NHNG MT TIU CC CA TH TRNG CHNG KHON.

Yu t u c
Trong lnh vc ti chnh, u c l vic mua, bn, nm gi, bn khng cc loi ti sn ti chnh nh c phiu, tri phiu, hng ho, tin t, bt ng sn, chng khon phi sinh nhm thu li t s bin ng gi mnh ca chng. V hot ng u c p dng vi cc loi ti sn ti chnh bin ng nh vy cho nn u c l mt kiu kinh doanh c ri ro rt cao. Nhn chung th trng chng khon (TTCK) phi chp nhn u c. Nhng c nhng hnh ng u c b cm. Nhng hnh ng u c b cm l: Tnh cht: L hnh ng nhm to ra sc p ln v quan h cung cu mt loi chng khon no trn th trng dn n hnh thnh mt gi chng khon khng ging vi gi tn ti bnh thng, c li cho ngi u c, gy thit hi cho nhng ngi khc. Mc tiu: To nn mt gi gi to nhm: tm cch nng gi ln ri bn tng bn tho s chng khon cho ngi mua; gi gi n nh mt mc cao hn gi thc t ca n bn (cao hn gi tr thc t ca c phiu); v tm cch gim gi xung ri mua chng khon v cng nhiu cng tt. Cc hnh dng u c, u c c thc hin bng nhiu th on khc nhau, tron c cc loi chnh sau y: Bn gi, thu ht v hn vn. Bn gi: L nhng hnh ng c giao dch mua bn chng khon nhng khng c vic chuyn giao s hu chng khon. l hnh ng hai ngi u c by ra nhng v giao dch, h a ra mt gi khc bit vi chiu hng din bin ca th trng m c hai u chp thun nhng khng c vic thanh ton chng khon v tin. Mt loi hnh ng khc: mt ngi u c a ra nhng lnh phi hp cho hai ngi mi gii, ng ta bn c phiu cho ngi mi gii ny, ri mua li chnh loi c phiu thng qua ngi mi gii kia vi gi khng ph hp vi gi th trng. Hoc ngi u c bn i mt s chng khon nh mt ngi khc thn quen c th tin tng c (thng l ngi trong gia nh hoc bn b thng tin tng nhau hn) ng la mua li ton b s chng khon theo gi nh cc hnh ng bn ra trn. Mc ch ca cc hnh ng ny l ko gi th trng ti mt mc gi to (khng ph hp vi chiu hng v quan h cung cu bnh thng trn th trng) to ra c hi kim li hoc trnh mt mc l. Thu ht: L hnh ng a hu ht s c phiu mt loi no ang lu thng trn th trng tp trung vo mt hoc mt vi ngi, khin cho th trng khan him, gi tng. Khi gi ln ti nh im, ngi u c cho rng l mc li ti a th h s bn ra. H bn s c phiu ca mnh v vay c phiu ca ngi khc bn (bn khng). Thu ht l mt hnh ng rt nguy him i vi nhng ngi bn khng trc (ngi u c trc bng cch thu ht), v nhng ngi bn khng trc dn thi hn cn mua thanh ton. Hn vn: L hnh vi lin kt tm thi gia hai hay nhiu ngi trong mt v mua bn chng khon cng mua cho gi tng ln, cng bn cho gi h. Khi gi tng ln hoc h xung n mt im ti u, mt ngi trong s mua vo hoc bn ht ra. S hn vn nu c ngi "tay trong" l nhng ngi ang gi nhng v tr quan trng c th

tip cn hoc nhng ngi nm r thng tin ni b nhanh nht v chnh xc nht nhn v s dng thng tin cho nhm hn vn thc hin mua bn chng khon c li, th s hn vn ny tr thnh vi mc ngoc. Nhng tt c cc hnh vi u c ni trn u b cm. Hin nay Nh nc ang hon thin h thng php lut iu chnh vn ny mt cch trit .

Mua bn ni gin
Giao dch ni gin l vic mua hoc bn chng khon bi mt ngi c kh nng tip cn cc thng tin b mt, cha c cng b v loi chng khon . Vic mua bn ni b c th b coi l phm php hay khng th ph thuc vo thi gian m hnh ng ny c thc hin. N l phm php nu cc thng tin, ti liu vn cha c cng b ra ngoi v nh vy s khng cng bng i vi cc nh u t khc khng nm c cc thng tin ny. Nhng ngi thc hin mua bn ni b thng s phi tr tin mua li bt k thng tin no cn cha c cng b. Gim c khng phi l ngi duy nht c kh nng thc hin hnh vi ny. Nhng ngi nh l ngi mi gii chng khon, thm ch l cc thnh vin trong gia nh ca gim c hay mi gii cng c th thc hin c hot ng ny. Mua bn ni b s l hp php nu nh cc thng tin ni b c cng b ra ngoi. Vo thi im th nhng ngi mua bn ni b s khng c li th trc tip so vi cc nh u t khc. U ban chng khon (SEC) vn thng yu cu tt c cc nhn vin trong mt cng ty bo co v cc giao dch ca h. V cc nhn vin lm vic trong cng ty c th c nhng hiu bit, thng tin v tnh hnh hot ng cng ty ca h nn s l khn ngoan nu cc nh u t xem xt cc bn bo co trn xem xt liu rng cc nhn vin ni b trong cng ty c mua bn chng khon mt cch hp php hay khng. Xem thm: http://webcache.googleusercontent.com/search?q=cache:ueBJOlotyOQJ:www.thanhnien.com.vn/pages/20100323/giao-dichnoi-gian.aspx+Mua+b%C3%A1n+n%E1%BB%99i+gi%C3%A1n&cd=5&hl=vi&ct=clnk&gl=vn&client=opera

Mua bn c phiu ngoi th trng chng khon

Nu vic mua bn ny c thc hin s gy hu qu kh lng v b phn qun l s khng th no bit c vic chuyn nhng quyn s hu c phn ca mt n v no . Mi s mua bn t bn ngoi c kh nng to p lc cho cc nh u t khc thm ch dn n vic khng ch hay thay i lnh o ca n v. V vy hu ht cc th trng chng khon u quy nh mi mua bn c phiu ng k vi TTCK phi c thc hin thng qua TTCK.

Tin n tht thit

Mt hin tng ni bt ca nm nay l chng ta phi sng chung vi ln sng cc tin n, t go, chng khon, n t gi USD, v mi y l tng gi xng khi gi du th gi c chiu hng gim mnh. Trong i sng nhn loi ni chung, nht l trong i sng kinh t th trng, lun tn ti nhng tin n loi v cc hin tng thin nhin, tm linh, nhng thay i v chnh sch, nhn s, chnh tr v mun mt khc ca i sng x hi Tin n mt s lnh vc thng c quan tm mt cch nghim tc v nh gi cao. V th, nhiu nc trn th gii c hn nhng vin nghin cu c thng hiu v uy tn cao, chuyn nghin cu v tin

n v d lun x hi, v chng rt t hng trc cc cuc bu c hoc trong chin dch marketing ca cc doanh nghip. Tin n thng thng l hin tng bnh thng, thm ch cn gp phn lm cho cuc sng thm sinh ng v a sc, l dp khi ng cc phng on, cc tng mi v th hin tm l, trnh nhn thc ca cc b phn, tng lp x hi, cng nh cn l thc o uy tn v hiu qu qun l ca mt c nhn, t chc v chnh ph. Hn na, cng c lc, c ni, mt s gii chc, cc t chc v c cc nh hot ng chnh tr s dng tin n nh mt cng c hu dng trong hot ng ca mnh. Tuy nhin, loi tin n c th trong lnh vc kinh t li c ngha khc, v thng chng mang nng tnh nh hng c mc tiu hoc u c cao. Khi tin n c mc nhin tha nhn v tr thnh nhn thc ca ng o dn chng s to thnh sc mnh khn lng. Chng c th gip cho ai thu bn tin, cng c khi lm lao ao bao nhiu s phn c nhn v c doanh nghip, thm ch c th lm gim st cn bn hiu lc, hiu qu ca mt chnh sch qun l nh nc v lm tn tht uy tn, cng nh tin ca quc gia. Nhng tin n tht thit loi ny thng xut hin khi c s khng r rng, nht qun trong chnh sch ca c quan qun l, khi chm hoc khng c nhng pht ngn chnh thc c lin quan. C th, chng c c nhn, nhm li ch no ch tung ra vi mc ch nh hng d lun, tranh th c nc bo c trc mt m ng hnh ng mt phng hng v ch kin. Cng c khi tin n xut hin do s phn tch, n thi kiu tam sao tht bn t kinh nghim qu kh, tr tng tng, s nh d c tin, s hiu k v thi a bun chuyn ca gii v cng ri ngh UBCKNN cho bit, thi gian gn y nhiu thng tin a ra khng chnh xc, khng c c s v th trng chng khon, trong c cc thng tin cha chnh xc v chnh sch ca Nh nc v ti chnh, tin t. Nhng tin n ny c tc ng khng tt trn th trng chng khon, nh hng ti tm l v li ch ca nh u t.

Lin tc mua vo mt loi c phiu no gi cao v bn ra gi thp vi mc tiu lm nh hng n gi ca c phiu u c.

Khng t nh u t coi Mua cao, bn thp nh mt chin lc u t thu li nhun thc th. H bn c phiu mc gi thp vi s lng khc nhau to ra mt p lc y gi c phiu ngy mt i xung hn na. Cch thc thc hin phng thc ny ra rt a dng, thng li bng cch ri cc lnh bn mc di tham chiu v lp y bng in t chng khon bng cc lnh mua cao bn thp vi s lng nh. Vi chin lc ny, gi c phiu lun gim trong khi hng lun khan him. Khi , tm l ca nhng ngi u t nh l khc l thy gi thp qu s bn ra nhm ngn chn s tht thot. V vy h thng bn tho c phiu mt cch ng nghch ti mc gi sn. Hiu ng by n ny din ra theo quy lut bnh thng khin gi c phiu ngy mt i xung.

Cui cng khi c phiu ny xung mt mc gi thp nht (theo nh gi ca cc nh u t), h m thm thu gom mua c phiu v nh u t t tin hnh ng ca mnh s gp phn y gi ln cao. C th, hnh ng ny lp i lp li ht ln ny n ln khc. V v tng th danh mc u t, cc nh u t thu li ln.