ti: Tiu chun nim yt chng khon Vit Nam. Mc lc: I. Tng quan v nim yt chng khon 1.

. Khi nim 2. Mc ch

3. Phn loi
4.

Thun li v hn ch vi t chc nim yt

5. Th tc nim yt 6. Cc tiu chun nim yt chng khon. II. Cc tiu chun nim yt chng khon ti Vit Nam

1. Tiu chun ti sn GDCK H Ni a. C phiu. b. Tri phiu c. Chng ch qu d. C phiu cng ty u t chng khon i chng

2. Tiu chun ti SGDCK TP H Ch Minh a. C phiu b. Tri phiu 3. Hy b nim yt. III. Nhn nh chung v

Ni dung c th I. Tng quan v nim yt chng khon

1. Khi nim. 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 Nhng chng khon c nim yt trn SGDCK thng bao gm: c phiu, tri phiu chnh ph, tri phiu cng ty, cc loi chng khon c th chuyn i, cc loi chng khon phi sinh.

2. Mc ch nim yt chng khon. - Thit lp quan h hp ng gia SGDCK vi t chc pht hnh chng khon nim yt, t quyt nh trch nhim v ngha v ca t chc pht hnh trong vic cng b thng tin, m bo tnh trung thc, cng khai v cng bng.

- Nhm mc ch h tr th trng hot ng n nh, xy dng lng tin ca cng chng i vi th trng chng khon bng cch la chn cc chng khon c cht lng cao giao dch. - Gip cho vic xc nh gi chng khon c cng bng trn th trng u gi v thng qua vic u gi cng khai, gi chng khon c hnh thnh trn s tip xc hiu qu gia cung v cu chng khon.

- Cung cp cho cc nh u t cc thng tin v cc t chc nim yt. 3. Phn loi nim yt: - Nim yt ln u: Nim yt ln u l yt tn mt cng ty giao dch trn s giao dch chng khon ln u tin sau khi cng ty p ng cc yu cu v nim yt ban u.

Nim yt b sung:

Mt cng ty s nim yt tip theo sau khi cng ty pht hnh c phiu tng vn hay v cc l do khc nh st nhp, chuyn i tri phiu chuyn i, chia c tc bng c phiu.
-

Thay i nim yt:

Thay i nim yt l thay i cc ni dung nh tn, s lng, loi, mnh gi ca chng khon nim yt.
-

Nim yt cho:

Chng khon ca cc Cng ty c th c nim yt v giao dch trn cc s giao dch chng khon trong v ngoi nc. - Nim yt li

L vic cho php mt cng ty pht hnh c tip tc nim yt tr li cc chng khon trc y b hy b nim yt v cc l do khng p ng c cc tiu chun duy tr nim yt. - Nim yt ca sau:

L trng hp mt t chc nim yt chnh thc st nhp, lin kt hoc tham gia vo hip hi vi mt t chc nhm khng nim yt v kt qu l cc t chc khng nim yt ly c quyn kim sot t chc nim yt. - Nim yt ton phn v nim yt tng phn Nim yt ton phn l vic nim yt tt c cc c phiu sau khi pht hnh ra cng chng trn mt SGDCK trong nc v nc ngoi.

Nim yt tng phn l vic nim yt mt phn trong tng s chng khon pht hnh ra cng chng ca ln pht hnh , phn cn li khng hoc cha c nim yt. Nim yt tng phn thng din ra ti cc cng ty ln do Chnh Ph kim sot, phn chng khon pht hnh ra th trng do cc nh u t c nhn nm gi c nim yt cn phn nm gi ca Chnh ph hoc cc t chc i din cho Chnh ph nm gi khng nim yt.
4.

Thun li v hn ch ca vic nim yt chng khon i vi t chc nim yt

a. Thun li - Kh nng huy ng vn cao, chi ph huy ng vn thp Cc cng ty nim yt c cng chng tn nhim hn cng ty khng nim yt. Bi vy, khi tr thnh cng ty khng nim yt th h d dng huy ng vn v vi chi ph thp hn. - Tc ng n cng chng

Nim yt chng khon gp phn t p hnh nh ca cng ty trong cc nh u t, cc ch n, ngi cung ng, cc khch hng v nhng ngi lm cng, nh vy cng ty c nim yt c sc ht hn i vi nh u t. - Nng cao tnh thanh khon cho cc chng khon. Khi cc chng khon c nim yt, chng c th c nng cao tnh thanh khon, m rng phm vi chp nhn lm vt th chp v d dng c s dng cho cc

mc ch v ti chnh, tha k v cc mc ch khc. Hn na chng khon c nim yt c th c mua vi mt s lng rt nh, do cc nh u t c vn nh vn c th d dng tr thnh c ng ca cng ty. b. Hn ch - T chc nim yt phi cng b thng tin v bn thn cng ty.

Cng ty nim yt phi c ngha v cng b thng tin mt cch y , chnh xc v kp thi lin quan n cc hot ng ca cng ty cng nh cc bin ng c nh hng n gi c chng khon nim yt. ngha v cng b thng tin i chng trong mt s trng hp lm nh hng n b quyt, b mt kinh doanh v gy phin h cho cng ty. - D b thu tm, st nhp

Nim yt bc l r ngun vn v phn chia quyn biu quyt ca cng ty cho nhng ngi mua l nhng ngi c th gy bt tin cho nhng c ng ch cht v cng vic qun l iu hnh hin ti ca cng ty. - i ng qun l cng ty phi chu p lc t cng chng u t v tng trng, thu nhp cng ty. 5. Th tc nim yt chng khon

- Np h s ng k nim yt ln sn giao dch - SGDCK tin hnh thm nh h s - Np n xin php nim yt chnh thc ln sn giao dch - Kim tra nim yt - Chp thun nim yt

- Khai trng nim yt 6. Cc tiu chun nim yt. Tiu chun nim yt thng do SGDCK ca mi quc gia quy nh, da trn c s thc trng ca nn kinh t. Tiu chun ny bao gm cc iu kin v ti chnh ca cng ty , chnh sch khuyn khch hay hn ch nim yt. Cc yu cu v s lng

- Mc vn: Vn ng gp, vn ng k, vn c phn, ti sn hu hnh rng, gi tr th trng, s c phiu, doanh s - Thi gian hot ng ca cng ty. - Kh nng sinh li. - T l n

- Phn phi c phiu. Cc tiu chun nh tnh - kin ca kim ton vin v ti sn cng ty. - Thit lp c ch tit l thng tin ca cng ty. - Cc loi chng khon phi thng nht

- Hp ng thanh ton vi i l giao dch sau khi giao dch chng khon - Nhu cu t chc v qun l. - C cu bu c - nh gi v trin vng ca cng ty. Cc yu cu cht lng.

- Mc li ch quc gia trong cng ty - V tr v s n nh tng i ca cng ty trong ngnh

-

Trin vng ca cng ty. II. Tiu chun nim yt chng khon ti Vit Nam

1. Tiu chun nim yt chng khon ti SGDCK TP HCM (HOSE)

C phiu Loi hnh doanh nghip: L cng ty c phn

a.

Vn iu l: Vn iu l gp ti thi im ng k nim yt t 80 t ng Vit Nam tr ln tnh theo gi tr ghi trn s k ton. Cn c vo tnh hnh pht trin th trng, mc vn c th c B Ti chnh iu chnh tng hoc gim trong phm vi ti a 30% sau khi xin kin Th tng Chnh ph

Tnh hnh kinh doanh: Hot ng kinh doanh hai nm lin trc nm ng k nim yt phi c li v khng c l lu k tnh n nm ng k nim yt N qu hn: Khng c cc khon n qu hn cha c d phng theo quy nh ca php lut; cng khai mi khon n i vi cng ty ca thnh vin Hi ng qun tr, Ban kim sot, Gim c hoc Tng Gim c, Ph Gim c hoc Ph Tng Gim c, K ton trng, c ng ln v nhng ngi c lin quan

S hu c phiu: Ti thiu 20% c phiu c quyn biu quyt ca cng ty do t nht 100 c ng nm gi Cam kt nm gi: 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.
-

H s ng k: C h s ng k nim yt c phiu hp l theo quy nh ti khon 2 iu 10 ngh nh 14/2007 - Quy nh chi tit thi hnh mt s iu ca Lut Chng khon. b. Tri phiu.

Loi hnh doanh nghip: l cng ty TNHH, cng ty c phn, doanh nghip nh nc, Vn iu l: vn iu l gp ti thi im ng k nim yt t 80 t ng Vit Nam tr ln tnh theo gi tr ghi trn s k ton. Tnh hnh kinh doanh: hot ng kinh doanh hai nm lin trc nm ng k nim yt phi c li.

N qu hn: khng c cc khon n phi tr qu hn trn mt nm v hon thnh cc ngha v ti chnh i vi Nh Nc. S hu tri phiu: c t nht 100 ngi s hu tri phiu cng mt t pht hnh. H s ng k: C h s ng k nim yt tri phiu hp l theo quy nh ti khon 3 iu 10 Ngh nh 14/2007.

c. Chng ch qu i chng
-

Loi hnh qu: l qu ng. Vn: C tng gi tr chng ch qu (theo mnh gi) pht hnh t 50 t ng Vit Nam tr ln tnh theo gi tr ghi trn s k ton S lng ngi s hu: C t nht 100 ngi s hu chng ch qu ca qu i chng.

Cam kt nm gi: Sng lp vin v thnh vin Ban i din qu u t chng khon phi cam kt nm gi 100% s chng ch qu do mnh s hu trong thi gian 6 thng k t ngy nim yt v 50% s chng ch qu ny trong thi gian 6 thng tip theo. H s ng k: C h s ng k nim yt chng ch qu i chng hp l theo quy nh ti Quy ch nim yt chng khon ca SGDCK.

d. -

C phiu ca cng ty u t chng khon i chng.

Loi hnh doanh nghip: l cng ty u t chng khon. Vn iu l: C vn iu l gp ti thi im ng k nim yt t 50 t ng Vit Nam tr ln tnh theo gi tr ghi trn s k ton Cam kt nm gi: Thnh vin Hi ng qun tr, Ban kim sot, Gim c hoc Tng Gim c, Ph Gim c hoc Ph Tng Gim c, K ton trng ca

cng ty u t chng khon 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
-

S hu c phiu: C t nht 100 c ng nm gi c phiu ca cng ty u t chng khon i chng.

H s ng k: C h s ng k nim yt c phiu ca cng ty u t chng khon i chng hp l theo quy nh ti Quy ch nim yt chng khon ca SGDCK. 2. Cc tiu chun nim yt chng khon ti SGDCK H Ni (HNX) a. C phiu.

Loi hnh doanh nghip: cng ty c phn.

Vn iu l: 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. Hot ng kinh doanh: 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, hon thnh cc ngha v ti chnh vi Nh nc v c tnh hnh ti chnh lnh mnh tnh n thi im ng k nim yt.

S lng ngi nm gi c phiu biu quyt: t nht 100 c ng. Cam kt nm gi: 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.

H s ng k: C h s ng k nim yt hp l theo quy nh ti khon 2 iu 10 Ngh nh 14/2007. iu kin khc: iu kin nim yt c phiu ca cng ty c phn hnh thnh sau qu trnh hp nht, st nhp doang nghip thc hin theo quy nh ca B Ti chnh. b. Tri phiu.

Lai hnh doanh nghip: cng ty c phn , cng ty trch nhim hu hn, doanh nghip nh nc. Vn iu l: 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. H s ng k: C h s ng k nim yt tri phiu hp l theo quy nh ti khon 3 iu 10 Ngh nh 14/2007.

iu kin khc: Cc tri phiu ca mt t pht hnh c cng ngy o hn. 3. Hy b nim yt.

Chng khon b hy b nim yt khi xy ra mt trong cc trng hp sau: - T chc nim yt chng khon khng cn p ng c cc iu kin nim yt chng khon trn trong thi hn mt nm.

- T chc nim yt ngng hoc b ngng cc hot ng sn xut kinh doanh t mt nm tr ln. - T chc nim yt b thu hi giy ng k kinh doanh hoc giy php hot ng trong lnh vc chuyn ngnh. - C phiu khng c giao dich ti SGDCK, trung tm GDCK trong thi hn 12 thng.

- Kt qu sn xut, kinh doanh b l trong ba nm lin tc v tng s l ly k vt qua vn ch s hu trong BCTC ti thi im gn nht. - T chc nim yt chm dt s tn ti do st nhp, hp nht, chia, gii th hoc ph sn; qu u t chng khon chm dt hot ng. - Tri phiu n thi gian o hn hoc tri phiu nim yt c t chc pht hnh mua li ton b trc thi gian o hn.

T chc kim ton c kin khng chp nhn hoc t chi cho kin i vi BCTC nm gn nht ca t chc nim yt.

- T chc c chp nhn nim yt khng tin hnh cc th tc nim yt trong thi hn ti a l ba thng k t ngy c chp thun nim yt. - T chc nim yt hy b nim yt.
III.

Nhn nh v iu kin nim yt chng khon ti Vit Nam hin nay

Trong nhng nm gn y th trng chng khon suy gim nng n v ko di khin cho cc bin php nh ti cu trc th trng chng khon c v xa vi v khng my tc ng tch cc ln th trng chng khon. Do vy, d bo cn lu th trng chng khon Vit Nam mi c th ly li c tng trng mnh m nh nhng nm trc. Trong khi cc c quan qun l vn a ra nhng quy nh nhm nng cao cht lng c phiu trn sn chng khon, tng sc hp dn ca th trng chng

khon, v d nh bin php nng cao iu kin nim yt chng khon ca t chc pht hnh trong nc ti s giao dch chng khon. Trong d tho Ngh nh hng dn thi hnh Lut sa i, b sung mt s iu ca Lut Chng khon 2010 c quy nh theo hng nng cao iu kin nim yt v vn, c ng v hot ng kinh doanh, quy nh c th v h s th tc ng ky nim yt, thay i nim yt, hy b nim yt.

Vi c phiu, d kin nng iu kin nim yt trn s giao dch ln mc 30 t ng v c thi gian hot ng di hnh thc cng ty c phn trc khi ng ky nim yt ti thiu 1 nm v nhiu iu kin v nng lc hot ng kinh doanh doanh nghip nh: kinh doanh ca nm trc khi nim yt phi c li, t l li nhun sau thu trn vn ch s hu nm gn nht ti thiu l 5%, ti thiu 15% c phiu c quyn biu quyt ca cng ty do t nht 100 c ng khng phi c ng

ln nm gi, tr trng hp doanh nghip nh nc chuyn i thnh cng ty c phn theo quy nh ca Th tng Chnh ph. i vi tri phiu th vn gi nguyn iu kin nm yt v vn ti thiu l 10 t ng, c t nht 100 ngi s hu tri phiu cng mt t pht hnh, nhng nay cn p ng c iu kin hot ng kinh doanh ca nm lin trc nm ng k nim yt phi c li. Cn i vi chng ch qu i chng hoc c phiu ca cng ty u t chng khon i chng th vn nh quy nh hin hnh. Cc loi chng

khon khc v nim yt chng khon cng ty hnh thnh sau qu trnh hp nht, sp nhp doanh nghip s do B Ti chnh quy nh c th iu kin nim yt. Theo nh gi ca ca B Ti chnh s c khong trn 60% cng ty c c phiu nim yt trn sn HoSE v 70% trn sn HNX s p ng c iu kin nim yt ny. Vic sng lc cc t chc nim yt trn th trng chng khon l cn thit, khng gy xo trn ln nhng vn p ng c yu cu phn loi chng khon t yu cu nim yt v giao dch theo cc tiu ch nht nh bo m cht

lng hng ha trn th trng chng khon v bo m minh bch, bnh ng trong giao dch cc loi chng khon. B Ti chnh d kin trong 5 nm p dng cc iu kin ny s to iu kin cho vic ti cu trc xong v c bn th trng chng khon. V thc tin, cc iu kin ny cng gip cho nh u t c c thng tin chnh xc khi tham gia u t, hn ch vic giao dch c phiu ca cc cng ty km cht lng. Bi v khng phi nh u t no khi tham gia th trng

chng khon cng c iu kin v hiu bit phn tch thng tin v c phiu c giao dch IV. Cc ti liu tham kho 1. Gio trnh th trng chng khon Hc vin Ngn Hng.
2.

Ngh nh 14/2007 Quy nh chi tit thi hnh mt s iu ca Lut Chng khon.

3. Cc trang wep ca cc sn GDCK: S GDCK H Ni (HNX) http://hnx.vn/ Sn GDCK TP H Ch Minh: http://www.hsx.vn y ban chng khon nh nc: http://www.ssc.gov.vn