng phi lm th tc m ti khon ti Cng ty chng khon. Lnh ca khch hng c chuyn t Vn phng cng ty chng khon n ngi i din ca cng ty ti sn giao dch ca S giao dch chng khon. Cc lnh mua bn c u gi vi nhau. Kt qu giao dch s c thng bo li cho cng ty chng khon v khch hng ca cng ty. Nhng lnh c thc hin s chuyn sang h thng thanh ton v lu k chng khon lm cc th tc thanh ton chuyn giao chng khon v tin. Khch hng <---> Cng ty CK <---> S giao dch CK I. M ti khon: Trc khi t lnh, khch hng m ti khon ti cng ty chng khon. Vic m ti khon phi c thc hin trn c s hp ng gia khch hng v cng ty chng khon. 1. Cc thng tin lin quan n ti khon Khi m ti khon, khch hng phi cung cp cc thng tin sau cho cng ty chng khon: - Tn y - a ch thng tr. - S in thoi - S chng minh th. - Cc thng tin khc nh s ti khon ti ngn hng, s ti khon chng khon ti cng ty chng khon khc (nu c), thu nhp v kin thc v th trng chng khon. - Khi c bt k s thay i no lin quan n cc thng tin trn, khch hng phi thng bo ngay cho cng ty

chng khon. 2. Loi ti khon: - Ti khon lu k: Hu ht ti khon ca khch hng l ti khon lu k. Khch hng mua v bn chng khon thng qua ti khon ny trn c s giao ngay. Nu khch hng khng thc hin c vic thanh ton vo ngy thanh ton quy nh, cng ty chng khon c quyn bn chng khon c trn ti khon ly tin thanh ton. - Ti khon k qu: Khch hng c th s dng ti khon ny vay tin hoc chng khon ca cng ty chng khon. - Ti khon u thc: L ti khon qua khch hng u thc cho nh mi gii quyn mua v bn chng khon m khng cn thng bo hoc c s ng ca khch hng. 3. Bo co ti khon Hng thng, cng ty chng khon phi gi cho khch hng bn bo co v tnh trng ti khon ca khch hng. Bo co phi ghi r mi s thay i trn ti khon. II. t lnh v loi lnh 1. t lnh Khi khch hng mun giao dch, h phi t lnh bng mt trong cc hnh thc sau y: - t lnh trc tip ti phng lnh ca cng ty chng khon. - t lnh qua in thoi. - Qua mng vi tnh ni mng trc tip vi phng lnh ca cng ty chng khon. Ni dung ca mu lnh gm cc thng tin sau: - Lnh l Mua hay Bn, c in sn vi mu khc nhau. - S lng. - Tn chng khon, m s loi chng khon. - Tn ca khch hng v m s. - Ngy gi t lnh. - Thi gian c hiu lc ca lnh. 2. Loi lnh a. Lnh th trng (Market order): Ngi ra lnh chp nhn mua, bn theo gi hin hnh trn th trng. b. Lnh gii hn (Limit order): i vi vic cho bn, gi gii hn l gi thp nht sn sng bn. i vi vic cho mua, l gi cao nht sn sng mua. c. Lnh dng (Stop order) - Lnh dng bn: Khch hng mua 100 c phn vi gi 12 ngn ng/c phn. Sau mt thi gian gi c phiu ny ln ti 20 ngn ng/c phn. Khch hng cha mun bn v ng ta cho rng gi cn tng na. Nhng phng trng hp gi khng tng m li gim, khch hng ny t lnh dng vi ngi i din cng ty chng khon bn vi gi 19 ngn ng/c phn chng hn. Nu thc t gi c phiu khng tng m li gim th gi c phiu gim ti 19 ngn, ngi mi gii s bn cho ng ta. - Lnh dng mua: Lnh ny thng c dng trong trng hp bn khng gii hn s thua l. Chng hn khch hng vay ca cng ty chng khon mt s c phn v bn i vi gi 30 ngn ng/c phn vi hy vng gi c phiu gim xung ti 20 ngn ng/ c phn, ng ta s mua tr. Nhng phng trng hp gi c phiu khng gim m li

tng, khch hng t mt lnh dng mua vi gi 35 ngn ng. Khi gi ln ti 35 ngn ng, ngi mi gii s mua c phiu cho ng ta v ng ta gii hn s thua l ca mnh mc 5 ngn ng / c phn. Mt lnh dng mua c a ra trn mc gi th trng hin hnh cn mt lnh dng bn c a ra thp hn gi th trng hin hnh.. - Cc loi lnh khc: cc loi lnh c a ra nhm nhng mc ch nht nh + Lnh gii hn dng (stop limit): cng ging nh mt lnh dng nhng n s chuyn thnh mt lnh gii hn ch khng chuyn thnh mt lnh th trng khi t ti im dng. + Lnh thc hin ton b hay hu b (Fill or Kill): loi lnh ny c thc hin ngay ton b hoc hu b. + Lnh thc hin ngay hoc hu b (Immediate or cancel IOC): lnh c thc hin ngay mt phn no , phn cn li b hu b. + Lnh ton b hoc khng (All or None, AON): vi mt thi hn cho trc, chng hn mt ngy, lnh phi c thc hin ton b, nu khng khch hng s khng chp nhn vic thc hin . III. nh gi trn S giao dch: 1. u gi nh k v u gi lin tc: u gi nh k l h thng trong cc lnh mua v lnh bn c tch t li trong mt khong thi gian nht nh, sau mi c ghp vi nhau hnh thnh mt mc gi duy nht ti im c khi lng mua v bn ln nht c thc hin. u gi lin tc l h thng trong cc lnh mua v lnh bn lin tc c ghp vi nhau nu c th. u gi nh k c u im l cho php hnh thnh gi c tt nht trn c s khi lng mua bn ln c tch t li. u gi nh k thch hp vi th trng c khi lng giao dch nh; n cho php gim bt s bin ng qu mc ca gi c. Tuy nhin, vic u gi lin tc li thch hp vi th trng c khi lng giao dch ln. N cho php hnh thnh gi c tc thi p ng c nhng thay i thng xuyn v thng tin trn th trng. Thng thng cc nc c th trng chng khon pht trin u p dng c phng thc u gi nh k v u gi lin tc. Mi ngy giao dch c th c 1 hoc 2 phin giao dch (bui sng v bui chiu). Vo u gi phin giao dch bui sng, ngi ta xc nh gi m ca theo phng thc u gi nh k. Sau vic giao dch c thc hin theo phng thc u gi lin tc. Cui ngy giao dch, ngi ta li xc nh gi ng ca theo phng thc u gi nh k. 2 . Nguyn tc ghp lnh - Gi mua cao hn gi c bn v gi bn thp hn gi c bn s c thc hin trc. - Phn b t bn c khi lng t sang bn c khi lng nhiu. - Nu sau khi khp lnh c nhiu mc gi cng tho mn th ly mc gi gn vi gi ng ca ca ngy hm trc hay mc gi ca ngay phin giao dch trc . 3. Cc nguyn tc u tin trong vic so khp lnh - Nguyn tc c bn u tin c p dng l nguyn tc u tin v gi. Theo nguyn tc ny, cc lnh c gi tt nht (cho mua cao nht v cho bn thp nht) c u tin thc hin trc. Ngoi nguyn tc c bn trn y, nhng nguyn tc ph sau y s c p dng: - Nguyn tc u tin v thi gian: trong nhng lnh c cng mc gi, lnh no n trc s c u tin thc hin trc. - u tin v khch hng: c hai loi khch hng l khch hng c nhn v khch hng l nh u t c t chc nh cng ty chng khon, qu u tSGDCK thng p dng quy tc u tin khch hng l c nhn trc khch hng l nh u t c t chc. - u tin v khi lng: lnh no c khi lng ln hn s c u tin phn phi trc.

- u tin ngu nhin : theo nguyn tc ny, ngi ta ch p dng u tin v gi. Sau cc lnh khi a vo h thng s c my tnh sp xp mt cch ngu nhin. IV. Giao dch c bit 1. Giao dch khi Nhng giao dch c khi lng ln (s c phiu v tr gi ln) c gi l l ln. Thng thng nhng giao dch c khi lng ln c giao dch theo cch thc ring gi l giao dch khi. C hai cch giao dch l: - T chc u thu. - Thng lng da trn gi ng ca. 2. Giao dch l l L l l nhng l khi t 1 ti 9 c phiu (trng hp l chn 10 c phiu) 1 ti 99 c phiu (trng hp l chn 100 c phiu) 1 ti 999 c phiu (trng hp l chn 1.000 c phiu). Gi giao dch l l thng c xc nh trn c s quyt nh ca Cng ty mi gii cn c vo gi ng ca ca ngy giao dch hm trc. Vic giao dch l l c thc hin ti cng ty chng khon v trong giao dch l l, cng ty mi gii thng thu ph cao hn. 3. Giao dch chng khon khng c c tc nh k, theo quyt nh ca Hi ng qun tr, cng ty c phn c th tr c tc bng tin hoc c phiu. Nhng c ng c danh sch vo ngy ng k cui cng s c nhn c tc. Nhng c ng s hu chng khon t sau ngy kho s s khng c nhn c tc. Nu ngy thanh ton l T+3 th chng khon khng c c tc s nh sau: 27/12 - 28/12 - 29/12 - 30/12 - 31/12 Ngy c c tc ex-divident Ngy ng k Ngy kho s cui cng (khng c c tc) Vo ngy chng khon khng c c tc, gi tham chiu s bng gi ng ca ngy hm trc tr i c tc. - Trng hp tr c tc bng c phiu Gi tham chiu = Gi ng ca ngy hm trc / 1 + t l tr c tc bng c phiu - Trng hp tr c tc bng tin v bng c phiu Gi tham chiu = Gi ng ca ngy hm trc c tc bng tin/ 1+ t l tr c tc bng c phiu 4. Giao dch khng hng quyn mua c phiu mi Cng ty c phn thng u tin cho c ng hin ti quyn t mua c phiu trong trng hp pht hnh chng khon tng vn. Tng t nh vic nhn c tc, nhng c ng c danh sch vo ngy ng k cui cng s c hng quyn ny. Nh vy, nu ngy thanh ton l T+3 th ngy giao dch c phiu khng c hng quyn t mua s nh sau: 27/12 - 28/12 - 29/12 - 30/12 - 31/12 Ngy c c tc ex-divident Ngy ng k Ngy kho s cui cng (khng c c tc) 5. Giao dch chng khon ngn qu Chng khon ngn qu l phn chng khon do cng ty pht hnh mua li chnh chng khon do mnh pht hnh ra nhm chng li vic b thu tm, hp nht hoc hn ch gi chng khon b gim mnh. Vic mua li chng khon phi chu s qun l cht ch ca s giao dch chng khon (SGDCK). Cng ty pht hnh m mt ti khon ti 1 cng ty chng khon ch nh. Mt ngy trc ngy giao dch cng ty phi trnh cho SGD n xin mua chng khon (trnh by r s lng v gi

t mua). S lng khng c qu 10% c phiu lu hnh. Lnh phi t trc khi m ca th trng v ch c t lnh mt ln trong mt ngy. Vic mua li ch c thc hin trong phm vi 3 thng v trong vng 6 thng khng c bn li chng khon ra th trng k t ngy mua li. Gi t mua chng khon ngn qu khng c vt qu gi ng ca ngy hm trc trong mt t l nht nh. 6. Giao dch k qu - Mua k qu: l vic khch hng vay tin ca cng ty chng khon mua chng khon. Vi phng thc mua k qu, khch hng c th tng lng li nhun c thu trn mt tng u t nht nh, v cng ty chng khon th thu c ph hoa hng do vic thc hin mt khi lng dch v ln hn, ng thi cng thu tin li trn tin cho khch hng vay. Loi giao dch ny c thc hin trn ti khon bo chng. V d: Bn d on c phiu thng ABC vi gi hin thi l 15.000 ng mt c phiu, s tng gi trong vng 1 nm, ln 30.000 ng. Vi s tin bn c l 1.500.000 ng, bn c th mua 100 c phiu ABC, nm gi trong mt nm v bn ra thu v 3.000.000 ng, t mc li tc trn u t l 100%. Tuy nhin, bn cng c th thc hin vic k qu bng cch tr 50% tng gi mua, 50% cn li s vay ti cng ty chng khon, ni bn m ti khon k qu. Trong trng hp ny, bn c th u t 3.000.000 ng v mua 200 c phiu. Nu d on ca bn l ng, gi th trng ca c phiu ABC tng ln 30.000 ng trong vng 1 nm, bn c th bn c phiu ra v thu v 6.000.000 ng. Tt nhin, trong s 6.000.000 ng thu v ny bn phi tr li 1.500.000 vay ca cng ty chng khon, v tin li ca khon vay , gi s vi li sut 10% mt nm: 6.000.000 1.500.000 150.000 = 4.350.000 (ng) Li nhun ca bn s l chnh lch gia con s u t ban u 1.5 triu, tc l bng 2.850.000 ng, li tc so vi u t l 190%. Vy mua k qu lm tng t l li nhun ca bn ln ng k. Tuy nhin, mua k qu cng nh con dao hai li. Nu c phiu ln gi, bn s c li ng k, nhng nu c phiu gim gi, khon l ca bn cng tng ln. Ngay c khi c phiu vn gi nguyn mc gi, bn cng vn thua l, bi s li phi tr cho s tin vay trong sut thi gian k qu c ln dn ln. V hn na, khng phi chng khon no cng c php giao dch theo mc ny. Mc k qu ban u c thc hin theo lut nh, v d nh lut M l 50%. Sau , nu gi th trng ca c phiu thay i, t l ca s d k qu ca khch hng so vi s d n c th gim xung nhng khng xung thp hn 25% nu tt xung qu ngng ny, cng ty chng khon c th yu cu khch hng t thm tin k qu.

Tng quan v th trng Chng khon

Th trng chng khon trong iu kin ca nn kinh t hin i, c quan nim l ni din ra cc hot ng giao dch mua bn chng khon trung v di hn. Vic mua bn ny c tin hnh th trng s cp khi ngi mua mua c chng khon ln u t nhng ngi pht hnh, v nhng th trng th cp khi c s mua i bn li cc chng khon c pht hnh th trng s cp. Nh vy, xt v mt hnh thc, th trng chng khon ch l ni din ra cc hot ng trao i, mua bn, chuyn nhng cc loi chng khon, qua thay i ch th nm gi chng khon. Th trng chng khon c nhng chc nng c bn sau: 1. Chc nng c bn ca th trng chng khon Huy ng vn u t cho nn kinh t

Cung cp mi trng u t cho cng chng

To tnh thanh khon cho cc chng khon nh gi hot ng ca doanh nghip To mi trng gip Chnh ph thc hin cc chnh sch v m 2. Cc ch th tham gia th trng chng khon Cc t chc v c nhn tham gia th trng chng khon c th c chia thnh cc nhm sau: nh pht hnh, nh u t v cc t chc c lin quan n chng khon. a) Nh pht hnh 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. 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. b) Nh u t Nh u t l nhng ngi thc s mua v bn chng khon trn th trng chng khon. Nh u t c th c chia thnh 2 loi: nh u t c nhn v nh u t c t chc. Cc nh u t c nhn Cc nh u t c t chc c) Cc t chc kinh doanh trn th trng chng khon Cng ty chng khon Qu u t chng khon Cc trung gian ti chnh d) Cc t chc c lin quan n th trng chng khon C quan qun l Nh nc S giao dch chng khon Hip hi cc nh kinh doanh chng khon T chc lu k v thanh ton b tr chng khon Cng ty dch v my tnh chng khon Cc t chc ti tr chng khon Cng ty nh gi h s tn nhim... 3. Cc nguyn tc hot ng c bn ca th trng chng khon Th trng chng khon hot ng theo cc nguyn tc c bn sau: Nguyn tc cng khai Nguyn tc trung gian Nguyn tc u gi 4. Cu trc v phn loi c bn ca th trng chng khon Th trng chng khon l ni din ra cc giao dch, mua bn nhng sn phm ti chnh (c phiu, tri phiu, cc khon vay ngn hng... c k hn trn 1 nm). Sau y l mt s cch phn loi TTCK c bn: a) Cn c vo s lun chuyn cc ngun vn Th trng chng khon c chia thnh th trng s cp v th trng th cp.T Th trng s cp

Th trng s cp l th trng mua bn cc chng khon mi pht hnh. Trn th trng ny, vn t nh u t s c chuyn sang nh pht hnh thng qua vic nh u t mua cc chng khon mi pht hnh. Th trng th cp Th trng th cp l ni giao dch cc chng khon c pht hnh trn th trng s cp, m bo tnh thanh khon cho cc chng khon pht hnh. b) Cn c vo phng thc hot ng ca th trng Th trng chng khon c phn thnh th trng tp trung (S giao dch chng khon) v phi tp trung (th trng OTC). c) Cn c vo hng ho trn th trng Th trng chng khon cng c th c phn thnh cc th trng: th trng c phiu, th trng tri phiu, th trng cc cng c chng khon phi sinh. Th trng c phiu: th trng c phiu l th trng giao dch v mua bn cc loi c phiu, bao gm c phiu thng, c phiu u i. Th trng tri phiu: th trng tri phiu l th trng giao dch v mua bn cc tri phiu c pht hnh, cc tri phiu ny bao gm cc tri phiu cng ty, tri phiu th v tri phiu chnh ph. Th trng cc cng c chng khon phi sinh Th trng cc chng khon phi sinh l th trng pht hnh v mua i bn li cc chng t ti chnh khc nh: quyn mua c phiu, chng quyn, hp ng quyn chn...

Kin thc c bn v giao dch chng khon

Hot ng mua bn chng khon trn th trng chng khon c th din ra trn th trng tp trung (Trung tm giao dch chng khon, S Giao dch chng khon) v th trng phi tp trung. I. MUA CHNG KHON CA T CHC PHT HNH i vi loi chng khon ny, bn c th thc hin theo 2 hnh thc: - Mua trc tip ti t chc pht hnh (cng ty): 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: tc l mua thng qua cc nh i l hoc 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 giao dch chng khon th vic chuyn nhng hoc bn li chng khon cho ngi khc hin nay gp nhiu kh khn v khng d tm c ngi mua v bn cng phi trc tip n t chc pht hnh (hoc u quyn) thc hin chuyn nhng cho ngi mua. II. 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 Trung tm giao dch chng khon. Khi mua bn chng khon nim yt, phi tun th theo mt s nguyn tc sau: Mi giao dch mua bn chng khon u phi qua h thng ti S Giao dch, Trung tm Giao dch chng khon theo phng thc khp lnh hoc phng thc tho thun; Giao dch chng khon thc hin theo phng thc khp lnh trn nguyn tc u tin v gi v u tin v thi gian;

Giao dch chng khon nim yt l l c thc hin trc tip gia ngi u t vi cng ty chng khon

thnh vin l thnh vin ca Trung tm Giao dch chng khon trn nguyn tc tho thun v gi. Quy trnh giao dch chng khon nim yt ti Trung tm giao dch chng khon: Ton b quy trnh ny c tin hnh theo 5 bc: - Bc 1: 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 chng khon chuyn lnh cho i din ca cng ty ti Trung tm giao dch chng khon nhp vo h thng giao dch ca Trung tm. - Bc 3: Trung tm giao 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 nu quy nh v thi gian thc hin thanh ton b tr chng khon l T +3.

Mc hon li - Khung giao dch - H tr v khng c

Mc hon li. Trong bt k mt th no ta u thy sau mt giai on gi chuyn ng theo xu th ca th trng th gi s hon li mt cht trc khi quay tr li chuyn ng theo xu th c. Nhng chuyn ng ngc xu th ny thng c ln vo nhng khon c th d on c v c gi l mc hon li. Mc hon li trung bnh thng gp nht l 50%. Bn cnh cn c cc mc hon li thng thy khc l cc mc 1/3 v 2/3. Ni cch khc, nu chia mt xu th gi thnh ba phn th ni mc hon li thp nht l 33% v cao nht l 66% c ngha l giai on iu chnh ca xu th gi s hon li t nht 1/3 mc tng (hay gim) m n t c trong xu th trc v mc hon li khng vt qu 2/3 mc tng (hay gim) trc t c. Nu mc hon li cao hn th kh nng s xy ra s o chiu th trng tc l gi s chuyn ng theo xu th o ngc xu th trc m khng quay li chuyn ng theo xu th . Khung Giao Dch. Th trng c th mt trong 3 xu th l xu th tng, xu th gim v xu th dao ng ngang. Nhiu ngi cho rng th trng ch c th tng hoc gim, nhng thc t c n 1/3 thi gian gi chuyn ng theo mt hnh mu dng phng nm ngang gi l khung giao dch. Khung giao dch l mt di nm ngang trn th trong bao gm cc dao ng ca gi trong mt giai on di. Ni chung hu ht cc bin ng ca th trng s din ra bn trong khung giao dch. Tuy nhin khi th trng c bin ng dng khung giao dch th li rt kh kim c li nhun. Khung giao dch phn nh thi k m p lc cung cu l tng i cn bng v gi duy tr mc cn bng th trng. i khi ngi ta cn gi thi k m gi bin ng theo khung giao dch l thi k khng c xu th th trng. Hu ht cc cng c kinh t u c to ra c th p dng vo cc th trng c xu th tng hoc gim r rt cn khi th trng dang khng c xu th r rt th cc cng c ny nhn chung hot ng km hiu qu, thm ch l khng th p dng. y cng chnh l thi k gy kh chu nht cho nhng ngi i theo Phn tch k thut v gy ra nhiu l nht. Trong nhng tnh hung y nh u t lun phi i mt vi mt trong ba quyt nh l mua, bn hay ng ngoi khng tham gia vo th trng v thng thng th quyt nh khng tham gia vo th trng lun l quyt nh sng sut nht.

Thc t cng c mt s phng php c th p dng kim li khi th trng xut hin dng khung giao dch, chng hn nh s dng cc ch s dao ng th trng (Oscillators) m ta s nghin cu phn sau. Nhn chung rt kh c th d on s xut hin trong tng lai ca m hnh khung giao dch. M hnh ny cng c th ko di trong nhiu thng, mt nm hay nhiu nm. Cng ging nh knh, khung giao dch cng c cc ng bin bn trn v bn di, y chnh l cc ng khng c v h tr ca khung (ta s nghin cu v khng c v h tr phn sau). Nhng s ph v (break out) ra ngoi khung c th l cc du hiu quan trng tin hnh cc giao dch. Tuy nhin cng cn lu bi gi cng thng dao ng vt ra ngoi khung nhng ch vi mt lng nh, sau quay tr li bn trong khung. i khi nguyn nhn ca hin tng ny l do nhng lnh dng m nh u t t v nhng lnh ny tc ng n nhng vng gi nm ngoi khung. Khi nhng lnh ny kt thc th gi s tr li dao ng bn trong khung giao dch nu khng c nhng l do lin quan n nhng yu t ti chnh c bn hay c s xut hin khi lng giao dch ln duy tr s vt ra y. Nhn chung nh u t khng nn i theo ngay nhng breakout mi xut hin m nn ch thm mt dao ng tip theo xc nhn breakout ny cho d iu ny c th lm chm li mt cht nhng s trnh c rt nhiu du hiu sai v trnh c nhng khon l. H tr v khng c Vic nghin cu v mc h tr v khng c l mt trong nhng vn kh quan trng i vi Phn tch k thut. N cho php ngi nghin cu c thm nhng c s mi trong vic chn cc loi c phiu mua hay bn, trong d on cc bin ng tim nng, trong vic ch ra nhng thi im m th trng c th gy ra rc ri cho nh u t. Trn thc t, nhiu nh u t c kinh nghim xy dng cho h mt h thng u t ring da hu ht vo nhng nguyn l v mc khng c v h tr. Vic nghin cu v mc khng c v h tr mt cch y cn rt nhiu thi gian v cn thm nhiu yu t khc, ngi vit ch xin a ra mt s kha cnh c bn nht vi mc ch a ra c s l thuyt c bn nht v khi nim quan trng ny ca Phn tch k thut. Mc khng c v h tr c ngha rt quan trng trong vic nghin cu phn tch cc hnh mu k thut. Nhng kin thc c bn v mc khng c v h tr s gip ngi nghin cu d dng hiu bn cht v cc ng dng ca cc hnh mu . Mc h tr thng c dng kh thng dng. Trn th trng ph Wall, bn c th nghe thy vic mt nhm nh u t lun sn sng h tr th trng bng cch mua tt c cc chng khon cho bn nu gi gim 5 im. Vy mc h tr l g? Ta c th nh ngha mc h tr l vic mua thc t hay kh nng mua vi khi lng lm ngng li xu th gim ca gi trong mt thi k ng k (tng i di). Mc khng c li ngc li vi mc h tr: l vic bn, trong thc t hay tim nng, mt khi lng tho mn tt c cc mc cho mua, do , lm gi ngng khng tng na trong mt khong thi gian nht nh. Nh th mc khng c v h tr l gn ging theo th t vi khi lng cu v khi lng cung. Mc h tr l mc gi mc cu cho mt c phiu l , t nht l, lm dng xu th gim gi ca th trng v cng c th i chiu xu th , tc l lm xu th gi i xung quay ngc i ln. T ta c nh ngha v mc khng c, l mc gi m lng cung gi s ngng khng tng na v c th chuyn ng ngc li i xung. Theo l thuyt th mi mc gi c mt lng cung v cu nht nh. Nhng khon h tr th hin s tp trung ca cu cn khong khng c th hin s tp trung ca cung. Nh vy vi mt hnh mu gi nht nh, chng hn ta xt vi hnh mu dng hnh ch nht (m hnh ny phn nh giai on th trng gm rt nhiu nhng dao ng nh ca gi theo hng ngang th ch khng hng ln hay hng xung r rt, hai ng ni cc nh v cc y ca th trng trong giai on ny gn nh song song, khng cn thit phi song song 100% nhng lch phi rt nh, hay c th ni l mt dng ca khung giao dch), ng ni cc nh c th coi l mc khng c, cn ng ni cc y c coi l mc h tr. Nhn chung trong giai on hai mc ny cn pht huy hiu lc th gi s khng vt qu mc khng c v khng

xung di mc h tr. Nhng vi t cch mt nh u t ta s quan tm hn n vic xc nh ti sao v yu t no lm xut hin cc mc khng c v h tr mt mc gi nht nh. Cc chuyn gia cn tp trung nghin cu thi im gi ln t n mc khng c v khi no gi xung n mc h tr. C s ca nhng d on ny cng l nhng d liu c bn hnh thnh nn l thuyt v h tr v khng c, l khi gi tr giao dch c xu hng b tp trung ti mt s mc gi c khi lng cc c phiu c giao dch ln. iu ng ch l ti bt k mc gi no xut hin mc khi lng giao dch ln thng u tr thnh im o chiu i vi xu th hin ti ca th trng v mi im o chiu u c xu hng lp i lp li thng xuyn v hon ton mang tnh t nhin. C mt thc t quan trng m nhiu khi mt s ngi quan st v phn tch biu mt cch ngu nhin khng nhn ra l: nhng mc gi ang dn dn chuyn vai tr t h tr thnh khng c v ngc li t khng c thnh h tr. Nu nh bin ng ca gi vt qua mt nh gi c hnh thnh trc th nh ny s ng vai tr l khong y ca xu th gim gi (iu chnh) s xut hin sau xu th tng hin ti v mt y sau khi b gi vt xung di s tr thnh khong nh ca xu th tng s xut hin ngay sau . Qu trnh hnh thnh mt xu th thng thng. Ta s xem xt cc v d: Gi s mt c phiu ang trong xu th tng mnh v tng t mc gi 12 ln n 24, ng thi trn th trng cng ang c mt khi lng c phiu ln ang c cho bn. Kt qu ca vic ny l th trng c th phn ng v hnh thnh mt xu th iu chnh trung gian (tm thi), lm gi gim xung cn 18, hoc cng c th phn ng ca th trng lm xut hin hng lot nhng dao ng nh quanh mc, chng hn, t 24 xung n 21 to thnh mt dng hnh mu mang tnh cng c xu th hin ti. Sau thi gian iu chnh hoc cng c ny s xut hin mt t tng gi mi v a gi ln n 30, ti cung li y v d, lm ngng li t tng gi ny. Lc li c th xut hin mt trong hai dng m hnh iu chnh hay cng c. Nu xy ra iu chnh, cu hi t ra l xu th gim tm thi ny s xut hin mc no? Cu tr li l mc gi 24, y l nh u tin ca xu th tng gi chnh (cp 1) trn th trng - mc gi ny thp hn mc gi hin ti v ti li xut hin tng gi tr giao dch rt ln. Khi n ng vai tr v hot ng nh mt mc khng c, to ra s ngng tng hay o chiu ca t tng gi u tin. Sau khi b vt qua th vai tr ca n li l mc h tr, lm ngng hay c th o chiu, d rt t xu th gim gi ang din ra trn th trng. Mt v d tng t a ra vi mt c phiu ang trong xu th gi gim. Gi s c phiu ang mt nh ln ca ton th trng mc gi 70, gi gim xung cn 50. ti mc 50 xut hin mt nh im din ra cc giao dch nhng ch mang tnh tm thi. Th trng c tng khi lng giao dch ln, gi tng ln, c th li trt xung mt cht nh mt dng kim tra mc gi 50 c thc s l mt im dng quan trng ca th trng hay khng. Sau xut hin giai on hi phc a gi ln 60. Ti mc 60 sc mua yu dn, xu th gi o li v i xung, gi s gim mnh hn t gim mi ny v lm xut hin mt mc y thp hn l 42. n y, lp li thi k trc, nhu cu mua li tng ln v li xut hin qu trnh hi phc ln hai. Chng ta c th t tin ch t hi phc t mc gi 42 ny ln s tng ln n mc khng c ( c kim tra l mnh) l mc gi 50. t gim ln u mc gi ny ng vai tr mc h tr, by gi n ng vai tr mc khng c, mc y lc trc tr thnh mc nh ca th trng. Vy ta t ra cu hi ti sao c s chuyn vai tr hai v d trn? Ta bt vi v d th 2 trc. Gi u tin gim xung n 50 v xut hin khi lng giao dch tng i ln, ri li o chiu tng ln 60 nhng lc tng yu dn. mc gi 50, rt nhiu c phiu c giao dch, vi mi ngi bn u c t nht mt ngi mua tng ng. Mt s ngi mua nhng vi ch nh nm gi trong ngn hn v bn i, by gi h khng cn quan tm n loi c phiu ny. Mt s khc l nhng nh u t ngn hn v thm ch c mt s chuyn gia c th

mua mc gi 50 bi n gin l h thy th trng ang mt mc y tm thi v mua vi mong mun kim li khi gi tng ln theo d kin ca h, hon ton c th gi s h thc hin c mc ch ca mnh v thot ra khi th trng trc khi gi tt xung di mc 50. Vi a s nhng nh u t cn li, quyt nh mua ca h l do h thy mc gi 50 l mc gi thp tho mn h bi ch vi thng trc gi c phiu c bn trn mc 70, r rng 50 l mt mc gi hi, ng thi h cng cho rng gi s li ln v ln na trong thi gian di. Nhng hy t mnh vo v tr ca nhng ngi va mua c phiu . H nhn thy gi tng hng ngy, ln 55 ri ln 58 ri n 60, nhng nhn nh ca h lc trc c v ng v h vn tip tc nm gi c phiu. Ri xu th tng ny yu i, gi li gim xung cn 57, 55 ri 52 ri li v 50. H c lo lng mt cht nhng ri li vn cho rng 50 l mc rt r, vn hi, c bit khi th trng dng li mc gi 50 trong mt thi gian ngn. Ri gi li gim tip ph v mc gi 50. Lc u c th h vn hi vng y ch l mc gim tm thi, l mt cht bin ng ca gi v th trng s hi phc nhanh chng. Th nhng hi vng y mt i khi xu th gim gi vn tip tc v khng h t ra l s c iu chnh. Nhng nh u t bt u t ra lo lng, c iu g khng n xy ra. Cho n khi gi gim cn 45, mc gi hi lc trc khng cn l mt qu cam ngt na m l mt qu chanh. Vi v d th nht v xu th tng gi ca th trng. Khi gi tng t 12 n 24 cc nh u t u cho rng 24 l mc gi tng i cao so vi 12 (mc gi m h mua vo) do h bn, khi m sau gi gim xung mt cht n 20, h u t chc mng cho s sng sut ca mnh. Nhng ri xu th gi li o chiu, gi tng vt ln 30, h s khng cn cm thy nh vy na. H c g mnh vn nm gi c phiu v c th mun mua li c phiu ny, tt nhin l khng mua cao hn 24, r rng nu gi gim xung cn 24 s c rt nhiu nh u t li mua vo vi hi vng kim li nhiu hn. Nhng v d trn y phn nh mt cch chung nht tm l ca nhng nh u t trn th trng v tc ng ca h ti vic hnh thnh cng nh s chuyn vai tr ca mc khng c v h tr. Qua ta cng nhn thy rng ti mt mc gi khng c hay h tr, nu gi dao ng quanh n cng lu th vai tr v sc mnh ca n cng ln v mt xu th gi phi thc s mnh mi c th ph v hay vt qua c n. Mt mc khng c hay h tr c duy tr cng lu th nhng bin ng c kh nng vt qua n cng c ngha v c th c coi l nhng du hiu cho nhng bin ng ln ca th trng. Thm mt nhn xt na l khi lng giao dch cng c ngha rt quan trng trong xc nh cc mc khng c v h tr. Nu mc khng c hay h tr hnh thnh m khng c du hiu g v s thay i trong khi lng giao dch th mc tin cy cng nh bn vng ca chng l khng cao. Tri li nu mt mc h tr chng hn c hnh thnh vi khi lng giao dch rt ln, iu ny c ngha l ti nhu cu giao dch l rt ln, r rng mc phn nh cng nh ngha ca n l cao v quan trng hn nhiu L loi chng khon xc nhn quyn s hu ca nh u t i vi mt phn vn gp ca qu i chng. Cc Cng C Chng Khon Phi Sinh: 1. Quyn mua c phn: L loi chng khon do cng ty c phn pht hnh km theo t pht hnh c phiu b sung nhm bo m cho c ng hin hu quyn mua c phiu mi theo nhng iu kin c xc nh. 2. Chng quyn: L loi chng khon c pht hnh cng vi vic pht hnh tri phiu hoc c phiu u i, cho php ngi s hu chng khon c quyn mua mt s c phiu ph thng nht nh theo mc gi c xc nh trc trong thi k nht nh. 3. Quyn chn mua, quyn chn bn: L quyn c ghi trong hp ng cho php ngi mua la chn quyn mua hoc quyn bn mt s lng chng khon c xc nh trc trong khong thi gian nht nh vi mc gi c xc nh trc. 4. Hp ng tng lai: L cam kt mua hoc bn cc loi chng khon, nhm chng khon hoc ch s chng khon nht nh vi mt s lng v mc gi nht nh vo ngy xc nh trc trong tng lai.

Kin thc c bn v ch s P/E

P/E l mt ch s c cc nh u t s dng rt ph bin trong phn tch ti chnh. Tt nhin t l ny cng c nhng hn ch nht nh (chng ta s cp trong phn sau) nhng n c u im l d tnh v d hiu. Nu bn mun bit th trng sn sng tr bao nhiu cho mi la li nhun ca mt cng ty, chng ta hy xem xt P/E. P/E l mt t l phn trm gia th gi mt c phiu v thu nhp trn mt c phhiu. Nu gi mt c phiu cu IBM l 60 la v thu nhp ca mi c phiu l 3 la th t l P/E s l 20 (60/3). iu ny c ngha l nh u t sn sng tr 20 la cho mi la li nhun ca cng ty. Nu P/E gim xung cn18 c ngha l nh u t ch tr 18 la cho mi la li nhun. P/E truyn thng- tc l t l P/E m bn vn thy hng ngy trn cc tp ch chng khon- cn gi l P/E hin ti. tnh ch s ny ngi ta ly gi c phiu chia cho li tc c phiu ca 12 thng gn nht. Bn cnh cc nh u t cn s dng t l P/E tng lai bng cch ly gi c phiu chia cho li tc c phiu ca nm sau do Ph Wall c tnh. Ch s no tt hn? T l P/E truyn thng c u im l n phn nh tnh hnh thc t ca doanh nghip v mu s ( E) l con s thc t c kim ton v bo co cho U ban chng khon v hi oi. Tuy nhin, nhc im ca n l li nhun ny chc chn s thay i trong tng lai. Do , bng cch c tnh li nhun trong tng lai, ch s P/E tng lai d on c mc tng trng ca doanh nghip. Mc d con s c tnh ny c th khng chnh xc, t nht n cng gip cc nh u t c c s tham kho ra quyt nh u t. Gi s bn c c phiu ca 2 cng ty hot ng trong cng mt ngnh - v d Exxon v Texaco - cng c t l P/E l 20. Gi c phiu ca Exon l 60 la v thu nhp l 3 la trong khi gi c phiu ca Texaco l 80 la v thu nhp l 4 la. Dng nh 2 quyt nh u t ny l nh nhau nu bn khng xem xt ti t l P/E tng lai. Ph Wall c tnh thu nhp ca Exon s tng ti 3,75 la mt c phiu (tc 25%) cn c phiu ca Texaco ch tng ti 4,25 la( 6%). Trong trng hp ch s P/E tng lai ca Exon gim xung cn 16 trong khi ch s P/E tng lai ca Texaco l 18,8. Nu d on ny l ng th hin nhin mua c phiu ca Exxon s c li hn. Nhc im ln nht ca c 2 ch s ny l i khi cc cng ty che giu thu nhp ca h bng cch cng b li nhiu hn thc t. Mt k ton vin c th a ra nhng con s khng v khai tng t l tng trng thu nhp ln mt vi im Mt thc t na l thu nhp c tnh c th thay i tu theo tnh hnh pht trin ca cng ty v tu theo mi nh phn tch Ph Wall. V vy, mc d c cc nh u t s dng ph bin nhng t l P/E cng ch l mt ch s tham kho m thi.